The Latin America Water-Soluble Vitamin and Mineral Feed Supplements Market was worth USD 1 billion in 2021 and estimated to be growing at a CAGR of 6.8%, to reach USD 1.25 billion by 2026. The increasing importance of the market is due to increasing livestock population, increasing consumption of livestock by-products, economic activities, organized livestock farming and increasing consumer awareness.
Improper or unbalanced diet leads to unhealthy livestock. Vitamins and Minerals are vital components of the feed as they play major roles in many life stages and body functions. Deficiency of minerals or vitamins causes dysfunctions/bad health and sometimes may be fatal. To overcome this Vitamin and Mineral Feed Supplements are used to ensure adequate supply of vitamins and minerals in the feed and in turn ensuring the health of animal.
Latin America Water-Soluble Vitamin and Mineral Feed Supplements Market Drivers:
Factors accountable for driving the market are increase in regular consumption of livestock meat, increase in use/consumption of by-products from livestock, increasing population and increasing consumer awareness. On the other hand, the low adoption rate and the high cost of raw material required for the production of vitamins and mineral supplements may slow the growth of market. Furthermore, technological advancements in synthesis of these supplements provide growing potential for the market.
Latin America Water-Soluble Vitamin and Mineral Feed Supplements Market – By Vitamin Type:
Latin America Water-Soluble Vitamin and Mineral Feed Supplements Market – By Mineral Type:
Latin America Water-Soluble Vitamin and Mineral Feed Supplements Market – By Livestock:
Based on geographical analysis the market is segregated into regions of Brazil, Argentina and Mexico. Vitamin B3 is the most widely used in Vitamin Feed supplement market due to its high importance in life stages of all livestock. Potassium sources is most widely used in Mineral Feed Supplement Market as it is an essential component of enzymes. Brazil is holding the largest share in the market in line for its huge population and Mexico is the fastest growing market.
Some of the key organizations dominating the market include BASF SE, Alltech, Lonza Group AG, Nutreco N.V., Archer Daniels Midland Company, DLG Group, Royal DSM N.V., Kemin Industries, BlueStar Adisseo, InVivo Group.
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