Animal Feed Micronutrients Market Trends, And Forecast To 2024
Added: (Tue Oct 01 2019)
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Animal feed micronutrients are the type of nutrients needed by the body in fewer amounts for optimum development of an animal. Even though required in a less quantity, animal feed micronutrients are essential for the body to function correctly, as many of the primary bodily functions of the animals are dependent upon the availability of these micronutrients. Vitamins and minerals are two critical segments of the animal feed micronutrients market. The global animal feed micronutrients market was valued at USD 1476.3 million in 2019 and is estimated to reach USD 1990.6 million by 2024 at a current CAGR of 6.16%. The market is observed to be growing at a fast pace.
Market drivers and restraints:
The animal feed micronutrients market is mainly driven by the rising volume of compound feed that is produced worldwide. The best quality feed is available in regions like North America and Europe, where the demand for these micronutrients is very high. The interest towards the upright treatment of animals and rising call for proper meat products has resulted in multiple agri-businesses to opt for animal feed micronutrients.
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Report segmented as:
Based on geography, the world market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. The Asia Pacific is estimated to lead this market during the forecast period. This is owing to the big population of cattle in Asia Pacific. North America and Europe are anticipated to project high expansion rate throughout the forecast period.
Important market players:
Major players operating in the market are, Archer Daniels Midlands Company, Cargill Inc., Lallemand Inc., Novus International Inc., Nutreco N.V., Zinpro Corporation and Kemin Industries among others.
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