Animal Feed Trace Minerals Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 562.12 Billion |
| Market Size (2029) | USD 770.15 Billion |
| CAGR (2024 - 2029) | 6.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Animal Feed Trace Minerals Market Analysis
The Animal Feed Trace Minerals Market size is estimated at USD 562.12 billion in 2024, and is expected to reach USD 770.15 billion by 2029, growing at a CAGR of 6.5% during the forecast period (2024-2029).
- The increasing demand for mineral rich animal meat is primarily driving the animal feed trace minerals market. High protein content and quality animal meat are the utmost preference of the consumers.Additionally, the rising popularity of water-soluble natural feed-added substances, and developing animal feed industriesacross the globe are some other factors responsible for the increased consumption oftrace minerals in animal feed.
- North America is one of the largest producers of livestock and animal-based products in the world, with the US being a major producer. Growing production, as well as consumption of livestock and livestock-based products in this region, have enabled livestock producers to utilize feed withtrace minerals, as they are highly effective in promoting the healthier growth of animals and in improving the fertility rate.
Animal Feed Trace Minerals Market Trends
This section covers the major market trends shaping the Animal Feed Trace Minerals Market according to our research experts:
Increasing Worldwide Meat and Fish Consumption is driving the Market
The worldwide economic downturn had a negligible impact on the global meat market, which has maintained its positive outlook. The highest growth of meat consumption is expected from the Asia-Pacific and South American regions because of changing diet patterns, urbanization, population, and economic growth. For example, the Chinese demand for meat continues to surpass the domestic supply, according to Agriculture and Agri-food Canada. Fishes are low in fats, cholesterol, and carbohydrates and are very high in protein. They also provide essential vitamins and amino acids. These factors lead to an increased global demand which is increasing rapidly as more and more people are becoming aware of the health benefits of fish consumption. Globally increasing population trends are also supporting the growth of the world meat and seafood market. Increasing life expectancy and limited availability of land and water resources for animal feed production, is promoting the use of trace elements in animal feed which is driving the market, worldwide.
Asia-Pacific leads the Trace Minerals Market
The Asia-Pacific market for trace minerals is estimated to have a higher growth rate over the forecast period, owing to the increased demand for dairy and meat products in the region. There is a continuous requirement of mineral-rich feed to produce quality output from the animals. Also, the region’s increasing population and changing food preferences are further expanding the market. Healthy, nutritious food is preferred, and the rising standards of living are adding to the growth of the market. Additionally, growing awareness of product efficiency has further expanded the growth of the market. Other upcoming markets like Africa and South America have also shown considerable growth rates owing to global trends.
Animal Feed Trace Minerals Industry Overview
The global animal feed trace elements market is fragmented and is dominated by several small and medium regional, and local companies. The leading international companies in this market include Alltech, Archer Daniels Midland Company, Cargill, Kemin Industries, and Novus International. The companies are increasingly expanding their market presence and getting involved in mergers and acquisitions to stay relevant and grow in the global market. For example, Kemin Industries opened an innovation and technology center in China making an investment of USD 14.2 million in 2019. In 2018, the company had also acquired Canadian company and its long-time distributor Agri-Marketing Corp. Agri-Marketing, to expand its presence in the country.
Animal Feed Trace Minerals Market Leaders
Altech
Archer Daniels Midland Company
Cargill, Incorporated
Kemin Industries, Inc.
