New York, USA, July 13, 2022 (GLOBE NEWSWIRE) -- According to Research Dive’s latest report, the global animal feed micronutrient market is anticipated to rise at a stunning CAGR of 6.8%, thereby garnering a revenue of $2,322.3 million by 2026. This latest report by Research Dive provides a brief outlook of the contemporary architecture of the animal feed micronutrient market including its major characteristics like growth drivers, growth opportunities, restraints, and hindrances during the analysis period of 2019-2026. All the important market statistics are also provided in this report to help new market players gain insights about the market easily.
Request an Exclusive PDF Sample of the Animal Feed Micronutrient Market
Dynamics of the Animal Feed Micronutrient Market:
Drivers: Increasing meat consumers across the globe is expected to be the primary growth driver of the animal feed micronutrient market. Along with this, growing nutritional demands of livestock is predicted to help the market to grow substantially in coming years.
Opportunities: Rising demands for animal protein from livestock is predicted to offer huge growth opportunities to the market in the forecast period. Moreover, growing meat consumption by people all over the world is predicted to augment the growth rate of the market in coming years.
Restraints: Lack of raw material availability may, however, restrain the growth of the animal feed micronutrient market.
Segments of the Animal Feed Micronutrient Market:
The report has fragmented the animal feed micronutrient market into certain segments based on product, livestock feed, and region.
Product: Vitamins Sub-segment to Have the Highest Market Share
By product, the vitamins sub-segment is expected to have a dominant market share by 2026. Vitamins, being organic nutrients, are extremely essential for full-fledged growth and development of animals. According to the Indian Council of Agricultural Research (ICAR), animals, in general, face a problem with respect to vitamin D deficiency. Both these factors have led to an increase in demand for animal feed containing essential vitamins as a result of which, market analysts predict a growth in this sub-segment in the forecast period.
Livestock Feed: Poultry Feed Sub-segment to Flourish Immensely
By livestock feed, the poultry feed sub-segment of the animal feed micronutrient market is predicted to witness substantial growth by 2026. The growing consumption of meat and other poultry products by people from all around the world is anticipated to be the primary growth driver of this sub-segment in the forecast period.
Region: Market in Asia-Pacific Region to be the Most Dominant
By regional analysis, the animal feed micronutrient market in the Asia-Pacific region is projected to be the most dominant by 2026. Presence of some of the largest meat producing and consuming countries in this region such as India, China, and Japan is predicted to become the leading contributor behind the growth of the market in this region.
Prominent Animal Feed Micronutrient Market Players:
Some leading market players of the animal feed micronutrient market are
- Nutreco N.V.
- Qualitech Inc.
- Novus International Inc.
- Archer Daniels Midland Company
- Zinpro Corporation
- Cargill Inc.
- Balchem Corp
- Lallemand Inc.
- Alltech Inc.
- Kemin Industries Inc., among others.
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a leading position in the global market. – Inquire here to get access foe the key manufacturers' Development Strategic Report
For instance, in August 2021, Volac, a UK-based dairy nutrition company, announced the acquisition of Micron Bio-Systems, a leading bio-science solutions provider based in the UK. This acquisition is predicted to help Volac to cater to the demands of the agriculture sector in a more holistic way which will ultimately help the company in increasing its market share substantially.
Finally, the Research Dive report also summarizes many crucial aspects of animal feed micronutrient market including financial performance of the key players, SWOT analysis, latest strategic developments, and product portfolio.
More about Animal Feed Micronutrient Market:
- Global Animal Feed Micronutrient Market to Foresee Significant Growth in the Near Future
- Importance of Animal Feed Micronutrient Supplement in the Growth of Pets and Cattle
