The global animal feed organic trace minerals market is expected to grow from its current market value of more than US$ 500 million to over US$ 750 million by 2024.
This is according to a new research report by Global Market Insights, Inc.
Chinese appetite for animal protein
Europe dominates the overall animal feed organic trace minerals market with a target revenue of US$ 280 million by 2024. Asia pacific animal feed organic trace minerals market is anticipated to observe highest gains of 7.5% between 2017-2024, led by the emerging economies such as India and China. This region is also one of the largest consumers of meat (60 kg per person per year) and accounted for 65% of overall animal feed organic trace minerals industry share in 2015. The ever-evolving Chinese population obtain 10% of calories from animal products such as eggs, meat, and dairy products. This has resulted into a greater demand for animal feed organic trace minerals market.
Other points from the report:
- The overall ruminant market is projected to account over US$ 300 million by 2024.
- Iron is one of the important micronutrient minerals which aids digestion in ruminants. Iron accounted for 17% of the overall animal feed organic trace minerals industry in 2016 and is followed by zinc, which collected US$ 230 million in 2016.
- The poultry market is witnessing heavy demand, owing to increasing domestic meat consumption, particularly in Vietnam Japan, Cuba, South Africa, UAE and Saudi Arabia. The global animal feed organic trace minerals market from poultry is set to register a CAGR of 7% over the period of 2016-2024.
Source: Global Market Insights