Feed Micronutrients Market size to hit $3 Bn by 2032

Feed Micronutrients Market size to anticipated to surpass USD 3 billion by 2032, according to a new research report by Global Market Insights Inc.
 

Increasing meat and dairy product consumption worldwide will drive the market demand. Rapid growth in the global population has added pressure on the cattle and poultry industries. Estimates suggest that industrialized countries are consuming a high amount of meat compared to developing countries. To elucidate, a study published by World Economic Forum claims that people in the U.S. consume around 97kg of meat per year.
 

Shifting consumer preferences toward ready-to-eat processed meat could facilitate the demand for feed micronutrient in the livestock sector. The requirement for enhanced feed quality to produce high-quality meat should boost product use in animal feed additives.
 

Rising cases of vitamin deficiency in livestock

The feed micronutrients market share from the vitamins segment is poised to reach USD 1.55 billion by 2032. A deficiency of vitamins in animal diet can lead to disease conditions, reduced productivity, and lower immunity in food-producing animals. Particularly, vitamin A and E deficiency are common causes of lost profit, secondary to limitations of reproductive and growth potential. Launch of new feed micronutrients would help support market expansion. In 2019, animal feed additives maker Biochem introduced its new RumiPro product line which comprises three high-quality products formulated to address the nutritional requirements of ruminants.
 

Robust demand for seafood products

The feed micronutrients market from aquaculture livestock segment is estimated to record 5.5% CAGR between 2023 to 2032. Higher seafood consumption and rising financial support by government authorities is set to fuel the market growth. The growing global population along with a surge in consumer disposable income are expected to augment the demand for marine and freshwater species such as clams, oysters, mussels, seaweeds, shrimp, and fish such as black sea bass, salmon, sablefish, yellowtail, and pompano. Furthermore, awareness regarding the importance of omega-3 fatty acids has urged consumers to switch to aquatic substitutes for meat.
 

Browse key industry insights spread across 300 pages with 414 market data tables and 15 figures & charts from the report, “Feed Micronutrients Market Size By Product (Trace Minerals [Iron, Zinc, Manganese, Copper, Boron], Vitamins [Vitamin A, Vitamin B, Vitamin C, Vitamin D, Vitamin K, Vitamin E, Carotenoids]), By Livestock (Poultry, Ruminant, Aquaculture, Swine, Equine) COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Landscape & Forecast, 2023 – 2032” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/feed-micronutrients-market
 

Preference for high protein diet across North America

The North America feed micronutrients market is projected to exceed USD 0.9 billion by 2032. There is a high consumer preference for health food that are rich in protein content across the region. Public health awareness drive are initiated by government authorities to reduce the prevalence of non-communicable diseases (NCDs) comprising malnutrition as well as obesity & diabetes. High consumption of junk food and adoption of a sedentary lifestyle has given rise to such diseases. As per the report, the majority of children in the U.S. eat junk food which leads to reduced essential nutrients required for the development of the body. The shift in consumer focus toward healthy food habits along with favourable government regulations may favour the industry growth.
 

Business expansion initiatives by leading industry players

Major players involved in the feed micronutrients market are Zinpro Corporation, Novus International Inc., Vamso Biotec Pvt. Ltd., Tanke Biosciences Corporation, Royal DSM, Alltech, Inc., Ridley Inc., Phibro Animal Health Corporation, QualiTech Corp., Pancosma SA., Biochem, Nutreco N.V., Mercer Milling Company Inc., Davidsons Animal Feeds, Cargill, and Kemin Industries Inc. Companies in this sector are initiating business expansion activities to boost their market presence. For instance, in Nov 2022, Cargill accounted the acquisition of food processing company Owensboro Grain Company.