Market Size of Animal Feed Trace Minerals Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 562.12 Billion |
| Market Size (2029) | USD 770.15 Billion |
| CAGR (2024 - 2029) | 6.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Animal Feed Trace Minerals Market Analysis
The Animal Feed Trace Minerals Market size is estimated at USD 562.12 billion in 2024, and is expected to reach USD 770.15 billion by 2029, growing at a CAGR of 6.5% during the forecast period (2024-2029).
- The increasing demand for mineral rich animal meat is primarily driving the animal feed trace minerals market. High protein content and quality animal meat are the utmost preference of the consumers.Additionally, the rising popularity of water-soluble natural feed-added substances, and developing animal feed industriesacross the globe are some other factors responsible for the increased consumption oftrace minerals in animal feed.
- North America is one of the largest producers of livestock and animal-based products in the world, with the US being a major producer. Growing production, as well as consumption of livestock and livestock-based products in this region, have enabled livestock producers to utilize feed withtrace minerals, as they are highly effective in promoting the healthier growth of animals and in improving the fertility rate.
Animal Feed Trace Minerals Industry Segmentation
Trace minerals provide the essential nutrients animals need for metabolic functions such as growth and development, immunity and reproduction. Even moderate deficiencies can adversely impact animal performance. The base currency considered was the US Dollar (USD). Conversion of other currencies to USD was considered on the basis of the average exchange rate for the respective review-period years. The exchange rate conversion for the forecast period was determined according to the base year’s conversion rates.
| Mineral Type | |
| Zinc | |
| Iron | |
| Manganese | |
| Copper | |
| Others |
| Livestock | |
| Ruminants | |
| Poultry | |
| Swine | |
| Others |
| Source Type | |
| Organic | |
| Inorganic |
| Geography | ||||||||
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Animal Feed Trace Minerals Market Size Summary
The animal feed trace minerals market is experiencing significant growth, driven by the increasing demand for mineral-rich animal meat, which is preferred by consumers for its high protein content and quality. The rising popularity of water-soluble natural feed additives and the development of animal feed industries worldwide are contributing to the increased consumption of trace minerals in animal feed. North America, particularly the United States, plays a crucial role in this market due to its substantial production and consumption of livestock and animal-based products. The use of trace minerals in animal feed is essential for promoting healthier animal growth and improving fertility rates, which supports the region's robust livestock industry.
Globally, the market is supported by the positive outlook of the meat industry, with significant growth expected in the Asia-Pacific and South American regions due to changing dietary patterns, urbanization, and economic growth. The demand for fish, known for its health benefits, is also contributing to the market's expansion. The increasing global population, coupled with rising life expectancy and limited resources for animal feed production, is driving the use of trace elements in animal feed. The Asia-Pacific region is anticipated to witness higher growth rates, fueled by the demand for dairy and meat products, and the region's rising standards of living. The market is fragmented, with several small and medium companies, alongside major players like Alltech, Archer Daniels Midland Company, Cargill, Kemin Industries, and Novus International, actively expanding their presence through strategic investments and acquisitions.
Animal Feed Trace Minerals Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Introduction to Market Drivers and Restraints
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1.3 Market Drivers
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1.4 Market Restraints
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1.5 Industry Attractiveness - Porter's Five Force Analysis
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1.5.1 Threat of New Entrants
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1.5.2 Bargaining Power of Buyers/Consumers
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1.5.3 Bargaining Power of Suppliers
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1.5.4 Threat of Substitute Products
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1.5.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Mineral Type
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2.1.1 Zinc
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2.1.2 Iron
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2.1.3 Manganese
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2.1.4 Copper
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2.1.5 Others
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2.2 Livestock
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2.2.1 Ruminants
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2.2.2 Poultry
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2.2.3 Swine
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2.2.4 Others
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2.3 Source Type
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2.3.1 Organic
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2.3.2 Inorganic
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United Sates
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2.4.1.2 Canada
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2.4.1.3 Mexico
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2.4.1.4 Rest of North America
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Russia
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2.4.2.5 Spain
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2.4.2.6 Rest of Europe
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2.4.3 Asia Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 India
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2.4.3.4 Australia
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2.4.3.5 Rest of Asia-Pacific
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2.4.4 South America
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2.4.4.1 Brazil
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2.4.4.2 Argentina
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2.4.4.3 Rest of South America
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2.4.5 Middle East and Africa
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2.4.5.1 Saudi Arabia
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2.4.5.2 South Africa
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2.4.5.3 Egypt
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2.4.5.4 Rest of Middle East and Africa
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Animal Feed Trace Minerals Market Size FAQs
How big is the Animal Feed Trace Minerals Market?
The Animal Feed Trace Minerals Market size is expected to reach USD 562.12 billion in 2024 and grow at a CAGR of 6.5% to reach USD 770.15 billion by 2029.
What is the current Animal Feed Trace Minerals Market size?
In 2024, the Animal Feed Trace Minerals Market size is expected to reach USD 562.12 billion.
