According to TechSci Research report, “Trace Minerals in Feed Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F”, Global Trace Minerals in Feed market is anticipated to upsurge at an impressive rate in the forecast period 2024-2028. A significant factor fueling the growth of the Global Trace Minerals in Feed Market due to increasing production of compound feed as compound feed contains minerals, protein meals, grains, and vitamins which help to fulfill the demand for animal protein, increasing livestock and poultry populations and the adoption of modern animal production practices.
Moreover, trace minerals play a critical role in the metabolic functions of livestock and poultry. These functions help support growth and development, immune function, and reproductive performance in livestock and poultry.
Along with this, common organically bound trace minerals used in animal nutrition are iron, copper, zinc, manganese, chromium, and selenium. Some metallic ions, such as iron and copper, participate in oxidation-reduction reactions in energy metabolism. Iron, as a constituent of hemoglobin and myoglobin, also plays a vital role in the transport of oxygen.
Additionally, trace elements are found in small amounts in a variety of foods such as meat, fish, cereals, milk and dairy foods, vegetables, and nuts, thus with increasing demand for meat and its products and growing awareness among consumers regarding the benefits of trace minerals further fuel the growth of Global Trace Minerals in Feed market.
For instance, in February 2020, Alltech mutually launched an in-vitro fermentation laboratory namely Alltech IFM, with Harper Adams University.
Furthermore, the market is being further stimulated by the growing demand for animal nutrients in livestock production as well as rising concerns regarding the health and safety of animals.
However, fluctuations in raw material costs can slow down market growth. Also, stringent regulation structures governing the permissible limits can further slowdown the market growth.
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Global Trace Minerals in Feed Market is segmented based on type, livestock, form, chelate type, and region.
Based on type, the market is categorized into zinc, iron, cobalt, copper, manganese, and others. Iron is expected to hold the largest market share in the forecast period, 2024-2028. This is due to growing awareness about various side effects caused due to iron deficiency.
Based on livestock, the market is fragmented into poultry, ruminants, swine, aquatic animals, and others. Poultry is expected to hold the largest market share in the forecast period, 2024-2028. This is due to rising preferences for a specific color of the yolk and meat for consumption.
Based on form, the market is segregated into dry and liquid. Dry segment will experience the highest market share during the forecast period 2024-2028. As the dry form has a low moisture content, it has a longer shelf life, a lower rate of quality deterioration, and is easier to store and package.
Based on chelate type, the market is divided into amino acids, proteinates, polysaccharide complexes, and others. The amino acid segment will experience the highest market share during the forecast period 2024-2028, due to their ability to get absorbed easily into the animal body.
Major companies operating in the Global Trace Minerals in Feed Market are:
- Titan Biotech Limited
- Balchem Inc.
- Novus International, Inc.
- Alltech, Inc.
- Kemin Industries, Inc.
- Global Animal Products, Inc.
- Società San Marco S.R.L.
- BASF SE
- Zinpro Corp.
- Orffa International Holding B.V.
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“Asia Pacific region is expected to grow at the highest rate during the forecast period due to increasing demand for poultry byproducts, meat, and ruminates. Additionally, increasing awareness amongst consumers regarding the requirement of essential nutrients in the daily diet of animals creates lucrative opportunities for market growth.
Furthermore, in Europe, increasing demand for more nutritious animal feed products, as well as rules pertained by the European Commission regarding promoting animal health in the beginning stages of growth, are collectively creating huge prospects of market growth during the forecast period,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Trace Minerals in Feed Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F, Segmented By Type (Zinc, Iron, Cobalt, Copper, Manganese, Others), By Livestock (Poultry, Ruminants, Swine, Aquatic Animals, Others), By Form (Dry, Liquid), By Chelate Type (Amino Acids, Proteinates, Polysaccharide Complexes, Others), By Region and Competition, has evaluated the future growth potential of global Trace Minerals in Feed market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Trace Minerals in Feed Market.”
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