NEWARK, Del, April 20, 2023 (GLOBE NEWSWIRE) -- The feed micronutrients market is predicted to be worth US$ 1.91 billion in 2023 and rise to US$ 3.52 billion by 2033. The global industry was expanding at a CAGR of 4.6% from 2018 to 2022.
Consumers are becoming more concerned about animal welfare and the effects of livestock production on the environment. The demand for feed micronutrients that enhance the health and welfare of animals and are produced ethically and sustainably is rising as a result.
The adoption of cutting-edge animal husbandry techniques in both developed and developing nations open up new opportunities for the industry. The global feed micronutrients industry is expected to expand as agricultural and breeding expenditures for livestock rise.
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The detrimental effects on the environment are a significant barrier to the expansion of the global feed micronutrient sector. The soil contamination brought on by the usage of metals like zinc and copper in livestock feed is included in this.
The importance of feed micronutrients for the welfare and health of animals is becoming more and more understood by farmers and producers in different regions. Products providing feed micronutrients that can help boost animal performance and reduce the risk of sickness are in higher demand.
Key Takeaways
- By 2033, Europe's feed micronutrients market is expected to expand at a CAGR of 6.2%.
- The feed micronutrients market was significantly expanding, with a size of US$ 1.8 billion in 2022.
- The market is anticipated to expand at a valuation of US$ 2.30 billion by 2026, as a result of rising animal welfare activities.
- Due to the market's excellent potential and rising use of zinc in the industry, analysts expect it is likely to rise 1.06 times between 2022 and 2023.
- In the United Kingdom, the poultry livestock segment is likely to lead with a valuation of US$ 1.4 billion by 2033.
- Based on products, trace minerals dominated the market with a 3/5th share in 2022. Moreover, the market continued to lead during the forecast period.
- Based on livestock, the poultry segment led the market with a 1/3rd share in 2022.
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Critical Approaches Increasing Top Players' Wealth
The feed micronutrients industry is moderately consolidated, with a few multinational corporations holding the leading market shares. This includes 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, QualiTech Inc.
Newcomers to the feed micronutrients market confront several obstacles. including tighter restrictions, greater manufacturing costs, and a lack of consumer awareness.
Recent Developments
- Balancius, the first microbial muramidase, was released in September 2018 by DSM and Novozymes. It is essential for enhancing feed efficiency and digestibility in broilers. The product claims that as a result, the feed conversion ratio of grill chickens increased by 4-6 points (or 3%) overall.
- The current feed enzyme distribution contracts between Cargill and BASF have now access to more markets and R&D resources. As the companies made an announcement of their partnership in October 2021. Through this partnership, it is easier to create, manufacture, promote, and market swine-specific enzyme goods.
Key Segments
Feed Micronutrients by Product:
- Feed Micronutrients as Trace Minerals
- Iron
- Zinc
- Manganese
- Copper
- Boron
- Feed Micronutrients as Vitamins
- Vitamin A
- Vitamin B
- Vitamin C
- Vitamin D
- Vitamin K
- Vitamin E
- Carotenoids
Feed Micronutrients by Livestock:
- Poultry
- Ruminant
- Swine
- Aquaculture
- Others
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Table of Content
1. Executive Summary | Feed Micronutrients Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
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