What Has Been the Progress and Growth of the Feed Micronutrients Market in Recent Years?
The feed micronutrients market has seen considerable growth due to a variety of factors.
• The feed micronutrients market has experienced solid growth in recent years. It will grow from $1.86 billion in 2024 to $1.99 billion in 2025, at a compound annual growth rate (CAGR) of 7.1%.
The rise in livestock production, the growing need for vitamins to enhance immunity, and the demand for antioxidants in feed are the key drivers.
What Can Be Expected from the Feed Micronutrients Market Size?
The feed micronutrients market is expected to maintain its strong growth trajectory in upcoming years.
• The feed micronutrients market is projected to grow steadily, reaching $2.6 billion by 2029 with a CAGR of 7.0%.
The growth is driven by increasing demand for dairy and poultry products, a preference for high-quality animal products, and rising demand for antioxidants in feed. Trends include the adoption of sustainable practices, product innovation, efforts to enhance nutritional content, increased spending on animal welfare, and growing awareness of feed quality.
What Are the Critical Driver Fuelling The Feed Micronutrients Market's Growth?
The growing demand for poultry products is expected to propel the feed micronutrient market. Poultry products are valued for their nutritional content and culinary versatility. Feed micronutrients play a vital role in ensuring the health and productivity of poultry, helping them thrive in various production settings. In December 2023, the Food and Agriculture Organization projected that global poultry meat output would rise to 142 million metric tons in 2023. This increasing demand for poultry products is driving the feed micronutrient market.
How Is The Feed Micronutrients Market segmented?
The feed micronutrients market covered in this report is segmented –
1) By Product Type: Minerals, Vitamins, Carotenoids, Others Product Types
2) By Form Type: Non-Chelated, Chelated
3) By Livestock: Poultry, Aquaculture, Swine, Equine, Other Livestocks
Subsegments:
1) By Minerals: Trace Minerals, Macro Minerals, Chelated Minerals
2) By Vitamins: Fat-Soluble Vitamins, Water-Soluble Vitamins, Pro-Vitamins And Synthetic Vitamins
3) By Carotenoids: Beta-Carotene, Lutein, Zeaxanthin, Astaxanthin
4) By Other Product Types: Amino Acids, Antioxidants, Enzymes, Organic Micronutrients
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What Trends Are Shaping The Feed Micronutrients Market?
Companies in the feed micronutrient market are focused on creating sustainable and effective animal nutrition products, like organic-compliant chromium propionate feed ingredients. These ingredients meet organic farming standards and regulations. For instance, in January 2024, Kemin Industries Inc., a US-based specialty ingredients company, received FDA approval for chromium propionate, specifically KemTRACE Chromium, for use in growing turkey diets, and it is now also approved for swine, broiler chickens, cattle, and horses.
Who Are the Key Players In The Feed Micronutrients Market?
Major companies operating in the feed micronutrients market are:
• Cargill Incorporated
• Archer Daniels Midland Company
• BASF SE
• Tyson Foods Inc.
• Evonik Industries AG
• Syngenta Group
• Nutreco N.V.
• Alltech Inc.
• Lallemand Inc.
• Kemin Industries Inc.
• Godrej Agrovet Ltd.
• Phibro Animal Health Corporation
• Ridley Inc.
• Purina Animal Nutrition LLC
• Zinpro Corporation
• Novus International Inc.
• Biochem GmbH
• Pancosma SA.
• Pancosma S.A.
• Procare Solutions
• Tanke Industry Group
• QualiTech LLC
• Mercer Milling Company Inc.
• Davidson Brothers (Shotts) Ltd.
What Is The Most Dominant Region In The Feed Micronutrients Market?
Asia-Pacific was the largest region in the feed micronutrients market in 2023. North America is expected to be the fastest growing region in the market. The regions covered in the feed micronutrients market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
