The report, titled “Animal Feed Micronutrient Market by Product: Global Opportunity Analysis and Industry Forecast, 2022 to 2031” provides that the market will be growing at a CAGR of 7% from 2022 to 2031.
Conversely, the previous forecast for 2019 to 2026 provided that the global animal feed micronutrient market would generate a revenue of US$ 2,322.3 million and grow at a CAGR of 6.8% during the forecast period.
A huge global population needs a steady supply of safe and plentiful animal proteins, which depends on the quality of the animal feed, and this trend is bound to upsurge the market growth throughout the forecast period.
These micronutrients are vital to ensuring high milk yield and healthy meat, and their presence in animal feed is essential.
In 2021, the trace mineral sub-type accounted for the highest market share. These minerals include cobalt, copper, manganese, iodine, zinc, chromium, selenium, and selenium.
These trace minerals are important for the normal function of animals, they are necessary for the formation of viable ovaries, sufficient quantities of high-quality sperm, and improved embryo survival.
On the other hand, the vitamin sub-type is anticipated to show the fastest growth during the forecast period.
These vitamins are vital, irreplaceable micronutrients necessary for growth, body development, reproduction, and regular physiological processes.
The report by Research Dive holds that there is an increased demand for vitamins, as animals frequently suffer from vitamin deficiencies, which will drive growth in the micronutrient market.
Significant growth in APAC region
Moreover, because animal feed is crucial to the food industry, the market will expand in tandem with the expanding food industry in the Asia-Pacific area.
However, as much as the market expects this augmented growth, the high cost of raw materials, regulatory bans, and high research and development expenses could constrain the market for animal feed micronutrients globally.
Moreover, a lack of consumer awareness of the product would further impede the growth of the animal feed micronutrient market.
R&D activities to increase despite high costs
While R&D costs are high, companies like Archer Daniels Midland Company, Zinpro Corporation, and Novus International Inc. are investing more in R&D activities for developing new products and technologies for this market.
According to the report by Research Dive, investment and agreement are common strategies major market players utilize to grow in this industry.
Such partnerships will be vital in the projected growth of the animal feed micronutrient market.