NOVUS INTERNATIONAL
*Disclaimer: Major Players sorted in no particular order
Animal Feed Trace Minerals Market Report - Table of Contents
-
1. INTRODUCTION
-
1.1 Study Deliverables
-
1.2 Study Assumptions
-
1.3 Scope of the Study
-
-
2. RESEARCH METHODOLOGY
-
3. EXECUTIVE SUMMARY
-
4. MARKET DYNAMICS
-
4.1 Market Overview
-
4.2 Introduction to Market Drivers and Restraints
-
4.3 Market Drivers
-
4.4 Market Restraints
-
4.5 Industry Attractiveness - Porter's Five Force Analysis
-
4.5.1 Threat of New Entrants
-
4.5.2 Bargaining Power of Buyers/Consumers
-
4.5.3 Bargaining Power of Suppliers
-
4.5.4 Threat of Substitute Products
-
4.5.5 Intensity of Competitive Rivalry
-
-
-
5. MARKET SEGMENTATION
-
5.1 Mineral Type
-
5.1.1 Zinc
-
5.1.2 Iron
-
5.1.3 Manganese
-
5.1.4 Copper
-
5.1.5 Others
-
-
5.2 Livestock
-
5.2.1 Ruminants
-
5.2.2 Poultry
-
5.2.3 Swine
-
5.2.4 Others
-
-
5.3 Source Type
-
5.3.1 Organic
-
5.3.2 Inorganic
-
-
5.4 Geography
-
5.4.1 North America
-
5.4.1.1 United Sates
-
5.4.1.2 Canada
-
5.4.1.3 Mexico
-
5.4.1.4 Rest of North America
-
-
5.4.2 Europe
-
5.4.2.1 Germany
-
5.4.2.2 United Kingdom
-
5.4.2.3 France
-
5.4.2.4 Russia
-
5.4.2.5 Spain
-
5.4.2.6 Rest of Europe
-
-
5.4.3 Asia Pacific
-
5.4.3.1 China
-
5.4.3.2 Japan
-
5.4.3.3 India
-
5.4.3.4 Australia
-
5.4.3.5 Rest of Asia-Pacific
-
-
5.4.4 South America
-
5.4.4.1 Brazil
-
5.4.4.2 Argentina
-
5.4.4.3 Rest of South America
-
-
5.4.5 Middle East and Africa
-
5.4.5.1 Saudi Arabia
-
5.4.5.2 South Africa
-
5.4.5.3 Egypt
-
5.4.5.4 Rest of Middle East and Africa
-
-
-
-
6. COMPETITIVE LANDSCAPE
-
6.1 Market Share Analysis
-
6.2 Most Adopted Strategies
-
6.3 Company Profiles
-
6.3.1 Alltech
-
6.3.2 Phibro Animal Health Corporation
-
6.3.3 Archer Daniels Midland Company
-
6.3.4 Cargill, Incorporated
-
6.3.5 Kemin Industries, Inc.
-
6.3.6 Novus International
-
6.3.7 Biochem
-
6.3.8 Zinpro Corporation
-
6.3.9 Royal DSM N.V.
-
-
-
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Animal Feed Trace Minerals Industry Segmentation
Trace minerals provide the essential nutrients animals need for metabolic functions such as growth and development, immunity and reproduction. Even moderate deficiencies can adversely impact animal performance. The base currency considered was the US Dollar (USD). Conversion of other currencies to USD was considered on the basis of the average exchange rate for the respective review-period years. The exchange rate conversion for the forecast period was determined according to the base year’s conversion rates.
| Mineral Type | |
| Zinc | |
| Iron | |
| Manganese | |
| Copper | |
| Others |
| Livestock | |
| Ruminants | |
| Poultry | |
| Swine | |
| Others |
| Source Type | |
| Organic | |
| Inorganic |
| Geography | ||||||||
| ||||||||
| ||||||||
| ||||||||
| ||||||||
|
Animal Feed Trace Minerals Market Research FAQs
How big is the Animal Feed Trace Minerals Market?
The Animal Feed Trace Minerals Market size is expected to reach USD 562.12 billion in 2024 and grow at a CAGR of 6.5% to reach USD 770.15 billion by 2029.
What is the current Animal Feed Trace Minerals Market size?
In 2024, the Animal Feed Trace Minerals Market size is expected to reach USD 562.12 billion.
Who are the key players in Animal Feed Trace Minerals Market?
Altech, Archer Daniels Midland Company, Cargill, Incorporated, Kemin Industries, Inc. and NOVUS INTERNATIONAL are the major companies operating in the Animal Feed Trace Minerals Market.
Which is the fastest growing region in Animal Feed Trace Minerals Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Animal Feed Trace Minerals Market?
In 2024, the North America accounts for the largest market share in Animal Feed Trace Minerals Market.
What years does this Animal Feed Trace Minerals Market cover, and what was the market size in 2023?
In 2023, the Animal Feed Trace Minerals Market size was estimated at USD 527.81 billion. The report covers the Animal Feed Trace Minerals Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Animal Feed Trace Minerals Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Animal Feed Trace Minerals Industry Report
Statistics for the 2024 Animal Feed Trace Minerals market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Animal Feed Trace Minerals analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
