Animal Feed Trace Minerals Market Size, Share, Industry Trends and Forecast to 2030

Animal Feed Trace Minerals Market Size & CAGR in 2021

The global animal feed trace minerals market is expected to have a growth rate of 4.25% CAGR from 2021 to 2030. As a result, the market is anticipated to grow by USD 1824.5 Million by 2028. The market size of the animal feed trace minerals industry in 2021 was estimated to be USD 1357.8 Million.

COVID-19 Impact on the Animal Feed Trace Minerals Market

The COVID-19 pandemic has had a significant impact on the animal feed trace minerals market. The strict lockdown measures imposed by governments worldwide disrupted the supply chain, leading to shortages of raw materials and affecting production. Additionally, the closure of restaurants and food service industries resulted in a decline in demand for animal feed products, including trace minerals. However, with the gradual easing of restrictions and the recovery of the economy, the market is expected to bounce back in the coming years.

Animal Feed Trace Minerals Dynamics

The animal feed trace minerals market dynamics are influenced by various factors such as increasing awareness among farmers about animal nutrition, rising demand for quality meat products, and technological advancements in feed manufacturing. Additionally, the growing trend of sustainable and organic farming practices is driving the adoption of trace minerals in animal feed to improve animal health and productivity.

Segments and Related Analysis

The animal feed trace minerals market can be segmented based on type, application, and region. The key types of trace minerals used in animal feed include zinc, iron, copper, manganese, and others. In terms of application, the market is segmented into poultry, livestock, aquaculture, and others. Region-wise, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

By Region Analysis

- North America: The North American animal feed trace minerals market is driven by the presence of a well-established livestock industry and increasing consumer demand for high-quality meat products. - Europe: In Europe, stringent regulations regarding animal nutrition and feed safety are boosting the demand for trace minerals in animal feed. - Asia Pacific: The Asia Pacific region is witnessing significant growth in the animal feed trace minerals market due to the expansion of the aquaculture industry and rising disposable incomes. - Latin America: Latin America is experiencing a surge in demand for trace minerals in animal feed as the region focuses on improving livestock productivity and health. - Middle East & Africa: The Middle East & Africa region is adopting advanced feed technologies to enhance animal health and increase meat production, driving the demand for trace minerals.

Key Market Players and Competitive Landscape

Some of the key players in the animal feed trace minerals market include Cargill, Archer Daniels Midland Company, Alltech, Inc., Nutreco N.V., and Kemin Industries. These companies are focusing on product innovation, strategic partnerships, and acquisitions to gain a competitive edge in the market.

Recent Happenings in the Animal Feed Trace Minerals Market

- In January 2021, Cargill introduced a new range of trace mineral products for animal feed, aimed at improving animal health and performance. - In March 2021, Archer Daniels Midland Company announced the acquisition of a leading trace mineral supplier to expand its presence in the animal feed market. - In July 2021, Alltech, Inc. launched a sustainable trace mineral program for livestock producers to enhance the nutritional value of animal feed.