Minerals are supplements comprised in the animal feeds for ideal growth, development, general well-being and deterrence of illnesses in the livestock.
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The North America Feed Mineral Market was worth $0.86 billion in 2016 and estimated to be growing at a CAGR of 5.96%, to reach $1.15 billion by 2021.
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Vital trace elements and minerals that are not sufficiently generated in the body need to be added to the feeds externally for enhanced quality of animal derived products. They accomplish several tasks such as bone development, controlling acid base balances, muscle contraction, and enzyme stimulation.
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The growth of the North America Feed Mineral market is majorly driven by factors such as growing demand for mineral rich animal meat, rising intake of meat, and growing adoption of scientific methods to increase meat production. However, factors such as strict regulations on the usage of certain minerals and rising cost of raw materials are hampering the growth of the market in this region.
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The North America Feed Mineral market is segmented based on Type and Animal Type. The market for Feed Mineral, on the basis of Type, is classified into Macro Minerals and Micro Minerals.
Macro Minerals are further segmented into Potassium, Phosphorous, Magnesium, and Calcium whereas Micro Minerals are further segmented into Zinc, Iron, and Copper. Macro Minerals lead the Feed Mineral market with more than 80% of the market share.
Calcium and potassium are the most used minerals under this category. On the basis of Animal Type, the Feed Mineral market is segmented into Poultry, Aquaculture, Swine, Ruminant, and others.
Under this segment, Ruminant leads the market accounting for more than 40% of the market share. However, horse feed minerals is projected to be the fastest growing segment in the others category with a CAGR of 8.3%.
The North America market has been geographically segmented into USA and Canada. North America is the largest market due to the high intake of meat products.
The poultry segment is emerging as the principal livestock division for the utilization of feed minerals due to the increase in demand for poultry meat and altering consumer predilections. However, Food Safety bodies in this region are striking a limit on the usage of certain minerals, thereby hampering its growth.
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The major players in the market are fixated on broadening their distribution networks to cater to the wider market. Investment in the production process is another tactic adopted by the manufacturers to decrease the expenses incurred.
The major companies dominating the Feed Mineral market in this region are Royal DSM, Cargill Inc., Nutreco NV, Archer Daniels Midland, and Tanke Biosciences Corp.
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