Feed Minerals Market size was valued at USD x million in 2022 and is poised to grow at a CAGR OF x% from 2023 - 2029. The mineral feed consists of different types of minerals which are very essential for the nutrition of animals and are augmented with flavoring agents, vitamins, facilitating agents, and other medicated substances. These minerals complement different functions of the animal body that include muscle contraction, bone development, acid-base balancing, stimulation of enzymes, etc. Minerals are common substances that are supplemented in ideal quantities along with feed to animals in order to maintain the growth, health, and well-being of animals. The rise in meat consumption is accelerating demand for meat and poultry. As per (Food and Agriculture Organizations) FAO, in 2015, global production of meat was more than 300M tonnes and is estimated to witness to show growth of 1.5%. High production of meat production in South Asia, India, and China is boosting the feed minerals market. According to the statistics of FAO, Globally, people consume an average of 75 pounds of meat per year by a person. About 198.87 lb/per capita is consumed by Australians every year. Advancements in Technology in the forage industry doubled owing to the rise of breeding of livestock in India, Brazil, and China driving feed minerals market growth. Many of the industry players are captivated by acquisitions, mergers, collaborations, and the development of products to expand the business and create a robust customer base. For instance,
In December 2015, Nutreco, a feed minerals manufacturer came into an agreement with Heritage to acquire hydroxy-based animal trace minerals.
Fastest Growing Market
Surge in demand from dairy cattle is expected to drive the market revenue growth due to well-balanced feed enables maximize profits. Cattle diet must contain essential minerals other nutrients in appropriate ratio. Rising companion animal adoption is expected to create demand for minerals. The mineral deficiencies lead to diseases. For instance, calcium deficiency leads to bone, teeth, nervous system related disorders. Dogs and cats are mostly fed on commercial food; even though suffer from several imbalances. Increased awareness among pet owners regarding well-balanced nutritious diet is anticipated to create healthy growth opportunities for the market players. However limited awareness, high prices of the raw materials and cost of the products expected to dampen additives in feed minerals market growth.
2022 is the base year and 2029 is the forecast year.
The report covers the five regions and 15+ countries market data: North America (United States, Canada), Europe (Germany, France, Italy, Spain, and United Kingdom (UK), Asia Pacific (China, India, Japan, Australia & New Zealand), Latin America (Brazil, Mexico, Argentina) and Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa).
In our report, we provide 12-15 market players’ information into the report. However, based on the client’s request we will provide additional country and regional market players information as well.