Feed Micronutrients Market Overview
Animal Feed Micronutrients market incorporates minerals such as zinc, iron, magnesium, copper, and others utilized for Livestock. Animals require micronutrients in the appropriate amounts to improve lactation, development, and reproduction. Irregularity or insufficiencies may bring about suboptimal performance and poor health of the Animal. Micronutrients are the source of vitality, protein, minerals, and vitamins. They perform multifaceted functions in Animal production and growth and furthermore contribute in catalyst system operations.
Rising interest of owning pet animals, growing expenses on animal wellbeing and wellness combined with success of animal feed micronutrients in development and fertility of the animals are some of the major factors driving the animal feed micronutrients market. Furthermore, the rising demand for animal protein from milk and meat delivering cattle combined with recent illness epidemic in cattle is further driving the animal feed micronutrients market.
The critical dosage use of animal feed micronutrients and dearth of awareness about the advantages of micronutrients among uneducated and poor farmers are major factors restraining the animal feed micronutrients industry.
Feed Micronutrients Market Forecast Report (2018-2023)
Global Animal Feed Micronutrients Market was worth USD 1391.41 Million in 2018 and is expected to reach USD 1870.82 Million by 2023 with a CAGR of 6.1 %.
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Feed Micronutrients Market Segmentation
Based on different types of Animal Feed Micronutrients, Market is segmented into Zinc, Iron, Manganese, Copper, and Others. Based on use of Animal Feed Micronutrients by different livestock, Market is segmented into Ruminant, Poultry, Aqua, Swine, Equine and others.
Geographically, this market is further segmented in to North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. Asia-Pacific is the largest market because of its rapid economic growth and large population. Asia-Pacific is also the fastest growing region during the forecast period. Meanwhile, North America is growing at a substantial CAGR is likely to be the second largest market by the end of the forecast period.
The major companies dominating this market for its products and services are
- Archer Daniels Midland Company (ADM),
- Balchem Corp.,
- Lallemand Inc,
- Alltech Inc.,
- Cargill Inc.,
- Novus International Inc.,
- Kemin Industries Inc.,
- Zinpro Corporation, Nutreco N.V. and Qualitech Inc.
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