Animal Feed Micronutrients Market Overview
The Animal Feed Micronutrients Market is witnessed to be developing at a vital pace, because of the increasing populace resulting in a growing market for meat and an inclination of customers towards the healthy food, over the globe.
Animal Feed Micronutrients market includes minerals such as zinc, copper, iron, magnesium, and others used for Livestock. Animals need micronutrients in suitable amounts to improve development, lactation, and reproduction. Irregularity or insufficiencies may bring about suboptimal performance and weak health of the Animal. Micronutrients are the source of protein, minerals, vitality, and vitamins. They do multifaceted functions in Animal production and growth and moreover contribute in catalyst system operations.
Animal Feed Micronutrients Market Report (2018-2023)
Global Animal Feed Micronutrients Market was worth USD 1391.41 Million in 2018 and is anticipated to reach USD 1870.82 Million by 2023 with a CAGR of 6.1 %.
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Animal Feed Micronutrients Market Segmentation
The increasing interest of owning pet animals, rising expenses on animal well-being and wellness linked with the success of animal feed micronutrients in growth and fertility of the animals are some of the major factors prompting the animal feed micronutrients market. Moreover, the rising need for animal protein from milk and meat producing cattle combined with recent illness disease in cattle is additional driving the animal feed micronutrients market.
The significant dosage use of animal feed micronutrients and a dearth of consciousness about the benefits of micronutrients among ignorant and poor farmers are primary factors limiting the animal feed micronutrients industry.
Based on various types of Animal Feed Micronutrients, Market is classified into Zinc, Iron, Copper, Manganese, and Others. On the bases of the use of Animal Feed Micronutrients by various livestock, Market is segmented into poultry, Aqua, Ruminant, Swine, Equine and others.
Geographically, the global Animal Feed Micronutrients market is further segmented into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. Asia-Pacific is the highest market because of its fast-economic growth and large population. Asia-Pacific is also the actively growing region during the prediction period. While North America is growing at an abundant CAGR is likely to be the second largest market by the end of the forecast period.
Major companies operating in the global market are
- Archer Daniels Midland Company (ADM),
- Lallemand Inc,
- Novus International Inc.,
- Balchem Corp.,
- Kemin Industries Inc.,
- Alltech Inc.,
- Cargill Inc.,
- Zinpro Corporation,
- Nutreco N.V. and
- Qualitech Inc.