Minerals are supplied to the animals to maintain their well-being. They serve multiple functions such as bone development, enzyme activation, muscle contraction, regulating acid base balances etc. The global feed mineral market was worth USD 728 million at the end of 2013. Increased mass production of meat in Asia and demand from meat industry is expected to maintain the growth of the market at 7.2% during the forecast period of 2014-2020. The market is forecasted to be worth USD 1104.5 million in 2020.
Stable economic conditions, urbanization, changes in lifestyles in Asia-Pacific have led to increased protein consumption. The livestock industry in the region has started adopting scientific methods to increase production and maintain steady supply of meat in the market. This has led to increased consumption and is expected to drive the market during the forecast period. Demand for high quality meat from meat processing industry is further expected to increase consumption of feed minerals. The market is expected to expand gradually with awareness among the farmers in developing countries such as India, China, Brazil, Mexico, and South Africa among others.
Ruminant is the largest consumer and accounts for 40% of the market share. The consumption of ruminant feed minerals is growing at the fastest growth rate in Asia-Pacific region. Poultry is the potential sector. Horses feed minerals is forecasted to be the fastest growing segment in others category. Macro minerals are the major category holding for 80% market share and are estimated to grow at the CAGR of 7.5%. Calcium and potassium are most consumed minerals among all macro minerals.
North America and Europe are the largest segments accounting for around half of the market share. U.S. is the fastest growing country is North America with a forecasted CAGR of 7.8% during the study period. U.K, Spain and Germany are the largest consumers and high growth markets. Asia-Pacific is forecasted to grow at the fastest CAGR mainly due to growth in scientific animal rearing system. Rising consumption of meat and dairy products is another reason driving the growth in Asia-Pacific region. Brazil is the largest consumer and fastest growing region in South America.
The key players in the market are focused on widening the distribution channel to cater to the wider market. Investment in production process is another strategy adopted by manufacturers to reduce cost of production and cater to the increasing demand. The major players in the market are Cargill Inc., Royal DSM, Archer Daniels Midland etc.
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