Feed Mineral Market Overview
Livestock nurturing and the intake of animal products make a vital contribution to the financial and nutritional wellbeing of millions of individuals around the world. Feed Minerals play a prominent role in the global food by ensuring safe, ample and reasonably priced proteins.
Natural substances such as soil, water and plants contain elements such as minerals which are provided to the animals to maintain their health. They perform several functions such as bone development, controlling acid base balances, muscle contraction, and enzyme stimulation.
The growth of the global Feed Mineral market is majorly driven by factors such as increasing demand for mineral rich animal meat, increasing disposable income in emerging countries, and growing adoption of scientific methods to increase meat production. Also, another factor which is further expected to increase the intake of feed minerals is the huge demand for high quality meat from the meat processing industry. However, factors such as stringent government rules on the usage of certain minerals and the rising cost of raw materials are impeding the growth of the market.
Feed Mineral Market Forecast Report (2018-2023)
The Global Feed Mineral Market was worth USD 3.38 billion in 2018 and estimated to be growing at a CAGR of 6.34%, to reach USD 4.60 billion by 2023.
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Feed Mineral Market Segmentation
The Global Feed Mineral market is segmented based on Type and Animal Type. The market for Feed Mineral, on the basis of Type, is classified into Macro Minerals and Micro Minerals. Macro Minerals are further segmented into Potassium, Phosphorous, Magnesium, and Calcium whereas Micro Minerals are further segmented into Zinc, Iron, and Copper. Macro Minerals lead the global Feed Mineral market with more than 80% of the market share. Calcium and potassium are the most used minerals under this category. On the basis of Animal Type, the global Feed Mineral market is segmented into Poultry, Aquaculture, Swine, Ruminant, and others. Under this segment, Ruminant leads the market accounting for more than 40% of the market share. However, horse feed minerals is projected to be the fastest growing segment in the others category with a CAGR of 8.3%.
The market has also been geographically segmented into North America, Europe, Asia-Pacific and the Rest of the World. North America is the largest market for Feed Minerals followed by Europe, due to the high intake of meat products in these regions. The developing markets of Asia-Pacific most significantly India and China, account for the high growth rate due to factors such as rising consumption of meat, increasing disposable incomes, and growth in the scientific animal nurturing system.
The major companies dominating this market for its products and services are
- Royal DSM,
- Cargill Inc.,
- Nutreco NV,
- Archer Daniels Midland,
- Tanke Biosciences Corp.
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