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Animal Feed Micronutrients Market to Reach $3.3 Billion, Globally, by 2031 at 7.0% CAGR: Allied Market Research
High demand for dairy goods including cheese, milk, curd in the food and beverage and rise in meat consumption in various nations such as China , India , Brazil and Australia sector drive the growth of the global animal feed micronutrients market. However, the use of heavy metals such as zinc and copper as micronutrients in animal feed damage the land and water when they are washed into the water. This factor restricts the market growth. Moreover, recent advancements in micronutrients for animal feed and a rise in their utilization to improve animal metabolism and disease resistance present new opportunities in the coming years.
Based on products, the trace minerals segment held the highest market share in 2021, accounting for nearly three-fifths of the global animal feed micronutrients market, and is estimated to maintain its leadership status throughout the forecast period. The demand for high quality animal feed micronutrients with trace minerals are necessary for the formation of viable ovaries, sufficient quantities of high-quality sperm, and improved embryo survival, which in turn, boosts the segment. However, the vitamins segment is projected to manifest the highest CAGR of 7.32% from 2022 to 2031. This is because vitamins are the backbone of a well-balanced animal diet. They are vital, irreplaceable micronutrients necessary for growth, reproduction, body development, animal well-being, and general health condition.
Based on livestock, the poultry segment held the highest market share in 2021, accounting for more than one-thirds of the global animal feed micronutrients market, and is estimated to maintain its leadership status throughout the forecast period. Micronutrients have a significant impact on the overall growth of broilers, layers, and turkey birds. The addition of trace minerals, significant nutrients, and vitamins improves the performance of the poultry birds in terms of reproduction, health, and general health. This factor drives the growth of the segment. However, the aquaculture segment is projected to manifest the highest CAGR of 7.6% from 2022 to 2031. Expanding aquaculture's role in eradicating poverty and malnutrition is just as vital as growing productivity. The report also analyzes segments including ruminant, swine, and equine.
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for more than one-thirds of the global animal feed micronutrients market, and is likely to dominate the market during the forecast period. This is owing to enormous consumption of milk and meat in Asian countries. However, the Europe region is expected to witness the fastest CAGR of 7.2% from 2022 to 2031. due to high consumption of animal based products and meat in the region. Other regions discussed in the report are North America and LAMEA.
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