Animal feed micronutrients are added to the feed of those animals that are unable to get proper or adequate nutrients from regular feeds or naturally grown nutrition or to enhance milk yield and animal health. Feed micronutrients help in prevention and cure of diseases and to improve digestibility in animals.
Major factors driving growth of the global animal feed micronutrients market are increasing number of pet and livestock ownerships and rising expenses towards animal fitness and health. In addition, micronutrients contain properties that improve fertilization and growth of animals in terms of reproduction rate, weight, and strength. These benefits are propelling adoption of products and growth of the global animal feed micronutrients market. Furthermore, increasing demand for meat and dairy products coupled with rising utilization of dairy products in the food and beverages industry is further fueling growth of the global animal feed micronutrients market.
Major factors hampering growth of the global animal feeds micronutrients market are lack of awareness about benefits and dosage application of micronutrients among poor and uneducated farmers. In addition, high cost of feeds is restricting adoption of animal feed micronutrients products in various regions where farmers still prefer traditional foods, feeds, and grass over new and more efficient products. Furthermore, consumption of meat such as beef etc. is limited in various countries owing to traditional or religious values, and also, an increasing number of non-vegetarian consumers are shifting preference towards vegetarian products owing to outbreak of various animal-borne diseases and viruses, or simply due to the ongoing trend of ‘being vegan’ for various health benefits in the recent past. These are some other factors hampering growth of the global animal feed micronutrients market.
Moreover, increasing livestock production is expected to present growth opportunities for major players in the market.
Asia Pacific dominates the global animal feed micronutrients market and accounts for XX% of market share. Revenue from this market is expected to expand at highest CAGR during the forecast owing to increasing population and rising demand for dairy and meat products among consumers in the region. The market in Europe is expected to witness significant growth in terms of revenue during the forecast period; whereas, Brazil and Argentina are the largest markets in terms of revenue contribution to overall revenue in the Latin America market.
Global Animal Feed Micronutrients Market Segmentation:
Segmentation on basis of livestock:
Segmentation on basis of product type:
Middle East & Africa
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Archer Daniels Midland
Kemin Industries Inc.
Novus International Inc.
Novus International Inc.