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Feed Micronutrients Market Trends

Report ID: GMI1921
Published Date: Aug 2024
Report Format: PDF

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Feed Micronutrients Market Trends

Within the feed micronutrients sector, a notable trend is the rising demand for precision nutrition solutions, customized to meet the specific needs of livestock. This surge is primarily fuelled by advancements in animal health and productivity. According to the USDA, the global market has seen significant growth in recent years, with the U.S. alone reporting a 10% increase in feed micronutrient usage from 2020 to 2023. Companies are increasingly prioritizing sustainability, directing investments towards eco-friendly and organic sources for micronutrients. The sector is also witnessing a wave of innovations in micronutrient formulations, aimed at boosting bioavailability and overall efficacy.

Furthermore, a heightened focus on animal welfare, coupled with mounting regulatory pressures, is underscoring the need for stricter quality controls and enhanced traceability measures. Notably, companies are eyeing geographic expansions, with a pronounced interest in emerging markets, especially in Asia-Pacific and Latin America, where the appetite for premium animal feed is on the rise. The FAO reports that the demand for animal feed in these regions is expected to increase by 15% over the next five years.

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

Feed micronutrients industry size was USD 1.95 billion in 2023 and will expand at 4.9% CAGR between 2024 and 2032, owing to increasing demand for high-quality animal nutrition and the rising focus on improving livestock health and productivity.

The trace minerals segment will surpass USD 1.22 billion by 2032, propelled by their critical role in promoting animal health, growth, and productivity.

Asia Pacific feed micronutrients industry will grow at USD 0.87 billion by 2032 due to the regions rapidly expanding livestock sector and rising demand for high-quality animal feed.

Major firms including Zinpro Corporation, Tanke Biosciences Corporation, Biochem, Nutreco N.V., Royal DSM, Mercer Milling Company Inc., Vamso Biotec Pvt. Ltd., Archer Daniels Midland Company, Alltech, Inc., Ridley Inc, Novus International Inc., Davidsons Animal Feeds, U.S. Rare Earth Minerals Inc., Cargill, are operating in the market.