Strategic Analysis of the Global Organic Trace Minerals for Animal Feed Applications Market
The global organic trace minerals (OTMs) for animal feed applications market generated an estimated revenue of $ million in 2013, and is expected to grow at a compound annual growth rate (CAGR) of% from 2013–2020.
Trace minerals are mostly supplemented in inorganic forms due to their availability and lower cost. However, more growth potential is seen with OTMs owing to their perceived benefits. The benefits associated with the use of OTMs, such as increased utilisation by animals, will drive demand, leading to revenue growth.
Zinc dominates the market. This trend is expected to continue throughout the forecast period, mainly due to requirement levels and the significant roles it plays in the body of animals, including immunity function and enzymes activation.
Developed regions dominate the OTM market, but it is the developing regions that have greater growth potential owing to changing consumption trends, increasing awareness in the region, and willingness to adopt proven ingredients.
Ruminant feed demand dominates the total OTM market, driven by demand for zinc. Zinc is not stored in cattle’s body for long; hence, it is continuously required in the adequate quantity in order to avoid deficiency.
OTMs for animal feed applications are expected to experience a steady increase in prices, driven by increasing demand.
Cost is a key restraining factor in this market. As a result, market participants have to continuously ensure and effectively communicate price competitiveness in line with effectiveness and benefits of products. Other key factors include high quality, efficacy, and brand reputation.
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