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Europe feed micronutrients market will surpass 585 million by 2024

Author : Rahul Sankrityayan | Published Date : 2019-06-11 

Feed Micronutrients Market is estimated to exceed USD 2 billion by 2024; according to a new research report by Global Market Insights, Inc. Shifting preference towards high quality meat and dairy products will drive the feed micronutrients market growth. Weight gain, enhancing food absorption along with improving overall animal health are among key factors fueling product demand.

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Changing consumer diet towards more nutritious food will drive meat demand hence completely impacting feed micronutrients market. Increasing spending on animal health maintenance owing to rising disease outbreak among livestock has positively influenced product demand.

Zinc will generate over USD 350 million in revenue by 2024. Improving immunity, stabilizing membranes, enhancing antioxidant enzyme and maintaining lymphocyte replication are the key properties driving the product demand. Copper will witness growth over 6% up to 2024. High product adoption due to benefits including high iron absorption potential, improving metabolism & skin color will drive feed micronutrient market growth.

Supportive government compliances on bio-based products will drive the industry growth. High R&D investment and product development by key manufacturers will enhance product penetration. However, lack of awareness accompanied by non-willingness to pay on feed micronutrients may hamper feed micronutrient market growth.

Poultry was worth over USD 540 million in 2016. Increasing demand for processed food coupled with egg consumption will propel the industry growth. Ruminants will generate over USD 500 million in revenue by 2024. Rising milk consumption globally will facilitate industry growth. For instance, annual milk consumption in developing countries was around 55 kg per capita in 2016 and expected to reach 66 kg by 2030.

North America feed micronutrients market was valued over USD 365 million in 2016. Rising demand for nutrient rich meat to ensure healthy diet are the key factors positively influencing the product demand. Strong outlook for vitamins, ferments and emulsifiers in this region due to presence of livestock breeding centers will support the business growth.

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Asia Pacific, led by China feed micronutrients demand was over 80 kilotons in 2016. Increasing health awareness along with rising consumption of milk, curd, cheese & yogurt are the key factors driving growth. Europe market will value over USD 585 million by 2024. Favorable government regulations pertaining to bio products will drive the product demand. Fodder industry expansion along with growth in livestock farming & breeding activities is expected to stimulate industry growth.

Global feed micronutrients market share is moderately fragmented due to presence of multinational as well as domestic manufacturers. Cargill, Aries Agro, Nutreco N.V., ADM, Agrium Advanced Technologies, Balchem Corp., Qualitech, Alltech, Kemin, Lallemand, Gawrihar Bio-Chem, Novus International and Zinpro Corporation are among the key industry players.

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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