The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Feed Micronutrients Global Market Report 2024, the feed micronutrients market is expected to show significant growth in the forecast period.

The feed micronutrients market has experienced robust growth in recent years and is poised for continued expansion. Here’s an overview of the current trends, future projections, and key drivers shaping this market.

Market Growth and Projections

• Current Market Size and Growth Rate:
  • 2023: $1.74 billion
  • 2024: $1.86 billion (6.8% CAGR)
• Future Projections:
  • 2028: $2.44 billion (7.0% CAGR)

Key Growth Drivers:

• Increased Demand for Meat Products: Rising consumption drives the need for enhanced feed quality.
• Livestock Production: Higher livestock numbers increase the demand for effective feed micronutrients.
• Per Capita Income Growth: More disposable income leads to higher meat consumption.
• Immunity Boost Needs: Growing awareness of the role of vitamins and antioxidants in animal health.

View More On The Feed Micronutrients Market Report 2024 – https://www.thebusinessresearchcompany.com/report/feed-micronutrients-global-market-report

Rising Demand for Poultry Products

• Impact on Feed Micronutrient Demand:
  • Nutritional Value: Poultry products are valued for their high nutritional content.
  • Versatility and Cultural Significance: Poultry is a staple in many diets globally.
  • Market Data: In December 2023, global poultry meat output reached 142 million metric tons, up by 1% from the previous year. This increase reflects the rising demand for poultry, which drives the feed micronutrient market.

Innovative Developments in Feed Micronutrients

• Organic-Compliant Chromium Propionate:
  • Product Launch: In February 2021, Kemin Industries introduced KemTRACE Chromium-OR, meeting organic standards and enhancing animal nutrition.
  • Benefits: Improves glucose utilization, reduces stress effects, and boosts cellular energy for better growth and immunity.
• ADM Acquisition:
  • Recent Acquisition: Archer-Daniels-Midland Company (ADM) acquired PT Trouw Nutrition Indonesia in December 2023.
  • Strategic Move: Enhances ADM’s regional presence and ability to offer localized feed solutions in Asia-Pacific.

Market Segmentation

• By Product Type:
  • Minerals
  • Vitamins
  • Carotenoids
  • Others
• By Form Type:
  • Non-Chelated
  • Chelated
• By Livestock:
  • Poultry
  • Aquaculture
  • Swine
  • Equine
  • Other Livestocks

Regional Insights

• Largest Region (2023): Asia-Pacific
  • Significance: High livestock production and demand for feed micronutrients.
• Fastest Growing Region (Forecast): North America
  • Growth Drivers: Increased focus on advanced feed solutions and rising livestock numbers.

Key Market Players

• Major Companies:
  • Cargill Incorporated
  • Archer Daniels Midland Company
  • BASF SE
  • Tyson Foods Inc.
  • Evonik Industries AG
  • Nutreco N.V.
  • Alltech Inc.
  • Zinpro Corporation
  • Novus International Inc.
  • Biochem GmbH
  • Pancosma SA
  • Procare Solutions

Conclusion
The feed micronutrients market is set to experience significant growth driven by rising demand for poultry products, innovative feed solutions, and strategic industry expansions. With a projected CAGR of 7.0% through 2028, the market is poised for continued evolution and advancement, underscoring the increasing importance of micronutrients in optimizing animal health and productivity.

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