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(MoneyNewsWire.Net, March 30, 2018 ) Animal Feed Micronutrients Market by Type (Zinc, Iron, Manganese, Copper, others), by Livestock (Ruminant, Poultry, Aqua, Swine, Equine, and Others) and by Region – Global Industry Analysis, Share, Size, Growth, Trends, and Forecasts (2016-2021),
The Animal Feed Micronutrients are basically micronutrients added in animal foods for the improvement in the development, reproduction, and lactation of farm animals. Iron, zinc, copper, and magnesium are among some of the nutrients utilized. The major factor driving the market is the rapid growth in the population which has led to a consequent increasing demand for meat products which need to be fit and healthy for consumption.
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Market Underlying Factors
The Global Animal Feed Micronutrients Market was worth USD 1236.02 Million in 2016 and is expected to reach USD 1661.9 Million by 2021 with a CAGR of 6.1 %. The increasing use of Animal Feed Micronutrients has its onus not only on the increasing demand for meat but also on the increasing demand for pet and companion animals. The above coupled with the increasing disposable incomes which lead to higher expenditures on animal well-being are the major drivers of market growth.
The recent illness epidemic has nothing but aided the market growth by exponentially increasing the demand for micronutrients as they increase the immunity of farm as well as companion animals. Increasing awareness is also playing a significant role in the increasing use of micronutrients by poor and uneducated farmers.
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Geographical Segmentation
The Asia Pacific with its large agricultural fields and increasing use of Animal Feed Micronutrients accounts for the fastest growing regions of Global Animal Feed Micronutrients market. Government policies in this region are also quite supportive towards farmers which have aided in the growth of the market combined with huge growth potential for livestock breeding. The demand for Animal Feed Micronutrients is expected to further increase in the developed markets of North America and Europe with increasing demand for livestock.
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The major market contributors for the Global Animal Feed Micronutrients market are Archer Daniels Midland Company (ADM), Balchem Corp., Lallemand Inc, Alltech Inc., Cargill Inc., Novus International Inc., Kemin Industries Inc., Zinpro Corporation, Nutreco N.V. and Qualitech Inc.
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Liquid Feed Market: https://marketdataforecast.com/market-reports/global-liquid-feed-market-409/
Pet Food Market: https://marketdataforecast.com/market-reports/global-pet-food-market-423/
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