The North American water-soluble vitamin feed supplements market was valued at USD 2.42 billion in 2023 and is anticipated to reach USD 2.56 from USD 4.02 billion by 2032, estimated to be growing at a CAGR of 5.8% from 2024 to 2032.
The gaining significance of the market can be attributed to the increasing livestock population, increasing consumption of livestock by-products, economic activities, organized livestock farming, and increasing consumer awareness.
Vitamins and Minerals make up some the most important body functions in any living being. Lack or deficiency of these components causes these functions to ease which may prove to be fatal or causes serious illness. Livestock contributes to food production through its products or services. To ensure their health they must be supplied adequate amount of vitamins and minerals to carry out these body functions. Vitamin and Mineral Feed supplements ensure the adequate mineral and vitamin supply in their feed.
The primary factors accounted for the growth of the market are an increase in the daily intake of livestock meat, an increase in the use/consumption of by-products from livestock, an increasing population, and increasing consumer awareness. Conversely, the low adoption rate and the high cost of raw material required for the fabrication of vitamins and mineral supplements are restraining the market from growing. Also, technological advancements in the synthesis of these supplements provide the growing potential for the market.
Based on geographical analysis, the market is segmented into regions of Canada and the United States of America. Vitamin B3 is the most widely used in Vitamin Feed supplement market due to its high importance in life stages of all livestock. Potassium sources is most widely used in Mineral Feed Supplement Market as it is an essential component of enzymes. The United States holds the largest share of the market due to its huge population, and Canada is the fastest-growing market.
Some of the key firms occupying the market include BASF SE, Alltech, Lonza Group AG, Nutreco N.V., Archer Daniels Midland Company, DLG Group, Royal DSM N.V., Kemin Industries, BlueStar Adisseo, InVivo Group.
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