The feed micronutrients global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Feed Micronutrients Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The feed micronutrients market size has grown strongly in recent years. It will grow from $1.74 billion in 2023 to $1.86 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to increased demand for meat products, increased livestock production, increased per capita income, increased need for vitamins to boost immunity, increased demand for antioxidants in feed micronutrients.
The feed micronutrients market size is expected to see strong growth in the next few years. It will grow to $2.44 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to growth in demand for dairy products, poultry products, and other products, demand for feed micronutrients by ruminant, high consumer preference to poultry products attributable, demand for high-quality animal products, increasing demand for antioxidants in feed micronutrients. Major trends in the forecast period include rising sustainable practices, product innovation, innovative ways to improve the nutritional content, increasing expenditure on animal welfare, adoption of feed micronutrients, increasing awareness of feed quality.
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Scope Of Feed Micronutrients Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Feed Micronutrients Market Overview
Market Drivers –
The growing demand for poultry products is expected to drive the growth of the feed micronutrient market going forward. Poultry products refer to various items derived from domesticated birds, such as chickens, turkeys, ducks, geese, and quails. The demand for poultry products is due to their nutritional value, versatility in culinary applications, and cultural significance in many societies. Feed micronutrients are indispensable in poultry diets, contributing to optimal health, productivity, and product quality, ensuring that birds receive the necessary nutrients to thrive in various production environments. For instance, in December 2023, according to a report by the Food and Agriculture Organization of the United Nations (FAO), a US-based government organization, global poultry meat output reached 142 million metric tons in 2023, representing a 1% increase compared to the previous year. Similarly, global ovine meat output was 17.0 million metric tons in 2023, reflecting a 1.7% year-on-year increase. Therefore, the growing demand for poultry products drives growth in the feed micronutrient market.
Market Trends –
Major companies in the feed micronutrient market are focusing on developing innovative products such as organic-compliant chromium propionate feed ingredients to meet the growing demand for sustainable and effective animal nutrition solutions. An organic-compliant chromium propionate feed ingredient is a type of nutritional supplement used in animal feed that meets the standards and regulations for organic farming. For instance, in February 2021, Kemin Industries Inc., a US-based specialty ingredients company, launched KemTRACE Chromium-OR, a new organic-compliant chromium propionate feed ingredient designed for use in swine, cattle, broiler, and horse diets. This product aims to enhance glucose utilization, mitigate the adverse effects of stress, and ultimately boost cellular energy and function. These improvements improve maintenance, reproduction, growth, and immunity across these animal species.
The feed micronutrients market covered in this report is segmented –
1) By Product Type: Minerals, Vitamins, Carotenoids, Others Product Types
2) By Form Type: Non-Chelated, Chelated
3) By Livestock: Poultry, Aquaculture, Swine, Equine, Other Livestocks
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Regional Insights –
Asia-Pacific was the largest region in the feed micronutrients market in 2023. North America is expected to be the fastest growing region in the market. The regions covered in the feed micronutrients market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the feed micronutrients market are Cargill Incorporated, Archer Daniels Midland Company, BASF SE, Tyson Foods Inc., Evonik Industries AG, Syngenta Group, Nutreco N.V., Alltech Inc., Lallemand Inc., Kemin Industries Inc., Godrej Agrovet Ltd., Phibro Animal Health Corporation, Ridley Inc., Purina Animal Nutrition LLC, Zinpro Corporation, Novus International Inc., Biochem GmbH, Pancosma SA., Pancosma S.A., Procare Solutions, Tanke Industry Group, QualiTech LLC, Mercer Milling Company Inc., Davidson Brothers (Shotts) Ltd.
Table of Contents
- Executive Summary
- Feed Micronutrients Market Characteristics
- Feed Micronutrients Market Trends And Strategies
- Feed Micronutrients Market – Macro Economic Scenario
- Global Feed Micronutrients Market Size and Growth
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- Key Mergers And Acquisitions In The Feed Micronutrients Market
- Feed Micronutrients Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Feed Micronutrients Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Feed Micronutrients Market, Segmentation By Form Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Feed Micronutrients Market, Segmentation By Livestock, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 74: Cargill Incorporated Financial Performance
Table 75: Archer Daniels Midland Company Financial Performance
Table 76: BASF SE Financial Performance
Table 77: Tyson Foods Inc. Financial Performance
Table 78: Evonik Industries AG Financial Performance
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