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(MoneyNewsWire.Net, March 19, 2018 ) The report "Animal Feed Micronutrients Market by Type (Zinc, Iron, Manganese, Copper, others), by Livestock (Ruminant, Poultry, Aqua, Swine, Equine, and Others)- Forecast to 2021", The Animal Feed Micronutrients market is expected to reach USD 1.66 Billion by 2021 from an estimated USD 1.236 Billion in 2016, at a CAGR of 6.1%. The key factors such as rising interest of owning pet animals, growing expenses on animal wellbeing and wellness combined with success of animal feed micronutrients in development and fertility of the animals, are driving the growth of the global market.
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By type, the zinc segment accounted for the largest share of the market in 2016
On the basis of type, the Animal Feed Micronutrients market has been segmented into Zinc, Iron, Manganese, Copper, and Others. Zinc accounts for the major market share in 2016 owing to its importance as a micronutrient.
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Based on use of Animal Feed Micronutrients by different livestock, Market is segmented into Ruminant, Poultry, Aqua, Swine, Equine and others. The poultry segment accounted for the major market share due to higher use of micronutrients in this segment as the number of livestock are way larger when compared to other segments.
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Asia Pacific accounted for the largest share of the Animal Feed Micronutrients market in 2016, followed by North America and Europe. The large share of the Animal Feed Micronutrients market in Asia Pacific can be attributed to the rising awareness, economics growth and adaptation of the application of micronutrients. North America holds the second major market for Animal Feed Micronutrients.
The various players in the Animal Feed Micronutrients 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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