Animal Feed Micronutrients Market Size was estimated at 13.06 (USD Billion) in 2022. The Animal Feed Micronutrients Market Industry is expected to grow from 13.5(USD Billion) in 2023 to 18.3 billion USD by 2032. The Animal Feed Micronutrients Market CAGR (growth rate) is expected to be around 3.43% during the forecast period (2024 - 2032).
The animal feed micronutrients market is driven by the increasing awareness of the importance of balanced nutrition for livestock, the rising demand for animal-based food products, and the growing need for efficient feed conversion. The market is expected to continue growing as livestock producers focus on maximizing productivity and profitability.
Key market drivers include the increasing demand for meat, poultry, and dairy products, which is leading to higher animal feed production. Additionally, the growing awareness of the role of micronutrients in animal health and performance is driving the demand for these products. The market is also benefiting from the development of new technologies that allow for the production of more efficient and cost-effective micronutrients.
Recent trends in the animal feed micronutrients market include the increasing use of organic sources of micronutrients, such as seaweed and yeast, the development of new products that combine multiple micronutrients, and the growing adoption of precision feeding practices. These trends are expected to continue in the coming years as the market continues to evolve to meet the needs of livestock producers.
Animal protein has become one of the food products with increasing demand globally – more and more people are able to afford it. For this reason, the demand for animal feed, which also includes micronutrients, is also growing. Micronutrients are critical for the well-being of cattle and other farm animals and their incorporation into the diet of livestock is essential to ensure that the quality and safety of animal products do not fall. Thus, as the demand for animal feed grows, the popularity of its micronutrient components will also keep on increasing.
Introduction The significance of animal nutrition is taking root among livestock producers. This is due to the emerging knowledge of the relationship between the nutrition of animals and their health, productivity, and the quality of their products. Micronutrients are essential for the proper functionality of an animal's immune system, metabolism and growth. This has led to an increase in the number of livestock producers who are aware of the significance of animal nutrition as they invest in feeds of high quality and with various micronutrients.
It is a well-known fact that the industry and society focus their attention on maintaining animal welfare because the World Fair demands some ethical standards concerning proper farming and feeding of various animals, including, what is important, pets. However, it is not enough to speak about farmers and their ethical concerns with animals. Livestock have a specific function. Micronutrients perform an important function. They require a specific character of food and have particular needs.
By providing livestock with the necessary minerals and vitamins, people can save these animals from diseases, injuries, and premature death.
The Animal Feed Micronutrients Market is segmented by type, with vitamins being the largest segment. Vitamins are essential organic compounds that animals need in small amounts. The vitamins are classified into fat-soluble and water-soluble vitamins. Minerals are inorganic elements that are critical for the health of animals. Essentially, while vitamins are often present in protein sources, minerals such as phosphorus, copper, and zinc may be absorbed from water and feeds. Trace elements are essential minerals that are needed in small amounts by animals.
The other micronutrients are essential feed ingredients that include amino acids, fatty acids, and enzymes, among other nutrients. The size and dynamics of the market according to this segment are presented below. The total market size is observed to be USD 13.5 billion for the year 2018, which is expected to grow to USD 18.3 billion by the year 2032. Vitamins take the largest chunk of the global market share at 40.79% due to their importance in ensuring optimal health of the animals, and, therefore, they play a significant role in animal husbandry.
Minerals take the second position at 33.44%. Trace elements, which are minerals that are also essential for the optimal health of the animals but taken in small amounts and the other micronutrients, that is, amino acids, enzymes, and fatty acids, take the rest of the market share. The projected growth is attributed to the real and expected improvement of the middle class in emerging markets that will increase the animal feed in the sector. Additionally, increased animal and meat consumption as a result of urbanization influences the expected growth in the micronutrient sector.
