Market Size of asia-pacific feed minerals Industry
| Icons | Lable | Value |
|---|---|---|
|
Study Period | 2017 - 2029 |
|
Market Size (2024) | USD 1.20 Billion |
|
|
Market Size (2029) | USD 1.48 Billion |
|
Largest Share by Sub Additive | Macrominerals |
|
|
CAGR (2024 - 2029) | 4.24 % |
|
Largest Share by Country | China |
Major Players |
||
|
||
|
*Disclaimer: Major Players sorted in no particular order |
Asia Pacific Feed Minerals Market Analysis
The Asia-Pacific Feed Minerals Market size is estimated at 1.20 billion USD in 2024, and is expected to reach 1.48 billion USD by 2029, growing at a CAGR of 4.24% during the forecast period (2024-2029).
1.20 Billion
Market Size in 2024 (USD)
1.48 Billion
Market Size in 2029 (USD)
6.22 %
CAGR (2017-2023)
4.24 %
CAGR (2024-2029)
Largest Market by Sub-Additive
88.36 %
value share, Macrominerals, 2023
Macrominerals is the largest segment as they provide nutrients and play an important role in the metabolic functions of livestock. Their demand also grew due to increased demand for milk, meat, and egg products.
Largest Market by Country
45.36 %
value share, China, 2023
China is the largest market because of the increased livestock population and demand for meat and dairy.
Fastest-growing Market by Sub-Additive
4.28 %
Projected CAGR, Macrominerals, 2024-2029
Macrominerals is the fastest sub-additive in the market due to the increase in the livestock population. Poultry animals are the largest consumers of minerals.
Fastest-growing Market by Country
5.20 %
Projected CAGR, Japan, 2024-2029
Japan is the fastest-growing market due to increased feed production and demand for livestock products such as milk and eggs.
Leading Market Player
9.36 %
market share, Cargill Inc., 2022
Cargill Inc. is the market leader because it has a distribution partnership with BASF SE and around 22 manufacturing facilities for minerals in Vietnam and China.
- The Asia-Pacific feed mineral market is a growing segment in the feed additives market. It accounted for a 10.7% market share in terms of value in 2022. This market segment grew significantly by 38.0% from 2017 to 2022 due to the increasing demand for high-quality meat. Poultry was the largest user of minerals, accounting for 44.0% of the Asia-Pacific feed minerals market in 2022. Swine, ruminants, and aquaculture followed with 26.7%, 18.5%, and 9.9% shares, respectively.
- Macrominerals are expected to be the fastest-growing segment in the minerals market, registering a CAGR of 4.3% during 2023-2029. In 2022, macrominerals accounted for USD 980.5 million, which is 9.4% of the feed additives market. Poultry is also the largest user of macrominerals, accounting for 43.1% of the Asia-Pacific macrominerals market. Swine and ruminants held the region's second- and third-largest market share, accounting for 26.2% and 20.1% of the market by value, respectively.
- Microminerals are estimated to grow and register a CAGR of 3.8% during the forecast period, accounting for 11.6% of the Asia-Pacific feed minerals market. The poultry segment is the largest user of microminerals, accounting for 50.3% of the market by value in 2022. The swine and aquaculture segments are the second- and third-largest users, accounting for 30.7% and 10.9% of the market by value, respectively. The demand for microminerals increases in stressful circumstances that change an animal's physiological requirements.
- The increasing demand for high-quality meat is expected to boost the Asia-Pacific feed minerals market, registering a CAGR of 4.2% during 2023-2029. The market growth is attributed to the rising demand for meat and the increasing awareness of the benefits of using feed minerals in animal nutrition.
Understand The Key Trends Shaping This Market
Download Sample
- The Asia-Pacific feed additives market saw significant growth in 2022, with feed minerals accounting for around 10.7% of its value and 18.3% of its volume. The market is projected to record a CAGR of 4.2% over the forecast period. Minerals are a crucial component of livestock feed, as they support metabolic functions when consumed in substantial amounts.
- In the Asia-Pacific region, macrominerals were the most widely used feed minerals in animal feed, with a market value of USD 980.6 million in 2022. Poultry birds and swine were the largest consumers of these minerals, accounting for 44% and 26.7% of the market share, respectively.
- China was the biggest market for feed minerals in the Asia-Pacific region, with a market size of USD 501.6 million in 2022, largely due to a high per capita meat consumption rate, which reached 45.7 kg in 2020 and is projected to continue growing over the forecast period. The country's expanding livestock population, which grew by 1.8% from 2017 to 2022, and the shift toward organized livestock production were also factors that contributed to the market's growth.
- Japan was the fastest-growing country in the region, expected to record a CAGR of 5.2% during the forecast period from USD 65.0 million in 2022 to USD 92.5 million in 2029.
- India was the second-largest market for feed minerals in the region, with a CAGR of 4.9% during the forecast period, making it the second-fastest-growing country. Ruminants were the primary consumers of feed minerals, accounting for 52.4% of the market in terms of value in 2022.
- The growing use of feed minerals to fulfill animals' nutritional requirements is projected to drive the feed minerals market in the Asia-Pacific region.
