Mineral Feed Supplements Market Forecast and CAGR
According to latest research by Transparency Market Research, mineral feed supplements market is set to witness steady growth during 2024-2031. Demand for mineral feed supplements will witness steady recovery in short-term, with optimistic growth outlook in the long-run. Increasing awareness regarding importance of feed supplements for livestock, this market is growing with significant CAGR.
What is Driving Demand for Mineral Feed Supplements?
Major driving forces of this market are an increase in demand for livestock meat, increase in consumption of by-products from livestock. Improper or unbalanced diet leads to unhealthy livestock which is not beneficial for the consumers and it drives the market globally.
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Feed supplements are necessary to fulfill the requirements for the farm animals because they do not get sufficient minerals by regular diet. The meat processing industry’s demand for high-quality meat is expected to drive up feed mineral consumption even further. Farmers in developing countries such as India, China, Brazil, Mexico, and South Africa are likely to become more conscious of the demand over time. Rising demand and wide range of utility of meat, beef, milk, cotton, which is produced from the animals, has triggered the market growth of mineral feed supplements.
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Mineral feed supplements market growing significantly as it helps to improve growth, increase production, skeletal development in animals, and also helps to increase fertility. Mineral feed supplements not only use to maintain the health of the farm animals but also improve their digestibility, hygiene, and intestinal health which increase the life of the animals and can be the necessary factor that has increased the demand for Mineral Feed Supplements.
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Rising Awareness among the consumers is expected to boost Mineral Feed Supplements Sales
The mineral feed supplement market is growing faster especially in developing countries. Increasing awareness in the consumers regarding the availability of different minerals in the feed supplements is another factor for this market. The government also supports this market by giving ease in the regulations to propel the growth of the mineral supplement market.
Potassium mineral-based feed supplements account for a significant share in terms of revenue because it helps to prevent the diseases in the animals. To treat heat stress potassium is used for farm animals. The skyrocketing demand for mineral feed supplements to increase the production of meat, milk, and eggs is a factor that has triggered the growth of this market.
US and Canada Mineral Feed Supplements Market Outlook
The pandemic situation continuously impacts negatively all over the world in every industry. Restrictions have been imposed due to the COVID-19 pandemic in high-potential markets. GDP growth of small countries also has been affected due to the pandemic situation. The global export for beef and chicken meat trade has been reduced due to the emerging threats from the spread of the COVID-19 pandemic.
North America region is expected to be the leading region in this feed supplement market. It is also estimated that the mineral feed supplements market has been showing a high growth rate in the developing countries of the Asia Pacific region as developing countries highly dependent on the agriculture and poultry sector which has triggered the market of mineral feed supplements globally. Increasing awareness towards the use of feed supplements because of its various health uses in animals such as it helps to strong metabolism and provide immunity against diseases is boosting the sales.
Europe Demand Outlook for Mineral Feed Supplements
Europe mineral feed supplement markers are growing with significant CAGR. The growing importance of the market can be credited to increasing livestock population, increase in consumption of livestock by-products economic activities, organized livestock farming and increasing consumer awareness.
Mineral makeup some of the most important body function in the any living being. Although low adoption rate and the high cost of raw materials required for the fabrication of minerals supplements may hamper the growth of the market. Moreover, technological advancement in the synthesis of these supplements provides own potential for the European market.
Who are the Key Manufacturers and Suppliers of Mineral Feed Supplements?
Key players which are included in the production of the mineral feed supplements products are DSM NV, Nutreco NV, Novus International, Kemin Industries, Nicosia International, Cargill inc., purina mills, vitalac, S.I.N. HELLAS, Euromix, PIGSTART PLUS, Chaitanya Agro Bio-tech Pvt. ltd., Geevet Remedies, Fortune Vet., Gayatri Herbals Pvt. Ltd., R. K. Phosphates Private Limited, S. D. C. Agro Vet India Private Limited, Land O’Lakes, Jagdish Industrial Corporation, Kamdhenu Feeds, Prispag Pharma, Gramin India Agri Businest and others.
