New Revenue Pockets : Animal Feed Micronutrients Market
The lifestyle of consumers is changing due to increasing urbanization as well as globalization. There has been a significant increase in nutrient consumption by consumers in order to meet their daily need of nutrition for sustaining their hectic lifestyle. This has created a massive demand for meat and dairy products across the globe, resulting in an increase in the demand for micronutrients in animal feed. The zinc segment of the animal micronutrients market,by type and the poultry segment, by livestock, dominated the market in 2013.The demand in both the segments is the result of increasing population.
The zinc and poultry segment of the Asia-Pacific region held the maximum market share—over 60%—in 2013.In terms of animal micronutrient consumption, China is the largest market in the Asian continent; this is due to a large population base, high economic growth, and increasing domestic demand for meat protein. According to the World Watch Institute, the meat production industry in China will show constant growth, and pork meat and poultry meat will be the largest segments in the market. Such trends in the Chinese meat production industry are fuelling the demand for animal micronutrients in the domestic market as well.
North America was the next largest market in 2013. It is a major consumer of micronutrients, where the market is driven mainly by the high growth potential in the Mexican and Canadian markets.The U.S. market is focused on new, efficient, and safer animal micronutrients.
With rapid economic growth in the Asia-Pacific region, demand for meat protein is rising, especially in China, India, Malaysia, Japan, and Singapore. This increased demand for meat protein has triggered meat production in the region, where uptake of animal micronutrients has increased and is expected to show a healthy growth rate. Apart from improving the nutritional value of the feed, these animal micronutrients are gaining importance for their role in feed cost reduction and meat quality improvement. China and India are expected to be the leading animal micronutrient consumers in the regionby 2019, because of the rapid economic growth, and increased meat production in both countries.
Related Reports:
Animal Feed Micronutrients Market by Type (Zinc, Iron, Manganese, and Copper), by Livestock (Ruminant, Poultry, Aqua, Swine, and Equine) & by Geography - Global Trends & Forecasts to 2019
https://www.marketsandmarkets.com/Market-Reports/animal-feed-micronutrients-market-233488872.html
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