USD 38.1 billion
Report ID: SQSG15E2028 | Region: Global | Published Date: April, 2023 | Pages: 253 | Tables: 64 | Figures: 75
Feed Minerals Market size was valued at USD 38.1 billion in 2021 and is poised to grow from USD 40.2 billion in 2022 to USD 65.08 billion by 2030, growing at a CAGR of 5.5% in the forecast period (2023-2030).
To promote optimal development, health, and disease resistance in livestock, feed additives like minerals are routinely used. For higher quality and more consistent standards in animal-based goods, it is necessary to supplement feed with externally administered trace elements and minerals that the body cannot create in sufficient quantities. To keep up with the rising demand for animal protein, the livestock industry is becoming increasingly mechanized. This shift has led to a renewed emphasis on providing livestock with the best possible diets, and this trend is expected to fuel the rapid expansion of the global feed minerals market in the coming years.
US Feed Minerals Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 38.1 billion
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The Global Feed Minerals Market is segmented based on type, application, and region. Based on type, the market is segmented into microminerals and macro minerals. Based on application, the market is segmented into ruminants, poultry, swine, aquaculture, and other animal types. Based on region, the global Feed Minerals market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Feed Minerals Market Analysis by Type
In 2021, the feed mineral market was dominated by the micromineral segment and is expected to hold the same dominance throughout the analysis period. The elements chromium, cobalt, copper, fluorine, iodine, iron, manganese, molybdenum, selenium, and zinc are all microminerals. For healthy livestock and animals, the micromineral content of pastures needs to be checked every so often. Deficiency can also cause anemia and make you more likely to get infections. So, this could make the demand for micro minerals in the feed industry go up even more.
Changes in the environment and the quality of the water in countries like Vietnam, which have a lot of intensive agriculture, can cause stress that can only be treated by adding minerals with microelements. So, this has made farmers want more minerals in the compound feed they use. Farmers use pellets of these feeds, which have minerals in them, as extra feeds for their animals. Companies in the market are coming up with new products to meet the growing demand for microminerals around the world. For example, Micronutrients USA and Kemin Industries worked together to make IntelliBond® minerals, which have six trace minerals to improve the performance of dairy and beef cattle. The introduction of these kinds of products will help the microminerals segment grow in several ways and drive the feed mineral market during the forecast period.
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In terms of revenue, Asia Pacific accounted for the largest market share in the feed mineral market in the year 2021. The rising demand for meat and animal products to meet the protein needs of the growing population is one of the main reasons propelling the expansion of the animal feed additives market in the country. When it comes to milk production, India dominates the international stage. Nonetheless, milk production per cow is low because Indian farmers feed their cows raw agricultural waste like cotton cake and husks. The rising demand for milk means that more processed feed will be needed to raise animal production, driving up the need for feed additives in the country. Over the predicted period, the Asia-Pacific region will continue to be the largest market for Feed Minerals due to its vast and rising production base of livestock and its large feed production capacity.
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Feed Minerals Market Driver
Feed Minerals Market Restraint
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The feed minerals market is relatively fragmented, with a high level of competition. Few large players, like Cargill Inc., BASF SE, and Kemin Industries, now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability.
Feed Minerals Market Top Player’s Company Profiles
Feed Minerals Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, to promote optimal development, health, and disease resistance in livestock, feed additives like minerals are routinely used. The Global Feed Minerals Market is segmented based on type, application, and region. North America, Europe, Asia-Pacific, South America, and MEA hold the largest share of the market. Asia-Pacific accounted for the largest market share in the feed mineral market in the year 2021. The rising demand for meat and animal products to meet the protein needs of the growing population is one of the main reasons propelling the expansion of the animal feed additives market. Farmers use pellets of these feeds, which have minerals in them, as extra feeds for their animals.
|Market size value in 2021||USD 38.1 billion|
|Market size value in 2030||USD 40.2 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Feed Minerals Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Feed Minerals Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG15E2028