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Animal Feed Micronutrients Market Segmented By Feed Micronutrients in Solid and Liquid Form with Vitamins and Minerals Type for Ruminants, Poultry, Swine, Aquaculture, and Companion Animals
Animal feed micronutrients, as opposed to macronutrients, are the nutrients that are required by the body in trace amounts for optimum development of an organism. Although required in a trace amount, animal feed micronutrients are of utmost necessity for the body to function properly, as many of the essential bodily functions are dependent upon the availability of these micronutrients. Vitamins and minerals are two major segments of the animal feed micronutrients market.
In terms of volume, the ruminants segment exhibits dominancy over other segments consistently, but with a slim margin in the animal feed micronutrients market. Since meat production and consumption is on the steady rise since many years, it has been hard for livestock rearers to keep up with the demand.
This has led to a surge in the demand for compound feed and micronutrient products. Aquaculture accounts for a smaller portion of the total animal feed micronutrients consumption, but is replacing wild fishing rapidly because of its sustainable nature and higher demand for fish, globally.
The growing demand for animal feed micronutrients in the agricultural sector is fueled by the growing awareness amongst the agricultural community towards advanced animal husbandry practices and lesser timeframes for livestock production. The growth in the demand for animal feed micronutrients in is also highly attributed to the growing population worldwide, with growing need for dairy and poultry products.
Public awareness towards the ethical production of animal products has surged the demand for high quality animal feed micronutrients. Animal feed micronutrients also provide faster results when compared with traditional feeding methods. Hence, more farmers and livestock businesses are making animal feed micronutrients an integral part of the animal feeding regime.
In terms of value, the global animal feed micronutrients market is expected to represent an incremental opportunity of US$ 477 Mn by 2026 end. By livestock, the swine segment is expected to register a CAGR of 4.5 % in the animal feed micronutrients market.
The Middle Eastern & African region is expected to register relatively low growth in the animal feed micronutrients market, due to low livestock production and agricultural practices. While Europe region holds the largest share in the animal feed micronutrients market because of high production of compound feed.
The animal feed micronutrients market is driven by the increasing volume of compound feed that is produced globally. Since most of the feed is produced in developed regions such as North America and Europe, it accounts for a better quality feed with an adequate inclusion of animal feed micronutrients.
This is anticipated to increase the demand for animal feed micronutrients further. The concern about the ethical treatment of animals and increasing demand for ethical meat products has led to multiple agri-businesses to opt for animal feed micronutrients.
An increase in GDP, globally, especially in developed countries, has paved the way for animal feed micronutrients to be viewed as an affordable product rather than an expensive one, courtesy to the result that it provides. Asia is the largest producer of fish, worldwide, and as aquaculture and inland fishing practices in Asia increase, so does the demand for animal feed micronutrients.
The higher prices for vitamins and vitamin products in the animal feed micronutrients market has been a hurdle for the market, especially in developed countries, where the agricultural community is not as developed to invest a large amount on animal feed micronutrients.
One more hurdle that is recent is the scarce availability of vitamins as animal feed micronutrients, since two of the largest vitamin producers, globally, have stopped production for maintenance reasons from Q4 2017 to late 2018. This has surged the prices of vitamins in the animal feed micronutrients market even further, creating more barriers in the animal feed micronutrients market.
On the basis of region, the market in Europe is anticipated to dominate the global animal feed micronutrients market through 2026. Asia Pacific is expected to gain significant market share in revenue terms by 2026 end. Moreover, Asia Pacific is anticipated to exhibit a significant CAGR during the forecast period in the animal feed micronutrients market.