New York, USA, July 21, 2020 (GLOBE NEWSWIRE) -- As per a new report published by Research Dive, the Global Animal Feed Micronutrient Market is set to rise at a CAGR of 6.8% and is anticipated to generate a revenue of $2,322.3 million throughout the period of forecast from 2019 to 2026. The market has been segmented on the basis of product, livestock feed, and region. The report provides detailed insights on vital segments, drivers, opportunities, restraints, and top gaining players of the market. As per our analysts, increasing demand for micronutrients for animals is a significant factor driving the growth of animal feed micronutrient market. Increase in the number of meat consumers is creating huge investment opportunities in the global market. However, high R&D expenses and lack of availability for raw materials are predicted to hamper the growth of global animal feed micronutrient market.
How lack of raw material availability and high R&D expenses are major restrains? Download Sample Report at https://www.researchdive.com/download-sample/50
Vitamin Segment to Grow at a Noteworthy Rate
Based on product, the global animal feed micronutrient market is segmented trace minerals, vitamins, and others. The vitamins micronutrient market accounted for $439.0 million revenue in 2018 and is expected to reach up to $761.7 million by the end of 2026. Throughout the forecast period, this segment is projected to grow at a CAGR of 7.1%. This is mainly due the ability of vitamin to enhance the immunity power of the animals. Along with vitamins, the trace minerals segment is estimated to generate a revenue of $1,333.0 million wing to the common problem of mineral deficiency in animals. This segment is attributed to grow at a 6.7% CAGR over the period of forecast.
Poultry Feed Segment to be Most Lucrative
On the basis of livestock feed, the global market for animal feed micronutrient is segmented into poultry, ruminant, aquaculture, swine, and equine. The poultry feed segment generated highest market share accounting for $576.2 million in 2018 and is now anticipated to increase with a 6.6% CAGR. This is due to the growing demands from the food & beverage industry to produce bakery products. On the other hand, the aqua feed segment will experience prominent growth throughout the period of forecast. This segment is estimated to garner a revenue of $243.8 million by 2026.
Europe Region to Grow at a Notable Rate
Based on region, the global animal feed micronutrient market is segmented into North America, Europe, Asia Pacific, and LAMEA. The Europe animal feed micronutrient market is likely to grow at a CAGR of 7.0% and is projected to generate a revenue of $520.2 million by the end of 2026. This is majorly due to rise in animal production and the existence of major key participants in this region. Along with Europe, the animal feed micronutrient for Asia-Pacific accounted for $452.8 million in 2018, and is about to rise at a CAGR of 6.7% during the period of forecast. This is majorly due to higher consumption of meat and recent developments in the countries such as China, India, South Korea, and Japan, research analyst says.
Inquire before Purchase https://www.researchdive.com/purchase-enquiry/50
Top 10 players of the global animal feed micronutrient market include:
- Archer Daniels Midland Company
- Qualitech Inc.
- Nutreco N.V.
- Balchem Corp
- Kemin Industries Inc.
- Lallemand Inc.
- Zinpro Corporation
- Alltech Inc.
- Novus International Inc.
- Cargill Inc.
These market players are adopting various strategies such as mergers & acquisitions, joint ventures, and R&D activities to upsurge the growth of the global market.