The global animal feed micronutrients market is anticipated to witness a healthy compound annual growth rate (CAGR) of 4.2% between 2018 and 2026, according to Persistence Market Research. A major driving factor is the growing awareness amongst livestock businesses in developing countries.
In its upcoming outlook, ‘Animal Feed Micronutrients Market: Global Industry Analysis 2013-2017 and Forecast 2018-2026‘ , PMR says that on the basis of livestock, the ruminants segment is expected to maintain its dominance in the animal feed micronutrients market, with a significant CAGR of 3.6% during the forecast period.
Developing countries continue to show an increase in the demand for animal-derived products, resulting in the steady growth in the worldwide demand for animal feed micronutrients.
The increase in the global production of compound animal feed, which has grown from 1,032 Mn MT in 2016 to 1069.9 Mn MT in 2018, is a key driver for the animal feed micronutrients market. Animal feed micronutrients are an integral part of compound feed production, and as such, the demand for animal feed micronutrients has been proportionally on the rise. The growing awareness amongst livestock businesses in developing countries is proving to be one of the major driving factors for the animal feed micronutrients market.
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Global meat production in 2017 stood at 322.36 Mn MT. With increasing GDPs, the consumption of meat and meat products is on the rise in developing countries, and as the demand for processed meat products increases, so does the animal feed micronutrients market. The growth of animal feed micronutrients market due to higher fish consumption globally, and increased aquaculture practices utilising animal feed micronutrients products, is also evident.
The report also states that the swine and poultry segments are expected to register high growth rates between 2018 and 2026, while the ruminants’ segment is expected to remain the largest market for animal feed micronutrients through 2026.