New York, USA, Sept. 06, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global animal feed micronutrient market is anticipated to generate a revenue of $2,322.3 million and rise at a CAGR of 6.8% over the forecast period from 2019 to 2026.
As per our analysts, with the increasing demand for micronutrients for animals, the animal feed micronutrient market is expected to experience significant growth during the analysis period. Besides, the rising demand for animal protein from livestock producing milk and meat is predicted to fortify the growth of the market over the estimated period. Moreover, the recent developments in animal feed micronutrients and the rise in the usage of micronutrients for animal feed to improve the metabolism of animals and resistance to disease are expected to create huge investment opportunities for the market during the analysis timeframe. However, the lack of raw material availability and high R&D expenses may hinder the growth of the market throughout the estimated period.
Segments of the Market
The report has divided the animal feed micronutrient market into segments based on product, livestock feed, and region.
Product: Vitamins Sub-Segment to be Most Profitable
The vitamins sub-segment is predicted to generate a revenue of $761.7 million during the analysis timeframe. This is mainly because the vitamin is an organic nutrient that is required for body health. Moreover, the increasing necessity of vitamins for improving immunity power and resistance to diseases is the factor expected to propel the growth of the animal feed micronutrient market sub-segment during the forecast period.
Livestock Feed: Poultry Sub-Segment to be Most Productive
The poultry sub-segment is expected to grow at a CAGR of 6.6% throughout the estimated timeframe. This is mainly due to the increasing demands from the food & beverage industry to produce food products such as bakery products. Moreover, the high production of poultry products is predicted to uplift the growth of the market sub-segment during the analysis period.
Region: Asia-Pacific Region to Hold the Maximum Share of the Market
The Asia-Pacific region of the animal feed micronutrient market is predicted to garner a revenue of $759.4 million over the estimated timeframe. The presence of the largest meat producer in the world in this region is expected to thrive the regional growth of the market throughout the analysis period.
Key Players of the Market
The major players of the animal feed micronutrient market include
- Qualitech Inc.
- Kemin Industries Inc.
- Zinpro Corporation
- Balchem Corp
- Lallemand Inc.
- Archer Daniels Midland Company
- Novus International Inc.
- Nutreco N.V.
- Alltech Inc.
- Cargill Inc
These players are working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to procure a leading position in the global industry.
For instance, in December 2021, Trouw Nutrition, a global leader in innovative feed specialties, premixes, feed additives, and nutritional services for the animal nutrition industry announced its partnership with Stellapps, a leading Indian dairy-tech start-up. With this partnership, the companies aimed to find innovative ways to produce high-quality feed products for animals.
Further, the report also presents other vital aspects including SWOT analysis, the financial performance of the key players, product portfolio, and the latest strategic development.
Check out Post COVID-19 Impact on Animal Feed Micronutrient Market. Speak with an Expert Analyst
More about Animal Feed Micronutrient Market:
- Importance of Animal Feed Micronutrient Supplement in the Growth of Pets and Cattle
- What You Need to Know About Animal Feed Micronutrient and Causes of its Deficiency?
- Global Animal Feed Micronutrient Market to Foresee Significant Growth in the Near Future
