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The global feed micronutrients market is projected to grow at a significant pace during the forthcoming years, owing to growing concern towards animal health due to the onset of diseases such as bovine infection and nutritional deficiency among animals. Various regulations have been formed to regulate the ingredients that are used in the manufacturing of animal feed. For instance, a few years back the European Union took a crucial step by revising and decreasing the amount of maximum permitted levels (MPLs) of zinc and copper from the animal feed. The EU took the decision in order to reduce the environmental impacts caused due to the presence of Zn in the diet of animals (particularly run-off and drainage of Zn to surface water).
Key companies operating in the global feed micronutrients market are focusing on product launches and expansion of their product portfolio to maintain their significance in the world market. Companies are also focusing on innovations through their R&D capabilities to come up with healthier feed micronutrients and additives that can significantly aid the animal health. Archer Daniels Midland Company, Alltech, Kemin Industries Inc., and Koninklijke DSM N.V. are some of the key companies operating in the global feed micronutrients market.
Key Market Driver -
Increasing consumption of dairy and meat products is projected to escalate the market growth
Key Market Restraint -
Use of heavy metals in the feed micronutrients may restrain the growth of the market
Growing world population is leading to growth in demand for dairy products, poultry products, and other products obtained from animals, which is an important factor that is expected to drive the growth of global feed micronutrients market during the forecast years. Rising spending on livestock breeding and farming, coupled with the adoption of modern animal husbandry practices across developed as well as developing economies are expected to augment the size of the global feed micronutrient market. Furthermore, growing feed industry in developing nations, such as South Africa, India, and China, coupled with an increase in a number of market players within these regions is projected to offer growth opportunities to the market during the foreseeable years.
Negative environmental impact, such as soil pollution caused by the presence of ingredients like Zinc and Copper in the animal feed may act as a major restraint for the growth of the global feed micronutrients market. Furthermore, shifting dietary preference of individuals along with their rigid religious beliefs (which restricts them to follow the particular diet) are leading them to shift to vegan or vegetarian diet may also potentially hamper the growth of the market during the upcoming years.
Some of the major companies that are present in the global feed micronutrients market are Archer Daniels Midland Company, Kemin Industries Inc., Cargill Inc., Alltech, Zinpro Corporation, Tanke Biosciences Corp., Purina Animal Nutrition LLC, Novus International Inc., Pancosma S.A., Koninklijke DSM N.V., Biochem Zusatzstoffe Handels, and QualiTech Inc.
On the basis of product, the global feed micronutrients market has been segmented into trace minerals and vitamins. Trace minerals is further classified into iron, copper, zinc, manganese, and boron, while vitamins segment is classified into vitamin A, vitamin B, vitamin C, and others. Trace minerals are expected to hold the major market share and dominate the market throughout the forecast years (2019-2026), owing to increasing demand for energy, protein, and crucial minerals in the animal diet to enhance their health.
On the basis of livestock, the global feed micronutrients market has been broadly diversified into poultry, aquaculture, ruminant, swine, and equine. Among these, poultry is projected to globally dominate the market during the foreseeable years, due to high consumer preference to poultry products attributable to their cost efficiency and high nutrition content. The demand for feed micronutrients by ruminant segment is anticipated to grow during the forecast period, due to increasing demand for different variety of meat products and various other products such as wool, milk, and others across the globe.
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Asia Pacific is anticipated to hold the major revenue share in the global feed micronutrient market during the forecast years, owing to changing dietary patterns of people and increased consumption of meat varieties across the region. Growing population in emerging economies such as India and China, coupled with rapid urbanization in the prominent Asian countries such as Indonesia, Japan, and China is further anticipated to fuel the market growth of global feed micronutrients market. Furthermore, increased governmental initiatives by Asian government for improvement of animal health by offering proper nutritional care to them is predicted to aid the animal health and ultimately influence the Asia feed nutrition market positively during the foreseeable years. The feed micronutrients market in North America and Europe is anticipated to grow at a decent pace throughout the forecast years, due to the high consumption of meat and animal products across the regions. Presence of key market players in North America is further projected to aid the market growth of the region in the upcoming years.
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