Persistence Market Research (PMR) delivers key insights on the global animal feed micronutrients market in its upcoming outlook, titled, 'Animal Feed Micronutrients Market: Global Industry Analysis 2013-2017 and Forecast 2018-2026'. In terms of value, the global animal feed micronutrients market is anticipated to witness a healthy CAGR of 4.2% during the forecast period, due to various factors, regarding which, PMR offers vital insights in detail.
Animal Feed Micronutrients Market: Overview and Analysis
On the basis of livestock, the ruminants segment is expected to maintain its dominance in the animal feed micronutrients market, with a significant CAGR of 3.6% during the forecast period. The increasing tendency of developing countries to show an increase in the demand for animal-derived products has resulted in the steady growth in the demand for animal feed micronutrients, worldwide. Increased global production of compound animal feed is a key driver for the animal feed micronutrients market. Animal feed micronutrients are an integral part of modern livestock practices. Since it is hard for livestock to obtain all the necessary micronutrients from their feed alone, animal feed micronutrients are preferred as a feed additive.
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Global compound animal feed production has grown from 1,032 Mn MT in 2016 to 1069.9 Mn MT in volume, as of 2018. Animal feed micronutrients are an integral part of compound feed production, and as such, the demand for animal feed micronutrients has been proportionally on the rise as well. Since compound feed does not provide the complete animal feed micronutrients requirement for animals, farmers opt for animal feed micronutrients products as an additive to formulate their own compound feed, or to add on to the compound feed available. The growing awareness amongst livestock businesses in developing countries is proving to be one of the major driving factors for the animal feed micronutrients market.
Global meat production in 2017 stood at 322.36 Mn metric tons. With increasing GDPs, the consumption of meat and meat products is on the rise in developing countries. Animal feed micronutrients are extensively used in the livestock industry for optimum growth of the animals, and to obtain high quality end products. As the demand for processed meat products increases, globally, it aids the growth of the animal feed micronutrients market. The growth of animal feed micronutrients market due to higher fish consumption globally, and increased aquaculture practices utilizing animal feed micronutrients products is also evident.
In 2016, the European Food Safety Authority set revised guidelines for copper content in feed products. The regulations set back the limits of copper content that can be fed to swine through animal feed micronutrients. Copper, as an animal feed micronutrients product, and swine production, worldwide, has been significant in volume and value. This synergistically can prove to be a hurdle for the animal feed micronutrients market.
Raw material prices for manufacturing animal feed micronutrients are volatile, and this has led key players to face increased product costs, in certain instances. Volatile raw material prices for the production of animal feed micronutrients affect the animal feed micronutrients market, since animal feed micronutrients are bought primarily in bulk, and small fluctuations in prices affect the end consumer on a larger scale.
This report covers the trends driving each segment, and offers analysis and insights of the potential of the animal feed micronutrients market in specific regions. The swine and poultry segments are expected to register high growth rates between 2018 and 2026, while the ruminants segment is expected to remain the largest market for animal feed micronutrients through 2026.
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Animal Feed Micronutrients Market: Key Players
Detailed profiles of the providers are also included in the scope of the report, to evaluate their long-term and short-term strategies, key offerings, and recent developments in the animal feed micronutrients space. Key players in the animal feed micronutrients market include BASF SE, Archer Daniels Midland Company, Koninkliijke DSM N.V., Balchem Corporation, Alltech Inc, Cargill, Incorporated, Kemin Industries, Lallemand Inc., Nutreco N.V., Novus International, Inc., Purina Animal Nutrition LLC., AG Solutions, Beachport Corporation Pty Ltd, Zinpro Corporation, Bluestar Adisseo Company, DALLAS KEITH LTD, Qualitech Inc., Aries Agro, and Prathista Industries Limited.