Industrial Outlook and Trend analysis
The global animal feed organic trace minerals market was worth USD 484.67 million in the year 2016 and is predicted to reach approximately USD 869.55 million by 2025, while registering itself at a compound annual growth rate (CAGR) of 6.71% during the forecast period. Organic trace minerals also termed chelates are utilized in small amounts in animal feed. The animal feed industry that is witnessing substantial growth is said to be the key factor that influences the growth of the market during the forecast period. Growing consumption of meat is also a major factor behind the growth of the market as meat is known to be the highest source of proteins. A switch in the pattern of food consumption which includes proteins extracted from animals is playing a vital part in the increasing consumption of meat across the globe. Factors as such are anticipated to influence the growth of the organic trace minerals significantly. The United States was the second largest market in the year 2016 after China. Zinc was the leading product segment of the organic trace mineral in the country. The consumption of zinc is extremely beneficial for the animals as it enhances the immunity and the capacity of reproduction in animals. Owing to such factors the demand in the United States market has increased. The United States had the largest consumption of poultry and pork in the year 2016. The country widely contributed towards the growth of the feed industry that led to increasing requirement of the organic trace minerals.
Product Outlook and Trend Analysis
Certain minerals that are extremely important in the animal feed are manganese, iron, cobalt, copper and zinc. The primary function of these organic trace minerals is to enhance the quality of the feed, even though they are utilized in very small amounts. These functions have increased the value of utilization of these minerals which boosts the growth of the market significantly. Zinc assists in enhancing the immunity and metabolism in animals. Zinc registered as the major share of 34.1 percent in the year 2016 in the United States market of animal feed organic trace minerals which increased its demand in the industry. However, this mineral can be harmful if consumed in excess that propels regulations to make sure the mineral is being utilized in limit. The iron market is anticipated to grow significantly in the coming years as it assists in storing oxygen into the tissues and muscles of animals as well as transport oxygen in the blood. The excellent benefits provided by iron are anticipated to spur the growth of the market.
Application Outlook and Trend Analysis
Organic trace minerals are useful in feeds of pigs, horses, dairy cattle and poultry. Poultry dominated the application segment in 2016 which registered 42.8 percent of the total share of the market. The increasing consumption of eggs, broilers and turkeys is anticipated to have a positive influence of the demand of poultry in the coming years. In the year 2016, poultry was said to be the most consumed meat. Pork had the second largest share that accounted 28.3 percent of total market in the year 2016. As pork is said to be a high source of protein the increasing requirement of proteins derived from animals is said to be the major factor to boost the market. The disruption of disease in this field is common, which has led to manufacturers and processors of pork being aware of the importance of quality meat which is further anticipated to increase the requirement of organic trace minerals.
Regional Outlook and Trend Analysis
In the year 2016 the organic trace minerals market was dominated by Asia Pacific. India and China had the largest share making the region the largest processor and consumer of feed. Europe had a share of 27.7 percent of the market in the year 2016. This region witnessed major growth due to increasing demand of animal feed from countries like France, Netherlands, Spain and Germany. Factors like suitable climatic conditions have assisted in the growth of poultry which has spurred the requirement for organic trace minerals. The North American market is anticipated to witness steady growth owing to increased consumption of turkey and pork. This region is said to have steady growth of the dairy cattle industry, thereby influencing the growth of the organic trace mineral market.
In the year 2015 Cargill Inc., had a turnover of USD 120 billion. This made the company the largest player in the market of organic trace minerals in the year 2016. With the aim of increasing its share in the growing region of Asia Pacific, the company introduced an animal nutrition manufacturing plant in Vietnam which was valued USD 8.5 million. Other key players in the market are Royal DSM NV, Alltech, Inc., Nutreco N.V. Expansions & investments and Archer Daniels Midland Co.
The Animal feed organic trace minerals market is segmented as follows-
Rest of Europe
Rest of Asia Pacific
Rest of the World
United Arab Emirates
Some of the key questions answered by the report are:
What was the market size in 2016 and forecast from 2017 to 2025?
What will be the industry market growth from 2017 to 2025?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?