Feed Micronutrients Market Size
Feed micronutrients market to accrue nearly 50% of its estimated valuation by 2024 from poultry, Europe to be one of the key revenue pockets
Cargill’s recent acquisition of Southern States’ animal feed business is a major evidence of the ongoing developments in Feed Micronutrients Market. This acquisition, from Cargill’s end, was solely aimed at expanding its presence in Southeast U.S.A. and by extension, consolidating its position in feed micronutrients industry. This deal will present Cargill with numerous opportunities to improve its brand value and product portfolio, as Southern States Cooperative is reputed to manufacture nutritional feed for animals such as goats, cattle, turkeys, and chickens. Other companies operating in this business space are also involved in periodic M&As, to sustain their position in feed micronutrients market, which, as per estimates, held a revenue of USD 1.2 billion in 2016.
U.S. Feed Micronutrients Market Size, By Product, 2016 & 2024 (USD Million)
A recent news snippet highlights how South Korea has decided to lift the ban on U.S. poultry to accomplish the surging demand for poultry products, especially eggs. In the last month, the South Korean government had announced that it intends to reduce all the import duties on 28,000 tons of egg products, imported from the U.S., until the end of 2017. According to a market study, by the end of 2024, feed micronutrients market will collect a revenue of over USD 990 million solely from poultry application. Following South Korea’s lead, China also plans to lift restrictions on imported poultry products.
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Animal feed plays an important role in the food chain, as a result of its implication on human health, with humans consuming products such as egg, milk, and meat. To maintain a balanced food chain and protect animal and consumer health, various governmental organizations across Europe have been enforcing legislations on animal feed quality, which will eventually provide a positive impetus to feed micronutrients market. Most companies therefore, have been focusing on the development of bio products to comply with the regulations. As per estimates, Europe feed micronutrients market is slated to generate a revenue of more than USD 585 million by 2024. Some of the renowned players in feed micronutrients industry are ADM, Cargill Inc., Balchem Corporation, Novus International, Aries Agro, Zinpro Corporation, Agrium Advanced Technologies, Inc., Gawrihar Bio-Chem Pvt. Ltd., Nutreco N.V, Alltech, Lallemand, and Kemin Industries.
The companies operating in feed micronutrients market are investing heavily in new product developments to enhance their product portfolio. One of the major participants, Aries Agro has witnessed a huge growth in its revenue collection between 2016-17, as this company set its hopes on its new product pipeline. Aries Agro plans to launch new products for aqua culture by the end of this year as well, state reports. Speaking on similar lines, aquaculture feed micronutrients industry is slated to register an annual growth rate of more than 6% over the period of 2017-2024.
Nowadays, feed micronutrients are increasingly used as animal food additives to enhance the health and yield of the livestock. Therefore, to garner a more lucrative share of the business, some of the players have been focusing on research and development activities to detect possible ways to enhance product development. In July 2017, for instance, ADM Animal Nutrition expanded its Gro Fast portfolio, which is likely to provide a rich energy diet, bioavailable vitamins and high-quality protein for dairy beef cattle. Designing a comprehensive feeding program to improve the quality of feed additives is thus, slated to generate profitable growth prospects for feed manufacturers over the years ahead. According to Global Market Insights, Inc., feed micronutrients industry will surpass a revenue collection of USD 2 billion by the end of 2024.
Author Name : Sunil Hebbalkar