The Asia Pacific feed minerals market size is projected to expand at a significant CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing industrialization of livestock production to meet the increasing demand for animal protein sources.
Minerals are supplements that are included in the animal feed for optimal growth and development. The feed minerals are essential for the prevention of diseases in the livestock. Therefore, the essential trace elements and minerals that are not adequately produced in the body are added in the feed externally for increasing the quality of animal-derived products
The feed minerals are broadly classified into macro-minerals and micro-minerals. The macronutrients are defined as chemical elements that are consumed by humans in the largest quantities. The essential macronutrients include sodium, potassium, magnesium, chloride ions, calcium, phosphorus, and sulfur. The micro-minerals are the nutrients that support metabolism. The dietary minerals are generally trace elements, salts, and ions such as copper and iron. The vitamins are the organic compounds essential to the body, which act as coenzymes or cofactors for various proteins in the body.
The COVID-19 pandemic has affected almost every industry to a notable degree. The outbreak of the pandemic had a major impact on the feed amino acids industry. The nationwide implementation of stringent lockdowns resulted into significant losses. The disruption in the food and raw material supply chain resulted into delivery delays, which further created a dramatic dropdown in many economical activities of animal feedstock industry. Therefore, the coronavirus pandemic restricted the growth of the feed minerals market.
Market Trends, Drivers, Restraints and Opportunities
- Rising demand from feedstock industry and growing consumption of feed minerals for quality meat are the major factor propelling the market expansion during the projected timeline.
- Increasing demand for animal feed additives for optimal growth, development, overall well-being, and prevention of diseases in the livestock is estimated to contribute to the market expansion during the forecast period.
- Growing industrialization of livestock production to meet the increasing demand for animal protein sources is expected to positively influence the market growth in the coming years.
- Fluctuation in raw material prices and complex food production chain are some of the factors expected to hamper the market growth during the forecast period.
- Increasing industrial investments and opportunities in food nutrition are expected to create numerous opportunities for the market growth in the long run.
Scope of Feed Minerals Market Report
The report on the Asia Pacific feed minerals market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Feed Minerals Market - Asia Pacific Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Types (Macro-minerals and Micro-minerals) and Animal Types (Poultry, Ruminants, Aquaculture, Swine, and Others)
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Geographical Scope
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India, China, South Korea, Japan, Australia, and Rest of Asia Pacific
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Nutreco NV; Cargill Inc.; Novus International Inc.; BASF SE; and Kemin Industries
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Asia Pacific Feed Minerals Market Segment Insights
Micro-minerals segment is expected to grow at a rapid pace
Based on types, the market is bifurcated into macro-minerals and micro-minerals. The micro-minerals segment is expected to grow at a rapid pace during the projected period due to the growing demand for micro-minerals for healthy livestock and animals. Furthermore, the growing demand for micro-minerals in compound feed used by farmers is projected to grow the market segment in the coming years. On the other hand, the macro-minerals segment is anticipated to exhibit a substantial growth during the forecast period owing to the increasing consumer awareness and rising demand for high-protein food.
Poultry segment is projected to expand at a robust CAGR
On the basis of animal types, the market is segregated into poultry, ruminants, aquaculture, swine, and others. The poultry segment is projected to expand at a robust CAGR during the forecast period owing to the high demand for quality poultry chicken in food industry and rising trend of poultry farming. Furthermore, the growing animal health and rising awareness about the benefits of feed minerals are expected to encourage the growth of the market segment.
Moreover, the increasing poultry production & consumption and rising demand from meat producers are some of the reasons to anticipate the market growth in the coming years. However, the ruminants segment is anticipated to hold a significant market share during the forecast period due to the increasing demand for sustainable ruminant production. Moreover, the large scale consumption of high-quality products of ruminant origin is anticipated to fuel the growth of market segment during the projected period.
China is anticipated to constitute a key market share
In terms of geography, the Asia Pacific lactic acid market is classified as India, China, South Korea, Japan, Australia, and Rest of Asia Pacific. China is anticipated to constitute a key share of the market during the projected period owing to the growing demand from animal feed additive industry and rising governmental initiatives in the country.
Moreover, the region is expected to continue its dominance in the market due to growing efforts to modernize the structure and rising initiatives to find efficiencies in its practices. Furthermore, the increasing demand for meat and animal products to meet the protein needs of the growing population is projected to expand the market in the coming years.
On the other hand, the market in India is anticipated to exhibit a robust CAGR during the forecast period due to the growing demand to improve the animal productivity and rising consumption of animal feed additives. Additionally, the increasing demand for processed feed, growing production base of livestock, and large feed production capacity of the country is anticipated to boost the market growth during the forecast period.
Segments
The Asia Pacific feed minerals market has been segmented on the basis of
Types
- Macro-minerals
- Micro-minerals
Animal Types
- Poultry
- Ruminants
- Aquaculture
- Swine
- Others
Geography
- India
- China
- South Korea
- Japan
- Australia
- Rest of Asia Pacific
Key Players
- Nutreco NV
- Cargill Inc.
- Novus International Inc.
- BASF SE
- Kemin Industries
Competitive Landscape
Key players competing in the Asia Pacific feed minerals market are Nutreco NV; Cargill Inc.; Novus International Inc.; BASF SE; and Kemin Industries. The companies are focusing on developing marketing strategies, product line expansions, innovating new products, and forming strong distribution networks with other industry players in order to expand their market shares.
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