Global Animal Feed Micronutrient Market Size, Share, Trends, COVID-19 Impact & Growth Forecast Report – Segmented By Product (Manganese, Iron, Boron, Zinc, Copper, Others), Application (Ruminants, Swine, Poultry, Equine, Aqua), and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Industry Analysis From 2024 to 2029

Updated On: January, 2024
ID: 1818
Pages: 175

Global Animal Feed Micronutrient Market Size (2024 to 2029):

The global animal feed micronutrient market size is expected to reach USD 1.85 billion in 2024 and reach USD 2.51 billion by 2029, growing at a CAGR of 6.3% from 2024 to 2029.

A favorable opportunity for the global animal feed micronutrient market expansion is offered by the expanding food and beverage industry. The demand for animal-based products with increased nutritional value is expanding as consumers place a higher priority on adopting more nutritious and healthier foods. This is supported by micronutrient-enriched feed additives that improve the nutritional value of meat, dairy, and other animal-derived products. A collaboration between these industries can result in innovative product development, supply chain integration, and efficient customer awareness as the food and beverage industry focuses on functional foods, premium products, and ethical considerations. By taking advantage of this opportunity, the market may help to produce high-quality, nutrient-rich animal products that meet the changing preferences of people who are concerned about their health. This can contribute to an increase in market share in the coming years.

Animal Feed Micronutrient Market

Global Animal Feed Micronutrient Market Overview:

Animal feed micronutrients are vital minerals and vitamins that animals need in small quantities to maintain their best health and productivity. Along with minerals like zinc, iron, copper, manganese, boron, and selenium, micronutrients contain vitamins like A, D, E, and B-complex. Micronutrients are essential for many physiological processes, such as growth, boosting the immune system, bone growth, and reproduction. They are commonly added to animal feed to make sure that animals obtain the nutrients they require to maintain good health. The quality of animal-derived products expected for human consumption is increased by ensuring the proper addition of micronutrients in animal diets, which also helps to promote livestock development, reproduction, and overall performance.

Global Animal Feed Micronutrient Market Drivers:

One of the major drivers of market growth is the surging global demand for animal-based products. The demand is driven by the growing population and changing dietary preferences. To meet this demand, livestock production has to rise, and it becomes increasingly important to provide the best possible animal health, growth, and product quality. Micronutrients are essential for boosting immune systems, increasing feed efficiency, and supporting several physiological activities in animals. Livestock producers are shifting to micronutrient-enriched feed, following regulatory regulations, and resolving micronutrient deficiencies in various regions in response to consumer demands for high-quality and sustainable products. This is contributing to boosting the demand for animal feed micronutrients globally.

Also, the rising focus on animal health is significantly driving animal feed micronutrient market growth. Animals' strong immune systems, optimum growth, and reproductive health require micronutrients, which include vital vitamins, minerals, and trace elements. The addition of micronutrient-rich feed minimizes consumer concerns about the use of antibiotics as consumer awareness of food quality and safety increases and helps to produce healthier animals. This is supported by regulatory frameworks that ask for higher standards for animal care. As a result of industry players prioritizing an optimal balance between animal health, product quality, and sustainable production practices, the market is experiencing an increase in demand for micronutrient-enriched animal feed.

The global animal feed micronutrient market demand is significantly influenced by government subsidies given to dairy and poultry farmers. These subsidies enable farmers to invest in higher-quality feed by easing financial restrictions. They serve to promote the dairy and poultry sectors for food security and economic stability. Farmers now have access to feed supplements that are micronutrient-rich and improve the health, development, and productivity of livestock. Hence, government subsidies help to develop an environment where micronutrient-rich feed is adopted through affordability and competition, which in turn promotes market expansion.

Global Animal Feed Micronutrient Market Restraints:

The global animal feed micronutrient market expansion is severely restricted by the high cost of raw materials. Essential vitamins, minerals, and trace elements are required for the making of animal feed additives, but their costs can fluctuate for several reasons. Prices become unstable and uncertain for both manufacturers and end users as a result of these variable expenses, imposing stress on manufacturers' profit margins. The challenges of passing on increasing costs to customers, a lack of cost flexibility, and potential supply chain interruptions may further limit the market's capacity to expand and stay competitive.

Also, stringent regulations significantly limit market growth. In addition to increasing complexity and difficulties in product development, manufacturing, and market access, strict regulations are prominent restraints. It takes a lot of resources as well as expertise to meet an array of growing regulatory standards, which could delay product launches and raise operational costs. Due to the prolonged licensing procedures, these laws can also restrict the types of compositions that can be used, restrict international trade, and reduce innovation. This is mainly due to the decline of market shares.

