Global Water-Soluble Vitamins and Minerals in Feed Market is projected to register a significant growth rate of 6.29% from 2019 to 2024 (forecast period) to reach a market value of USD 11.59 billion by end of 2024, as per the analysis of Market Research Future in its latest report.
Water-soluble vitamins and minerals are widely used as animal feed and can be fed to animals in a liquid form. The supplements are consumed everyday by monogastric animals to satiate their nutrition level. Vitamins and minerals are of immense importance for the well-being and productivity of livestock. Vitamins can assist in the maintenance of a healthy body and promotes resistance toward diseases. Minerals, on the contrary, help in development of bone, protein synthesis, and maintenance of water levels.
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Dansk Landbrugs Grovvareselskab, Archer Daniels Midland Company, Koninklijke DSM N.V., China National Chemical Corporation, Alltech, Inc., Lonza Group, Neovia Group, Nutreco N.V., BASF SE, and Kemin Industries, Inc. are key players of the Global Water-Soluble Vitamins and Minerals Market.
The global water-soluble vitamins & minerals in feed market has been segmented, based on vitamin type into, vitamin C, vitamin B Complex, and others. The vitamin B complex segment is further bifurcated into vitamin B6, vitamin B1, vitamin B2, vitamin B5, vitamin B3, and vitamin B9. The vitamin B complex segment is expected to dominate the market due to its role in maintenance of cells and boosting immunity levels. On the other hand, the vitamin C segment is touted to register the highest growth rate over the forecast period. This is attributed to ability to impart immunity to chronic diseases.
The global water-soluble vitamins & minerals in feed market has been segmented, based on mineral type, into zinc, phosphorus, magnesium, potassium, sodium, calcium, magnesium, iron, and others.
The global water-soluble vitamins & minerals in feed market has been segmented by livestock, into aquaculture, ruminants, swine, poultry, and others. The poultry segment is expected to dominate the livestock segment owing to consumption of eggs and meat during the assessment period. The large disposable income levels of consumers and inclusion of new ingredients in feeds can bode well for the market.
Global Water-Soluble Vitamins and Minerals in Feed Market in APAC is anticipated to be the dominating market with a market share of 31.5% in 2020 as well as register the highest CAGR during the forecast period. The livestock farming practices in the region has been a major factor driving the regional market over the years and presence of agrarian economies are major drivers of the market. Stringent regulations on the use of certain synthetic raw materials in animal feed in several countries of the region have increased the demand for water-soluble vitamins and minerals supplements in feed, thereby driving the market growth in the region.
North America can also be a lucrative region for the global water-soluble vitamins and minerals market owing to large scale investments in animal farming. The consumption of protein due to health concerns can spike the need for innovative feeds in the region. In addition, the ability to digest water-soluble vitamins and minerals can favor the market growth.
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