Asia-Pacific Animal Feed Micronutrients Market was worth USD 383.84 Million in 2016 and is expected to reach USD 538.35 Million by 2021 with a CAGR of 7.0 %.
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The Asia-Pacific Animal Feed Micronutrients Market is increasing at a tremendous pace because of its large population and increasing economies in developing countries.
Animal Feed Micronutrients are important animal feed additives for improving animal feed quality to produce high quality animal products like milk, wool. and also for the good health of pet animals.
Animal Feed micronutrients are becoming famous essentially because of the greater performance and growing applications, for example, development promoter, prevention, and cure of illnesses, for amplifying reproduction rate and for improving feed digestibity in animals.
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Growing expenses on animal wellbeing, Rising interest of owning pet animals, and wellness combined with success of animal feed micronutrients in development and fertility of the animals are some of the major factors driving the animal feed micronutrients market.
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Furthermore, the rising demand for animal protein from milk and meat delivering cattle combined with recent illness epidemic in cattle is further driving the animal feed micronutrients market.
The critical dosage use of animal feed micronutrients and lack of awareness about the advantages of micronutrients among uneducated and poor farmers are major factors restraining the animal feed micronutrients industry.
Based on different types of Micronutrients, Market is segmented into Zinc, Iron, Manganese, and Copper. Based on use of Micronutrients by different livestock, Market is segmented into Ruminant, Poultry, Aqua, Swine, and Equine.
Geographically, this market is further segmented in to China, India, Australia and south Korea. Asia-Pacific is the largest market in this market and has highest CAGR in the forecast period.
Major companies operating in the Asia-Pacific market include 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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