COVID-19 Impact on Global Animal Feed Micronutrient Market:

The global animal feed micronutrient market growth was severely affected due to the COVID-19 pandemic. The production of animal feed with micronutrients was decreased because of the disrupted supply chains and restricted transportation, leading to fluctuation in raw material prices and availability. Also, the decreased demand for high-quality animal-based products among end-users due to the closure of various food service sectors resulted in a decline in market sales. Further, the financial restrictions raised as a result of the pandemic hampered the global adoption of animal feed micronutrients by farmers and livestock owners, which overall declined the market growth.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2023 to 2029

Base Year

2023

Forecast Period

2024 to 2029

CAGR

6.3%

Segments Covered

By Product, Application and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

Market Leaders Profiled

Nutreco, ADM, Balchem Inc, Kemin Industries Inc, Qualitech Inc, Zinpro Corp, Lallemand Inc, Cargill Inc, Alltech Inc and Others.

This research report on the global animal feed micronutrient market is segmented and sub-segmented into the following categories.

Global Animal Feed Micronutrient Market - By Product:

  • Manganese
  • Iron
  • Boron
  • Zinc
  • Copper
  • Others

By product, the zinc segment is anticipated to dominate the market during the projected period. Animals require zinc as it is an essential micronutrient that promotes a variety of physiological processes like immune system support, enzyme activation, and growth regulation. Lack of zinc can cause issues with the skin, stunted growth, and immune system dysfunction. To avoid these issues and maintain health, zinc supplements are commonly added to animal feed, which is boosting the demand for this segment. At the same time, the iron segment is expected to grow at the fastest growth during the forecasted period. Animals require iron as a micronutrient because of its significance to the transport of oxygen, the metabolism of energy, and general growth and development. Anaemia and impaired performance in animals are both effects of iron deficiency. Iron supplements are commonly used in animal feed to promote good health and production in animals. This attribute is influencing the shares of the animal feed micronutrient market in the coming years.

Global Animal Feed Micronutrient Market - By Application:

  • Ruminants
  • Swine
  • Poultry
  • Equine
  • Aqua

By application, the poultry segment is anticipated to rule the global animal feed micronutrient market share during the projected period. As species of birds that are raised for their meat and eggs, including chickens, turkeys, and ducks, are included in this segment to maintain their metabolic processes, egg production, and immunological responses, micronutrient supplementation is essential. To meet their nutritional requirements, iron and zinc are often added to the diet, along with other micronutrients, including selenium, vitamin E, and biotin. These factors are inducing the demand for animal feed micronutrients in this segment. However, the swine segment is expected to grow at the fastest rate during the forecasted period. Because swine is mainly raised for meat production and to support their growth and overall functions, micronutrients are crucial. This boosts the demand for animal feed micronutrients.

Global Animal Feed Micronutrient Market – By Region:

  • North America
  • Europe
  • The Asia Pacific
  • Latin America
  • The Middle East and Africa

By region, Asia Pacific is ruling the global animal feed micronutrient market share during the forecasted period with a high demand for meat, dairy, and poultry products. However, the Europe region is expected to grow at the fastest rate during the projected period. Owing to variables like various livestock production methods, customer demand for high-quality animal products, and dietary requirements in this region.

KEY MARKET PLAYERS:

Major Key Players in the global animal feed micronutrient market are Nutreco, ADM, Balchem Inc., Kemin Industries Inc., Qualitech Inc., Zinpro Corp., Lallemand Inc., Cargill Inc., and Alltech Inc.

RECENT DEVELOPMENTS IN THE MARKET:

  • In October 2021, The company's present distribution agreements for feed enzymes were expanded upon by the announcement of their collaboration in the animal nutrition industry, which also included more markets and R&D capabilities. Through this partnership, customer-focused enzyme products and solutions for animals such as swine were developed, manufactured, marketed, and sold.
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Frequently Asked Questions

Which region leads in the consumption of animal feed micronutrients?

Asia-Pacific leads in the consumption of animal feed micronutrients, largely due to the significant livestock population and growing animal feed industry in countries like China and India.

How is Europe's regulatory environment affecting the market?

Europe's strict regulations on animal feed and additives are pushing manufacturers towards producing higher-quality, safer micronutrient products. This is leading to innovations in the market but may also increase costs.

Can you name the key micronutrients essential for animal feed?

Essential micronutrients for animal feed include zinc, iron, copper, manganese, selenium, and vitamins like A, D, and E, among others.

What challenges does the animal feed micronutrients market face?

Challenges include fluctuating raw material prices, the presence of counterfeit products, and stringent regulations regarding feed quality and safety.

What role do feed micronutrients play in animal health?

Feed micronutrients are crucial for maintaining animal health as they support various physiological functions, including growth, immune response, and reproduction.

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