The global animal feed micronutrient Market size is expected to reach USD 2.71 million by 2030, according to a new study by Polaris Market Research. The report “Animal Feed Micronutrient Market Share, Size, Trends, Industry Analysis Report, By Nutrient Type (Iron, Copper, Zinc, Boron, Manganese, Others ); By End-Use (Ruminant, Poultry, Swine, Aqua Equine, Others), By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Key factors impacting the market growth include a rise in demand for dairy and meat products, rising use of feed micronutrients to activate animal enzymes, increasing pet adoption, and favorable government initiatives. The dairy industry is growing at a rapid pace. Global milk production has increased by more than 55 percent in the last three decades.
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Milk production is carried out by more than 150 Mn families around the world. The worldwide cattle population is estimated to reach one billion head in 2022, up from 995 Mn in 2021. Most dairy farmers have started using the micronutrient-rich feed to improve cattle health and milk production. Micronutrients present in the animal feed improve the milk quality and quantity delivered. Hence the demand for micronutrient-based feed is rising from dairy farmers. This factor is anticipated to augment the revenue growth of the industry.
The pet adoption trend can be seen all around the world. In the US, pet ownership has increased by more than 300%. More than 30 million American households own at least one cat. In 2020, it was forecasted that individuals had spent $99 billion on their pets.
Pet owners are spending a large amount of money on their pet's diet. Animal feed with a variety of micronutrients promotes the general health of pets. And this factor is anticipated to boost the revenue growth of the global market in the forecast period.
Animal Feed Micronutrient Market Report Highlights
Polaris Market Research has segmented the animal feed micronutrient market report based on nutrient type, end use, and region:
Animal Feed Micronutrient, Nutrient Type Outlook (Revenue - USD Million, 2018 - 2030)
Animal Feed Micronutrient, End-Use Outlook (Revenue - USD Million, 2018 - 2030)
Animal Feed Micronutrient, Regional Outlook (Revenue - USD Million, 2018 - 2030)