Chelated Trace Minerals Market: Driven by Animal Feed and Rising Health Awareness
The chelated trace minerals market is experiencing significant growth, projected to reach USD 6.766 billion by 2032, reflecting a compound annual growth rate (CAGR) of 6.64% during the forecast period (2024-2032). This expansion can be attributed to several key trends:
Rising Meat Consumption and Need for High-Quality Animal Products:
The increasing demand for meat and meat products globally is driving the need for compound feed. Trace minerals are crucial for animal health, growth, and meat quality. However, traditional, inorganic forms of trace minerals are poorly absorbed by animals. Chelated trace minerals offer a solution, boasting superior bioavailability, leading to improved feed conversion efficiency and enhanced meat quality. This is particularly significant for regions like Asia-Pacific, North America, and Europe, where meat consumption is high.
Focus on Precision Feeding and Environmental Concerns:
The livestock industry is increasingly adopting precision feeding approaches to optimize nutrient delivery and minimize environmental impact. Chelated trace minerals play a vital role in this strategy. Their high absorption rates ensure animals receive the necessary trace elements without excessive supplementation, reducing the risk of mineral excretion and environmental contamination.
Growing Popularity of Vegan Diets and Demand for Dietary Supplements:
The rise of chelated trace minerals market veganism and plant-based diets is creating a growing need for dietary supplements. Trace minerals are often deficient in plant-based diets, and chelated varieties offer an effective way to address these deficiencies. Consumers' increasing health consciousness and willingness to invest in preventive healthcare are further fueling the market for chelated trace mineral supplements.
Market Segmentation and Key Players:
The market segmentation offers valuable insights into different product types, applications, and regions:
· Chelated Trace Minerals Type: Zinc, iron, cobalt, copper, chromium, and others. Zinc dominates the market due to its critical role in various biological functions.
· Chelating Agents: Amino Acid, Polysaccharide Complex, Proteinate, and Others. Amino acids are the most popular chelating agents due to their cost-effectiveness and high performance.
· Application: Animal Feed (largest segment), Dietary Supplement, Pharmaceutical, Fertilizer, and Others.
Key players in the market include :
BASF (Germany), Nutreco (Netherlands), Titan Biotech (India), DSM NV (Netherlands), Kemin Industries (US), Alltech (US), Glanbia PLC (Ireland), Balchem (US), Innophos (US), and Novus International (US). These companies are actively involved in R&D to develop innovative chelated trace mineral products and expand their global reach through strategic partnerships and acquisitions.
Industry Developments:
- November 2022: Alltech launched a new production facility in Vietnam, specifically dedicated to organic mineral products.
- August 2022: Balchem Corporation acquired Bergstrom Nutrition, a leading producer of methylsulfonylmethane (MSM), to strengthen its product portfolio and customer base.
By Region
North America: The growing need for precision trace minerals as an ingredient in animal feed is expected to create opportunities for the players involved in the production of animal feed chelated trace minerals in the US during the forecast period. In addition, the increasing focus on sustainable animal production practices in the countries in the region by players and end users is driving the growth of the market.
Europe: The increasing production and consumption of poultry meat, protein-rich pork meat, and dairy products coupled with the growing utilization of chelated trace minerals in animal feed for better growth, quality, and productivity of the animals are expected to drive the growth of the market in the region.
Asia-Pacific: The increasing demand for pork and the shift to chelated trace minerals user in livestock feed & nutrition is expected to create opportunities for the players in the market during the forecast period. In addition, countries in the region including China, India, Vietnam, Indonesia, and the Philippines account for a significant share of global poultry meat production and are expected to show an increasing trend in growth.
Rest of the World: The rest of the world market is showing consistent growth during the forecast period. The increasing demand for livestock production coupled with antimicrobial bans on animal feed is expected to drive the growth of the market in the region.
The Road Ahead:
The chelated trace minerals market holds immense potential. As the demand for high-quality animal products rises, coupled with growing health consciousness and the popularity of vegan diets, the market is expected to witness significant growth in the coming years. Continued advancements in chelation technology, a focus on sustainable practices, and strategic expansion plans by key players will further shape the future of this dynamic market.
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