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Animal feed organic trace minerals market will grow at 5.5% CAGR to cross $750 mn by 2024

Author : Rahul Sankrityayan | Published Date : 2019-04-04 

Animal feed organic trace minerals market has been depicting a rapid expansion rate lately as these minerals are used in animal feeds to enhance bioavailability and increase the gut absorption. The organic trace minerals assist in activating essential enzymes and hormones which proves vital for livestock’s metabolic processes. Rising consumption of meat, poultry, and dairy products has given a considerable push to the global animal feed organic trace minerals market.

As per statistics, globally, 75 pounds of meat is consumed per person on an annual basis. Animal feed organic trace minerals industry is likely to garner profits from escalating meat production demand in India, China, and South Asia. Australia has also been consuming the highest proportion of meat – at about 198.87 lb/per capita, trailed by the U.S. and Argentina. As per a report by Global Market Insights, Inc., animal feed organic trace minerals market size is expected to surpass USD 750 million by 2024.

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Based on type of minerals, animal feed organic trace minerals industry is segmented into iron, copper, zinc, and manganese. These minerals serve as vital ingredients in livestock fodder which helps in improving the immunity, lactation, reproduction, and strength in animals. Iron is one of the important micronutrient minerals which aids digestion in ruminants. Iron-based animal feed organic trace minerals industry is expected to register a CAGR of 6.5% over 2018-2024.

Incidentally, this region is also one of the largest consumers of meat and accounted for a considerable proportion of the overall animal feed organic trace minerals industry share in 2017. As per sources, an average Chinese person ingests 60 kg of meat every year. The ever-evolving Chinese population obtain 10% of calories from animal products such as eggs, meat, and dairy products. This has resulted into a greater demand for animal feed organic trace minerals market. Rising awareness toward ruminant health has also led to a surge in adopting organic animal feed. The growth of the regional animal feed additives market is also supported by strong economic outlook and rapid urbanization.

These organic minerals when fed to the livestock, helps in improving the overall health of the animal and helps in making meat more nutritious. High product consumption in ruminants has stimulated animal feed organic trace minerals market to chart a lucrative growth in the coming years, as ruminant’s account for a chunk of the overall industry share. The poultry market is also witnessing heavy demand, owing to increasing domestic meat consumption, particularly in Vietnam Japan, Cuba, South Africa, UAE and Saudi Arabia. The global animal feed organic trace minerals market from poultry is set to register a revenue of USD 90 million by 2024.

Europe is a highly favorable hub for animal feed organic trace minerals market players, plausibly given the rising meat production demand, that can be credited to the increasing consumption of protein food. However, it is the Asia Pacific zone that is anticipated to hold the attention of industry players over the years to come. Asia pacific animal feed organic trace minerals market is anticipated to observe a CAGR of 6% over 2018-2024, led by the emerging economies such as India and China.

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This industry is administered by several regulatory bodies with strict standards pertaining to the product usage. The minerals and micronutrient elements used in livestock fodder compulsorily needs to undergo a stringent approval standard & process test set by the EU, FDA, and EFSA. U.S. has witnessed a substantial rise in animal feed organic trace minerals market, owing to such strict environmental regulations imposed by the governments.

Prominent animal feed organic trace minerals industry players include ADM, Royal DSM, Novus International Pancosma, Biochem, Tanke Biosciences Corp., QualiTech Corp, and Kemin Industries Limited.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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