Saturday, October 18, 2014 8:25:14 AM
Global animal feed micronutrients market projected to total almost US $1.5 Billion by 2019
The animal feed micronutrients market is expected to reach a value of $1476.3 million by 2019 growing at a CAGR of 6.1% from year 2014 to 2019.The market is estimated by segmenting the market into micro-markets, based on the share of each type, livestock, and geographical region. The animal micronutrients market is segmented into zinc, iron, manganese, copper and others according to type, and ruminants, poultry, aqua, swine, equine and others, by livestock. The market data is available from 2012 to 2019 with a forecasted CAGR from 2014 to 2019.
The global animal feed micronutrients market generated revenue of $1,031.2 million in 2013 and is anticipated to grow at a CAGR of 6.1% by 2019. The market, by type, was led by the zinc segment. The highest CAGR is projected to be that of iron. The increasing middle-class population and rising per capita income, along with increasing expenditure on animal health and wellness are some of the drivers ofthe animal feed micronutrients market.
The Asia-Pacific region topped the consumption chart of the global animal feed micronutrients market, having accounted for around 32% of the total share in 2013.The global market value for these micronutrients is expected to grow at a CAGR of 6.1% by 2019, with the highest growth projected to be observed in the Asia-Pacific region, wherein China is projected to be the market leader. Here, increasing urbanization with increased domestic demand for meat and meat export opportunities are major factors motivating the growth of the animal micronutrients market.
The global market was dominated by the Asia-Pacific region in 2013. Strong economic and population growth are the key drivers that have pushed the market forward in this region, especially in India and China. North America is the second largest market for animal micronutrients. Europe ranks third, where increasing meat consumption, food safety concerns, and improving meat prices are important drivers for the growth of the animal micronutrient market. ROW (Rest of the World) occupied the least share. Here,these products are showing significant growth in Brazil and Argentina. South Africa also has a strong livestock industry, which makes it a major market. The consumption prospects of animal micronutrients are better as compared to other parts of the ROW.
http://www.live-pr.com/en/global-animal-feed-micronutrients-market-r1050455605.htm
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