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The animal feed micronutrients market was valued at USD 1.29 billion by 2017, growing with 6.2% CAGR during the forecast period, 2018-2025.
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Micronutrients are one of the important groups of nutritional supplements which includes vitamins, iron, zinc, minerals etc. These are an essential building blocks of a high-quality diet and have a profound impact on human as well as animal health. These chemicals play a crucial role in preventing and fighting chronic disease conditions. Minerals and vitamins are two primary types of micronutrients which can be broadly categorized into fat-soluble vitamins, water-soluble vitamins, trace minerals and macrominerals.
Animal feed micronutrients, as opposed to normal macronutrients are playing an important role in livestock production. Mineral supplementation in livestock enhances growth, improves health, productive and reproductive performances. In animals, it requires in diet for overall health improvement or production of milk, eggs and meat. Also, the importance of micronutrient is well defined by the fact that its deficiency in diet can considerably reduce the animal productivity. An animal, deficient in particular nutrition is likely to show deficiency in physical symptoms which can be clinical or sub-clinical. However, growing concern regarding the ethical treatment of animals hamper the industry growth to some extent. In addition, high price for vitamin products could be a hurdle for the industry growth.
Nutrient Type Takeaway
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In terms of nutrient types, the market is primarily divided into vitamins and minerals. Mineral segment is sub-divided as Copper, Zinc, Iron, Manganese, Blends and others. Zinc, Iron, Copper, Manganese, Molybdenum, Selenium and Cobalt are among the most important elements required for veterinary health. These elements play a major physiological role to improve animal life. For example, deficiency of Zinc and Manganese can lead to abnormality in enzyme function in animals which may lead weak bones, joints disorder or immune function disorder. In order to treat micronutrient deficiency in animals, it is advised to treat herbage or fodder with micronutrient through foliar spray.
Of the different types, zinc is considered to be the largest segment in 2017 and is projected to grow at a 7% growth rate. Ability of this product to improve immunity of livestock drive the segment growth. Whereas, iron element accounted for significant revenue share owing to the growing incidence of anaemia in domestic animals.
Animal Type Takeaway
Depending upon types, the industry is categorized as ruminants, poultry, aquaculture, swine and companion animals. In terms of market volume, the ruminants accounted for the highest share over the other segments, but with a slim margin in the animal feed micronutrients industry. On the other side, aquaculture captured small share of the overall market but growing with promising growth rate over the study period.
Regionally, developed regions accounted for the maximum revenue share. It is noted that most of the most of the feed produced in North America and Europe are of better quality with a proper inclusion of animal feed micronutrients. This would in turn stimulate the product demand considerably among the end-users, driving the industry growth. Of these, Europe accounted for the highest revenue share. Whereas, Asia Pacific is anticipated to grow with fastest growth rate and is projected to gain significant industry share in revenue terms by 2025 end.
Key Vendors Takeaway
Key players such as Nutreco NV, Archer Daniels Midland Company, Lallemand Inc., Alltech, QualiTech, Zinpro Corporation, Cargill Incorporated, Aries Agro Limited are operating in this market. Much like the animal health business, consolidation has created an industry in flux. Mercks acquisition of Antelliq Group, South Korean livestock company Easy Bios acquisition of DFS Oskaloosa, Cherkizovo Groups acquisition of Altaisky Broiler among others signal potential rivalry among the key players.
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