Market Trends of Animal Feed Organic Trace Minerals Industry
This section covers the major market trends shaping the Animal Feed Organic Trace Minerals Market according to our research experts:
Increasing Worldwide Meat and Fish Consumption is Driving the Market
The worldwide economic downturn had a negligible impact on the global meat market, which has maintained its positive outlook. The highest growth of meat consumption is expected from the Asia-Pacific and South American regions because of changing diet patterns, urbanization, population, and economic growth. For example, the Chinese demand for meat continues to surpass the domestic supply, according to Agriculture and Agri-food Canada. Fishes are low in fats, cholesterol, and carbohydrates and are very high in protein. They also provide essential vitamins and amino acids. These factors lead to an increased global demand which is increasing rapidly as more and more people are becoming aware of the health benefits of fish consumption. Globally increasing population trends are also supporting the growth of the world meat and seafood market. Increasing life expectancy and limited availability of land and water resources for animal feed production, is promoting the use of organic trace elements in animal feed which is driving the market, worldwide.
Asia Pacific Led the Animal Feed Organic Trace Minerals Market
Asia-Pacific accounted for the largest market share of more than 34% in 2019 and is estimated to expand at a high CAGR over the forecast period. APAC witnessed the highest demand for organic trace minerals in animal feed owing to the growing meat industry along with an increase in demand and the presence of key manufacturers in the region. China is a major consumer and led the Asia Pacific region in 2019. The demand for meat protein is rising in the Asia-Pacific region especially in China, India, Malaysia, and Thailand with rapid economic growth in the region. This increased demand for meat protein has triggered meat production in the region, where uptake of feed with organic trace elements has increased and is expected to show a significant growth rate. Apart from improving the nutritional value, the presence of organic trace elements is gaining importance in the region owing to their role in meat quality improvement by eliminating harmful inorganic options.
