Animal Feed Micronutrients Market is mainly driven by growing demand for protein food due to nutritional deficiencies; Asia Pacific is the fastest growing region due to the increasing demand for the same from India and China.
Albany, NY -- (SBWIRE) -- 03/14/2018 -- The global animal feed micronutrients market has witnessed a major transition in terms of quality control and demand, over the past few years. They are considered to be an important animal feed additive and are widely used for improving feed quality in order to enhance yield and the overall health of the cattle. Animal feed micronutrients support complex functions in animal production and help in the improvement of enzyme system operation which is expected to exhibit a positive influence on the growth of the market.
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Rising demand for protein food due to nutritional deficiencies is one of the key factors influencing the growth of the market at present. Increasing pet adoption is another key factor influencing the growth of the animal feed micronutrients market. According to the ACSPA, and approximate of 3.2 million shelter animals are adopted every year in the U.S. Further, according to the American Pet Products Association, an approximate of 78 million dogs and 85 million cats are owned in the U.S. This has called for an increase in expenditure on animal care combined with the success of animal feed micronutrients in fertility and growth in the animals has shown a positive effect on the growth of the market. Moreover, escalating demand of animal protein from meat and milk producing cattle combined with the recent disease epidemic in cattle is another major factor fuelling the demand for animal feed micronutrients market, globally.
However, the market is likely to be restrained by the lack of awareness about such products and the benefits associated with them among poor and uneducated farmers. Critical dosage application is yet another major factor restraining the growth of the market at present.
However, rising meat export and rapid urbanization rising export of meat is expected to retain the growth of the market in the coming years. Further, innovations taken up by the leading manufacturers operating in the field of animal feed micronutrients is yet another opportunity for the growth of the market.
Based on micronutrients, the market is classified into zinc, iron, copper and manganese. Based on livestock, the market is classified into poultry, ruminant, swine, aqua and equine. Ruminant and poultry are expected to be the dominant segments and are expected to retain market dominance throughout the forecast period due to rising demand for the same from farm owners. Further, rising meat consumption coupled with a rapid shift towards poultry food is anticipated to complement the growth of the market.
Based on geography, the market is classified into North America, Europe, Asia Pacific, Middle East and Africa and Latin America. Asia Pacific is expected to dominate the market throughout the forecast period. This is due to the large population of cattle in Asia Pacific. North America and Europe are expected to project fair growth during the forecast period. U.S. is the major market for animal feed micronutrients in North America while Argentina and Brazil are two of the major markets in Latin America. Asia Pacific however is the fastest growing region due to the increasing demand for the same from India and China. China and India are the major contributors to the growth of the animal feed micronutrients market in Asia Pacific.
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The global animal feed micronutrients market is marked by some intense competition from the major players operating in this market. Frequent mergers and acquisitions, joint ventures and partnerships, product innovations and expansions are some of the key strategies adopted by these players in order to ensure sustenance in this market. Major players include Archer Daniels Midlands Company, Cargill Inc., Lallemand Inc., Novus International Inc., Nutreco N.V., Zinpro Corporation and Kemin Industries among others.