Latin America Feed Mineral Market by Type (Macro Minerals - Potassium, Phosphorous, Magnesium, Calcium, and others; Micro Minerals - Zinc, Iron, Copper, and others), by Animal Type (Poultry, Aquaculture, Swine, Ruminant, and others), and by Region - Industry Analysis, Size, Share, Growth, Trends, and Forecasts (2016–2021)
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The Latin America Feed Mineral Market was worth $0.33 billion in 2016 and estimated to be growing at a CAGR of 5.86%, to reach $0.44 billion by 2021. Livestock nurturing and the intake of animal products make a vital contribution to the financial and nutritional wellbeing of millions of individuals around the world.
Feed Minerals play a prominent role in the global food by ensuring safe, ample and reasonably priced proteins.
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Natural substances such as soil, water and plants contain elements such as minerals which are provided to the animals to maintain their health.
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The growth of the Latin America Feed Mineral market is majorly driven by factors such as increasing demand for mineral rich animal meat, increasing disposable income, and growing adoption of scientific methods to increase meat production. Also, another factor which is further expected to increase the intake of feed minerals is the huge demand for high quality meat from the meat processing industry.
However, factors such as stringent government rules on the usage of certain minerals and the rising cost of raw materials are impeding the growth of the market in this region.
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The Latin 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 Latin America market is one of the fastest growing markets for Feed Minerals. Latin America is a developing market with vast potential and strong growth rates, due to growing disposable incomes and rising consumption of meat.
Brazil leads the Feed Minerals market in this region with a market share of 30% and is also the fastest growing one in this region.
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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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