What is the global market size of the Feed Trace Minerals?

Global Feed Trace Minerals Market size was valued at USD 446.6 million in 2021 and is poised to grow from USD 473 million in 2022 to USD 610 million by 2030, growing at a CAGR of 5.8% in the forecast period (2023-2030).

Global Feed Trace Minerals Market Size, Share, Growth Analysis, By Type(Iron, Zinc), By Application(Ruminants, Swine) - Industry Forecast 2024-2031

Q: What is the key market trend for the Global Feed Trace Minerals Market?

The term 'bioavailability' describes the number of nutrients in foods that can be absorbed and used by an animal's metabolism. Transportation, cellular uptake, and biochemical transformation are all components of consumption. Cattle farmers have not been able to improve feed conversion efficiency in livestock without providing a greater dosage of mineral supplements due to the permissible restrictions being put on the use of trace elements in feed to prevent environmental concerns. However, demand is anticipated to be high from informal cooperatives and smallholders in emerging nations. Manufacturers are working on methods to offer these inorganic trace elements in organic forms to boost the bioavailability of these compounds and raise animal productivity. Copper, zinc, selenium, and chromium are some of the most widely distributed organic trace elements. To cause a dramatic shift in the market demand for mineral supplements, it is crucial to educate farmers on the advantages of organic mineral chelates.

Report ID: SQMIG30C2139 | Region: Global | Published Date: February, 2024
Pages: 261 | Tables: 69 | Figures: 75

Global Feed Trace Minerals Market Insights

Feed Trace Minerals Market size was valued at USD 446.6 million in 2019 and is poised to grow from USD 473 million in 2023 to USD 610 million by 2031, growing at a CAGR of 5.8% in the forecast period (2024-2031).

The market for trace minerals has been expanding as a result of several factors, including, but not limited to, an increase in the production of compound feed, an increase in the demand for animal protein in the human diet, and the growing importance of animal nutrition in the production of livestock. According to FAO by 2031, the demand for food will have grown more than 60%, while the demand for animal protein will grow steadily each year. Also, the output of meat, aquaculture, and dairy products is likely to grow. The demand for poultry and red meat has been going up globally, which has helped the feed trace mineral market grow.

US Feed Trace Minerals Market is poised to grow at a sustainable CAGR for the next forecast year.

Global Feed Trace Minerals Market Report Snapshots

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The feed trace minerals market is relatively fragmented, with a high level of competition. Few large players, like Cargill, Inc., BASF SE, and Alltech, 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. 'Archer Daniels Midland Company', 'Cargill Inc.', 'Alltech Inc.', 'Nutreco NV', 'Koninklijke DSM N.V.', 'Zinpro Corporation', 'Phibro Animal Health Corporation', 'Pancosma SA', 'Kemin Industries Inc.', 'Novus International Inc.', 'Lallemand Inc.', 'Bluestar Adisseo Company', 'Biochem Zusatzstoffe Handels- und Produktionsgesellschaft mbH', 'QualiTech Corporation', 'Mercatura GmbH', 'Tanke International Group Co. Ltd.', 'Global Animal Products Inc.', 'Agrimin Limited', 'Bioiberica SAU', 'JH Biotech Inc.'

The need for compound feed has increased globally due to the rising demand for meat and meat products and the importance of protein-rich diets among consumers around the world. The production of meat, aquaculture, and dairy products would also expand, according to estimates.

The term "bioavailability" describes the number of nutrients in foods that can be absorbed and used by an animal's metabolism. Transportation, cellular uptake, and biochemical transformation are all components of consumption. Cattle farmers have not been able to improve feed conversion efficiency in livestock without providing a greater dosage of mineral supplements due to the permissible restrictions being put on the use of trace elements in feed to prevent environmental concerns. However, demand is anticipated to be high from informal cooperatives and smallholders in emerging nations. Manufacturers are working on methods to offer these inorganic trace elements in organic forms to boost the bioavailability of these compounds and raise animal productivity. Copper, zinc, selenium, and chromium are some of the most widely distributed organic trace elements. To cause a dramatic shift in the market demand for mineral supplements, it is crucial to educate farmers on the advantages of organic mineral chelates.

In terms of usage of feed trace minerals, Europe accounted for the largest market share in the year 2021 and is expanding at a steady rate. The widespread use of trace elements in European animal nutrition is attributable to the European Commission's emphasis on reducing input costs and boosting animal health during early growth. Trace minerals are utilized in animal nutrition based on considerations like cost-effectiveness, availability, legislation, and laws. European Commission laws for the use of feed materials, standards for feed hygiene, and regulations regarding undesirable compounds in feed have had a favorable effect on the feed sector, which is anticipated to propel the expansion of trace minerals in the feed market in Europe.

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Global Feed Trace Minerals Market Size, Share, Growth Analysis, By Type(Iron, Zinc), By Application(Ruminants, Swine) - Industry Forecast 2024-2031

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