Animal Feed Micronutrients Market Size, Share, Growth, Trends, and Forecast by 2031

MARKET OVERVIEW

Animal feed micronutrients are nutrients essential for body in trace amount for the sufficient development of an organism. These nutrients are very essential as many bodily functions are dependent on the availability of the micronutrients. They are used as animal feed additive and for improving the feed quality in order to improve overall health of livestock. Also, these micronutrients work in supporting complex function during production and in improving enzyme system operations. The market has witnessed notable growth due to capability of micronutrients to provide better health for animals which in turn increase the production for dairy and meat market.

MARKET SCOPE

The "Global Animal Feed Micronutrients Market Analysis to 2031" is a specialized and in-depth study of the food and beverages industry with a special focus on the global market trend analysis. The report aims to provide an overview of the animal feed micronutrients market with detailed market segmentation by type, livestock, and geography. The report provides key statistics on the market status of the leading animal feed micronutrients market players and offers key trends and opportunities in the market.

MARKET SEGMENTATION

•   Based on type, the global animal feed micronutrients market is segmented into boron, iron, zinc, manganese, copper, and others.
  
•   Based on livestock, the global animal feed micronutrients market is segmented into ruminant, poultry, swine, and others.
  

MARKET DYNAMICS

Drivers:

•   Increasing demand for animal feed products globally has led to rise the market growth as manufacturers are looking up to better quality yields which requires addition of micronutrients feeds.
  
•   Rise in demand for dairy and meat products is boosting the market as micronutrient feed provides with better health to cattle which leads to good quality of meat and high milk production.
  

Restraints:

•   Lack of awareness amongst farmers in least developed and developing countries is restraining the market growth as people are not aware regarding the benefits of micronutrients product.
  
•   High cost of product acts as a barrier to market as farmers in developing economies cannot invest in high priced animal feed micronutrient products.
  

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely, North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South and Central America. The animal feed micronutrients market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely, North America, Europe, APAC, MEA, and South and Central America after evaluating political, economic, social and technological factors affecting the animal feed micronutrients market in these regions.

IMPACT OF COVID-19 ON ANIMAL FEED MICRONUTRIENTS MARKET

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.

MARKET PLAYERS

The report covers key developments in the animal feed micronutrients market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from animal feed micronutrients market are anticipated to lucrative growth opportunities in the future with the rising demand for animal feed micronutrients in the global market.

The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the animal feed micronutrients market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.

•   BASF SE
  
•   Novus International, Inc.
  
•   Purina Animal Nutrition LLC.
  
•   AG Solutions
  
•   Beachport Corporation Pty Ltd
  
•   Zinpro Corporation
  
•   Bluestar Adisseo Company
  
•   Prathista Industries Ltd
  
•   Dallas Keith Limited
  
•   Archer Daniels Midland Company
  

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.

Animal Feed Micronutrients Report Scope