Newark, NJ, Aug. 11, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global animal feed organic trace minerals market is expected to grow from USD 630.53 Million in 2020 and to reach USD 1202.99 Million by 2028, growing at a CAGR of 8.41% during the forecast period 2021-2028.
The global animal feed organic trace minerals market is witnessing significant growth from the past years. The global demand for meat as a significant source of protein is expected to increase over the forecast period. Therefore, to increase the production and quality of meat and meet global demand, animal feed is one of the most critical factors to improve meat quality for the animal. Moreover, the risks associated with rare inorganic metals increased awareness of its side effects and are expected to have a direct impact on global demand. Growth in the animal feed organic trace minerals market is supported by a change in consumer nutritional preferences followed by an increase in disposable income. Per capita consumption of seafood and meat has seen a rise in demand and is expected to increase in the forecast period.
Group of metal ions present in small amounts in the biological system, which are essential for its optimal activity are known as the trace minerals. Rare mineral enzyme cofactors play important roles in the regulation of molecules, membranes, and mitochondria and include chromium, cobalt, copper, fluorine, iodine, iron, manganese, selenium, silicon, vanadium, and zinc. These minerals are kept in a delicate balance between toxic parental nutrition. Trace elements have an essential role in various metabolic events in the body. Two broad classes of sources are available for trace element supplements: organic and non-organic. Mineral chelates are organic trace minerals designed to enhance intestinal absorption and improve bioavailability.
The increasing use of natural water-soluble additives, the increase in meat consumption, and the development of the animal feed industry worldwide are among the factors that encourage organic trace minerals. For example, the shift in food consumption patterns, which includes a preference for protein from animal sources, plays a significant role in the global growth of the meat consumption sector. It is estimated that outbreaks of animal diseases such as bird flu (AI) will impede overall growth soon. Poultry is one of the sectors most vulnerable to disease outbreaks. For example, more than 48 million poultry birds, such as turkeys and chickens, were infected with a flurry of bird flu in the United States. Besides, minimizing the after-effects of such outbreaks is a significant challenge faced by manufacturers and governing bodies worldwide. Strict government rules are the restraints faced by this market. Increasing research and development activities to maximize the specific jobs of organic trace minerals creates new opportunities for industrial development. For example, they used zinc to strengthen the eggshell in poultry and copper to improve egg fertility.
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Alltech Inc., Nutreco NV, and Cargill Inc., Nyrstar, and Archer Daniels Midland Co., Biochem, and Kemin Industries Inc. And Mercer Milling Co. Inc ..Alltech have adopted an advanced integration strategy, in which the company sells products through exclusive outlets, eliminating intermediaries and wholesalers. Archer Daniels Midland announced expanding its animal feed business in China with investments in new feed mixing facilities. This facility is also dedicated to the production of aquafeed, further expanding its product portfolio.
Zinc dominated the market and held the largest market share of 34.69% in the year 2020.
The product segment includes zinc, copper, selenium and iron. Zinc has captured the largest market share with more than 34% in the year 2020 and is set to continue to lead during the forecast period. The increasing demand for animal feed boosts immunity, and the animal's metabolism is expected to boost growth.
Poultry dominated the market and held the largest market share of 44% in the year 2020.
The application segment includes poultry, horses, dairy cows and pigs. The poultry sector accounted for more than 43% of the total market share and is expected to record the fastest compound annual growth rate during the forecast period. The increasing demand for animal protein sources and better animal vaccinations are expected to drive the growth of this sector.
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Regional Segment of Animal Feed Organic Trace Minerals Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global Animal Feed Organic Trace Minerals Market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Asia Pacific region held the largest market share in the year 2020. The market in Japan is expected to witness significant growth, owing to changing lifestyles, rising disposable income, and growing acceptance of pets in the country. The Asia-Pacific region is witnessing significant growth in China, ascertaining the choice of the middle-income population to invest more on pets than having children. This growth is ascertained by the U.S. in the North America region owing to rising animal healthcare and increasing awareness of animal health in the country.
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About the report:
The global animal feed organic trace minerals market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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