However, the high cost of micronutrients is expected to hinder their use. The market is competitive with global and regional players. Some of the key players include BASF, Cargill, DSM, and Evonik.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The primary species segments in the Animal Feed Micronutrients Market are poultry, swine, cattle, aquaculture, and companion animals. In 2023, the poultry segment represented the most significant share as the dominant fast-growing segment, with over 40%. Furthermore, the poultry segment is expected to continue its leading position, as the increase in the consumption of poultry meat and the awareness of proper nutrition are established as key trends. The swine segment is expected to become the fastest-growing market as the demand for pork meat and the practice of intensive farming are escalating.
The segment of cattle takes a considerable share and is expected to grow due to the continuous demand for beef meat and dairy products. Aquaculture is also the fastest-growing segment due to the development of fish and seafood, which are the healthiest sources of proteins. Companion animals, including cats and dogs, are the growing segment due to the increasing ownership of pets and the greater concern for the health of the animals.
The Animal Feed Micronutrients Market is segmented by form into powder, granular, liquid and premix. Among these, powder form held the largest market share in 2023, accounting for over 45% of the global revenue. This is attributed to its ease of handling, storage and transportation. The granular form is expected to witness the fastest growth during the forecast period, owing to its better flowability and reduced dust generation. The liquid form is preferred in applications where precise dosage is required, while the premix form is ideal for mixing with other feed ingredients.
The market growth for all forms is driven by the increasing demand for animal feed micronutrients to improve animal health and productivity.
Animal Feed Micronutrients Market Source Insights
The Animal Feed Micronutrients Market is segmented based on source into organic, inorganic, and synthetic. The organic source segment is expected to hold the largest market share in 2023, and it is projected to continue to dominate the market throughout the forecast period. The growth of the organic source segment can be attributed to the increasing demand for organic food products. Consumers are becoming more aware of the health benefits of organic products, and they are willing to pay a premium for them. The inorganic source segment is expected to witness a steady growth rate during the forecast period.
Inorganic sources of micronutrients are generally less expensive than organic sources, and they are widely used in animal feed. The synthetic source segment is expected to exhibit the highest growth rate during the forecast period. Synthetic sources of micronutrients are becoming increasingly popular due to their high purity and consistency. They are also more affordable than organic sources.
Animal Feed Micronutrients Market Regional Insights
The regional segmentation of the Animal Feed Micronutrients Market presents distinct market dynamics and growth opportunities across various regions. North America holds a significant market share, driven by the presence of large-scale animal farming operations and a growing focus on animal health and nutrition. Europe follows closely, with a well-established animal feed industry and stringent regulations regarding animal feed quality. The Asia-Pacific (APAC) region is projected to witness substantial growth in the coming years, fueled by the rising demand for animal protein and the expansion of the livestock industry.
South America, the Middle East, and Africa (MEA) regions also offer promising growth prospects, with increasing awareness of the benefits of animal feed micronutrients and government initiatives to support livestock production. These regional insights are crucial for market players to tailor their strategies and capitalize on the growth opportunities in specific markets.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Animal Feed Micronutrients Market Key Players And Competitive Insights
The key participants in the Animal Feed micronutrient market industry are constantly doing the same as above, and they invest massive amounts of money in R&D. The leading players in the animal feed micronutrient market industry are forming partnerships and collaborating to gain access to new technologies and markets. The demand for animal feed items is expected to drive the growth of the Animal Feed micronutrient market in the near future.
Archer Daniels Midland Company is one of the most prominent players in the international market for agricultural commodities production and marketing. The company is a well-established player in the animal feed micronutrients market, and it manufactures a plethora of items, including vitamins, minerals, amino acids, and enzymes. Archer Daniels Midland Company is also one of the biggest producers and suppliers of organic feed items.
Among the most prominent players in the Animal Feed micronutrient market industry, one can also distinguish Cargill Incorporated. The name of the company speaks for itself – Cargill Incorporated is one of the companies active in the international market for the production and marketing of agricultural commodities. The company has developed a wide range of animal feed items, such as vitamins, minerals, amino acids, and enzymes. Cargill Incorporated provides numerous technical services to its customers, such as nutrition counseling and feed formulation.
