Visiongain Publishes Animal Feed Micronutrients Market Report to 2031
02 March 2021
Visiongain has published a new report on Animal Feed Micronutrients Market Report to 2031: Forecasts By Product Type (Vitamins, Zinc, Iron, Manganese, Copper, Boron, Others), By Livestock (Poultry, Bovine, Swine, Equine, Ovies Aries, Canine, Feline, Others) PLUS Profiles of Leading Animal Feed Micronutrients Manufacturing Companies and Regional and Leading National Market Analysis, PLUS COVID-19 Recovery Scenarios.
Global Animal Feed Micronutrients market was valued at US$ XX million in 2020 and is projected to reach at a market value of US$ XX million by 2031. Growing focus on animal nutrition is one of the key factors supporting market growth of animal feed micronutrients at present.
COVID-19 Impact on Animal Feed Micronutrients Market
The outbreak of COVID-19 posed a major impact on the supply chain. The disruption in the supply chain broadened the gap in demand and supply, thereby making several products unavailable during times of need. The disruption in the supply chain was created due to factories being forced to shut down due to the pandemic, thereby reducing production. However, the ingredients industry did not have to face the complete brunt of the pandemic and the lockdown that was imposed in order to curb the spread of the virus. Raw material and ingredient suppliers did not complain about a major impact on their ability to transport or supply ingredients to the end-users. However, sale of meat and meat products dipped significantly during the initial phase of the pandemic, as the meat and poultry industry were battling with rumours that coronavirus can spread through meat and poultry products. Consumption of meat products plummeted due to this, and prices of fresh meat dipped to record low. However, since meat products is designated as ‘essentials’, sale of these products revived within a matter of months, and the disruption in the ingredient supply chain minimized, as most countries have come out of the lockdown, and is coming back to normal.
Growing Pet Adoption
Pet adoption is a major factor augmenting market growth of animal feed micronutrients. Pet adoption has become a trend among several families. Nuclear families are increasing by the day, as kids tend to live away from their parents, and start their own families. Now this trend has given rise to the adoption of pets. For instance, nuclear families in India constitute the highest percentage of households in the country. Such families are beginning to adopt pets, and are spending a major portion of their income on their pets. This expense includes spa services, adequate feeding and care and several others. Approximately 600,000 pets are adopted in India every year. This robust adoption of pets in the country has given rise to the pet food industry. The pet food industry in the country is expected to grow at a pace of 15% per annum till 2024. Products such as dry and wet pet food, snacks and treats are making their mark in the Indian pet food industry. These factors are greatly supporting the market growth of animal feed micronutrients in India.
Growing Demand for Animal Protein
Demand for animal protein is surging, which in turn is paving the way for the growth of the animal feed micronutrients market. In the U.S., meat products are the consumer’s favourites. Total retail sale of meat and poultry products in the country is expected to cross the US$ 100 billion mark, by the end of 2023. Products such as pork, beef and poultry are highly consumed by the American populace. Almost 35% of the meat consumed in the U.S. is processed. Most of the meat products are consumed as breakfast, lunch, or on-the-go. Sausage, hot dogs, ham and bacon are the preferred type of processed meat products consumed by the average American. This high consumption of animal protein in the U.S. is greatly supporting the market growth of animal feed micronutrients in the country.
Lack of Awareness among Farmers
Farmers, especially in the developing and under-developed nations have very limited knowledge about animal feed additives and the benefits associated with them. This is mostly due to the lack of education instilled in them, and their rigidness to try something new for a change. Due to these traits, farmers resort to feed conventional products to the animals that do not provide the animals with much benefit. Further, most of the farmers have very little income to afford such nutrients for their animals, as the money that they earn is barely enough to provide for themselves. This is a key factor slowing down the growth of the animal feed micronutrients market in these nations.
Some of the companies profiled in the report include Cargill Inc., Archer Daniels Midlands Company, Nutreco N.V., Kemin Industries and Lallemand Inc. among others. These companies are involved in several organic and inorganic strategies in order to ensure long term sustenance in the Animal Feed Micronutrients market. For instance, in September 2018, Micronutrients USA and Kemin Industries have announced a partnership to introduce Intellibond VITAL 5 Cr, which was the world’s first nutrition package to contain six vital trace minerals to support the well-being and performance of the bovine species.
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