New York, USA, Aug. 11, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global animal feed micronutrient market is projected to register a revenue of $2,322.3 million at a CAGR of 6.8% during the forecast period (2019-2026), increasing from $1,372.0 million in 2018. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market from growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers: Rising demand of delicious meat across the world is expected to enhance the growth of the market. Micronutrients in animal foods provide high production of milk as well as healthy meat. This is the major factor behind the growth of the global animal feed micronutrient market.
Restraint: Unavailability of raw materials for micronutrients is expected to be the restraining factor behind the growth of the market.
Opportunity: Increasing meat consumers is creating various investment opportunities in the market in upcoming years.
Segments of the Market
The report has divided into different segments based on product, trace minerals, livestock feed, and regional analysis.
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Product: Trace Minerals Sub-Segment Expected to be the Most Profitable
Trace minerals sub-category registered a revenue of $795.0 million in 2018 and further expected to garner the highest market share during the forecast period. The attributor of this growth is the major role of trace minerals in the fertility and growth of the animals.
Livestock Feed: Poultry Feed Sub-Segment Expected to be the Most Beneficial
The poultry feed sub-segment surpassed a revenue of $576.2 million in 2018 and further predicted to reach the highest revenue during the analysis period. The main factor behind the growth is the rising demand of poultry meat because of the protein components.
Region: Asia-Pacific Expected to Dominate the Market
Asia-Pacific regional market is predicted to garner a revenue of $759.4 million by the end of 2026. Asia-Pacific region is the largest meat producer in the world and because of the presence of the big companies.
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Key Players & Strategies
The leading players of the global animal feed micronutrient market include
- Balchem Corp
- Archer Daniels Midland Company
- Nutreco N.V.
- Kemin Industries Inc.
- Alltech Inc.
- Novus International Inc.
- Zinpro Corporation
- Qualitech Inc.
- Lallemand Inc.
- Cargill Inc
among others.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
In January 2019, Archer Daniels Midland Company, an American multinational food processing and commodities trading corporation, successfully completed its acquisition of Neovia, creating a global leader in value-added products and solutions for both production and companion animals.
ADM’s acquisition of WILD Flavors in 2014 kicked off the most extensive portfolio transformation in the company’s 115-year history, significantly expanding its human and animal nutrition capabilities.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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