Europe animal feed micronutrients market was valued at USD 302.56 million in 2023 and is anticipated to reach USD 321.32 Million in 2024 from USD 519.9 million by 2032 with a CAGR of 6.2 % from 2024 to 2032.
The Europe Animal Feed Micronutrients Market is increasing at a tremendous pace because of its large population and increasing economies in developing countries.
Animal Feed Micronutrients are important animal feed additives for improving animal feed quality to produce high quality animal products like milk, wool etc. and also for the good health of pet animals. Animal Feed micronutrients are becoming famous essentially because of the greater performance and growing applications, for example, development promoter, prevention, and cure of illnesses, for amplifying reproduction rate and for improving feed digestibity in animals.
Growing expenses on animal wellbeing, Rising interest of owning pet animals, and wellness combined with success of animal feed micronutrients in development and fertility of the animals are some of the major factors driving the Europe animal feed micronutrients market. Furthermore, the rising demand for animal protein from milk and meat delivering cattle combined with recent illness epidemic in cattle is further driving the Europe animal feed micronutrients market.
The critical dosage use of animal feed micronutrients and lack of awareness about the advantages of micronutrients among uneducated and poor farmers are major factors restraining the Europe animal feed micronutrients industry.
Spain is increasing at a high CAGR because of its demand for quality rich food. It has developed economy and growing demand for protein rich food.
Major companies operating in the Europe market include Archer Daniels Midland Company (ADM), Balchem Corp., Lallemand Inc, Alltech Inc., Cargill Inc., Novus International Inc., Kemin Industries Inc., Zinpro Corporation, Nutreco N.V. and Qualitech Inc.
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