Key Companies in the Animal Feed Micronutrients Market Include
Animal Feed Micronutrients Market Industry Developments
The global animal feed micronutrient market is projected to grow from USD 13.5 billion in 2023 to USD 18.3 billion by 2032, at a CAGR of 3.43%. Rising demand for animal protein, increasing awareness about animal nutrition, and growing adoption of precision feeding practices are driving the market growth. Moreover, the increasing prevalence of livestock diseases and the need to enhance animal productivity are further propelling the demand for animal feed micronutrients.
Recent news developments and current affairs in the market include the launch of new products by key players, such as BASF's launch of a new range of trace minerals for animal feed and ADM's introduction of a new line of vitamins and minerals for poultry. Additionally, governments worldwide are implementing regulations to ensure the quality and safety of animal feed, which is expected to impact market growth positively.
| Report Attribute/Metric | Details |
| Market Size 2022 | 13.06(USD Billion) |
| Market Size 2023 | 13.5(USD Billion) |
| Market Size 2032 | 18.3(USD Billion) |
| Compound Annual Growth Rate (CAGR) | 3.43% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2023 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | Nutreco, Royal Agrifirm Group, Vetagro Sup NewparaZinpro Corporation, Cargill, Trouw Nutrition, Evonik, Chr. Hansen Holding, Novus International, DSM, HyLife, Lallemand, BASF, Neovia, Phibro Animal Health |
| Segments Covered | Type, Species, Form, Source, Regional |
| Key Market Opportunities | 1 Growing demand for animal-based protein2 Increasing awareness of animal health and welfare3 Rising consumer preference for organic and antibiotic-free animal products4 Technological advancements in micronutrient production5 Expanding aquaculture industry |
| Key Market Dynamics | 1 Rising demand for animal-based protein2 Increasing awareness of animal nutrition3 Growing focus on animal health and welfare4 Technological advancements in feed production5 Stringent regulations on animal feed safety |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Animal Feed Micronutrients Market size was valued at USD 13.5 billion in 2023 and is projected to reach USD 18.3 billion by 2032, growing at a CAGR of 3.43% from 2024 to 2032.
The major factors driving the growth of the animal feed micronutrients market include rising demand for animal-based protein, increasing awareness about animal health and nutrition, and growing adoption of precision farming techniques.
The key challenges faced by the animal feed micronutrient market are stringent regulations, fluctuating raw material prices, and intense competition from local players.
Asia-Pacific is expected to account for the largest market share in the Animal Feed Micronutrients Market, owing to the rising demand for animal-based protein and increasing awareness about animal health and nutrition in the region.
Animal feed micronutrients are used in various applications, including poultry, swine, cattle, and aquaculture. They are essential for maintaining animal health and productivity.
Some of the key players in the global animal feed micronutrient market include Archer Daniels Midland Company, BASF SE, Cargill, Incorporated, DSM, and Evonik Industries.
The global animal feed micronutrient market is projected to grow at a CAGR of 3.43% from 2024 to 2032.
Key trends in the animal feed micronutrient market include the growing demand for organic and natural feed additives, the increasing use of precision farming techniques, and the rising adoption of sustainable practices.
The growth of the animal feed micronutrients market in Asia-Pacific is primarily driven by the increasing demand for animal-based protein, the rising awareness about animal health and nutrition, and the expanding livestock population in the region.
The key challenges faced by the animal feed micronutrient market in Europe include stringent regulations, fluctuating raw material prices, and the presence of well-established local players.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Research Analyst Level II I have a degree in engineering (civil), with masters in business administration (marketing). with more than 4 years of experience in market research and consulting, i am involved in end-to-end process of market research, proposals, project kickoffs and delivery. i have research knowledge and expertise in consumer goods/packaging domain. also i have worked for various other domains like construction & equipment. effectively managed and delivered more than 60 report studies for regional as well as global clientele.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
