Global Water Soluble Vitamin And Mineral Feed Supplements Market Size 2024, Forecast To 2033
6 Mar, 2024
The water-soluble vitamin and mineral feed supplements market has experienced rapid growth, surging from $5.3 billion in 2023 to $6.05 billion in 2024, with a compound annual growth rate (CAGR) of 14.1%. The growth in the historic period is attributed to a focus on animal nutrition and welfare, the rise in intensive farming practices, the globalization of animal husbandry practices, awareness of nutritional deficiencies, and efforts to improve feed conversion ratios. Moving forward, the market is expected to see rapid growth, reaching $9.81 billion in 2028, with a slightly lower CAGR of 12.9%. The forecast period will be marked by the demand for sustainable animal farming, global efforts for animal disease prevention, enhanced formulations for monogastric animals, a focus on animal well-being and stress reduction, and the development of fortified functional feeds. Key trends in this period include innovations in delivery methods, the incorporation of immune-boosting ingredients, the application of nanotechnology in feed supplements, technology-driven feed management systems, and formulations tailored for monogastric animals.
Global Water Soluble Vitamin And Mineral Feed Supplements Market Key Driver
The water-soluble vitamin and mineral feed supplements market is poised for growth with the increasing livestock population. Livestock, animals raised for various purposes on farms, require water-soluble vitamin and mineral feed supplements to meet their nutritional needs, promoting healthy bone development and maintaining reproductive efficiency. Eurostat's data from March 2023 revealed significant increases in Italy's pig population by 4% and Sweden's pig population by 3% compared to the same period in 2021. Overall, the European Union boasted a substantial livestock population, including 142 million pigs, 76 million cattle, 60 million sheep, and 11 million goats in May 2022. This surge in livestock population acts as a driving force behind the growth of the water-soluble vitamin and mineral feed supplements market, with market sizes corresponding to values for 2023, 2024, and 2028.
Get A Free Sample Of The Global Water Soluble Vitamin And Mineral Feed Supplements Market ReportGlobal Water Soluble Vitamin And Mineral Feed Supplements Market Segments
The water-soluble vitamin and mineral feed supplements market covered in this report is segmented –
1) By Vitamin Type: Vitamin B1, Vitamin B2, Vitamin B3, Vitamin B5, Vitamin B6, Vitamin B9, Vitamin C, Other Vitamin Types
2) By Mineral Type: Potassium, Calcium, Phosphorus, Magnesium, Sodium, Iron, Zinc, Copper, Manganese, Other Mineral Types
3) By Application: Poultry, Swine, Ruminants, Aquaculture, Other Applications
By Geography:The regions covered in the water-soluble vitamin and mineral feed supplements market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
Asia-Pacific was the largest region in the water-soluble vitamin and mineral feed supplements market in 2023. Middle East is expected to be the fastest-growing region in the global water-soluble vitamins and minerals in feed supplements market during the forecast period. The regions covered in the water-soluble vitamin and mineral feed supplements market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Water Soluble Vitamin And Mineral Feed Supplements Industry Players
Alltech Inc., Nutreco NV, Koninklijke DSM NV, Neovia Group, InVivo NSA, BASF SE, Archer Daniels Midland Company, Kemin Industries Inc., Bluestar Adisseo Co., Lonza Group AG, Bayer AG, Blackmores Limited, China National Chemical Corporation, Sanofi S.A., Bee Health Limited, DLG Group, Cargill Incorporated, Novus International Inc., Bioiberica S.A.U., Pancosma S.A., Zinpro Corporation, QualiTech Corporation, Nutriad International NV, VDS Pharma Animal Health B.V., Lallemand Animal Nutrition, Provimi Holding B.V., Biomin Holding GmbH, Trouw Nutrition International B.V., WelBloom Biotech Co.
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Water Soluble Vitamin And Mineral Feed Supplements Market Overview
The water-soluble vitamins and mineral feed supplements refer to the vitamin and supplements that are used for supplement grazing by providing necessary vitamins and minerals and trace minerals. The water-soluble vitamin refers to the vitamins which dissolve readily in water and can be readily absorbed by the tissues. The mineral feed supplements are mineral blends that can be provided to grazing animals during periods of low mineral and trace mineral availability in the dry or rainy seasons.
Water Soluble Vitamin And Mineral Feed Supplements Global Market Report 2023 provides data on the global water soluble vitamin and mineral feed supplements market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The water soluble vitamin and mineral feed supplements market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.