Market for organic trace minerals to reach $624.6M by 2020
New report shows forecast
The global market for animal feed organic trace minerals is expected to reach US$624.6 million by 2020, according to a new study by Grand View Research Inc. Higher bioavailability or organic trace minerals in animals as compared to inorganic counterparts is expected to be a key driver for the market over the next six years.
According to the report, "Animal Feed Organic Trace Minerals Industry Trends and Market Segment Forecasts to 2020," growing regulatory concerns regarding the hazardous effects of unabsorbed inorganic minerals is expected to further augment the demand for organic counterparts. Furthermore, inorganic trace minerals also affect the health of animals which has resulted in substitution by organic minerals in animal feed.
Increasing consumption of animal protein and dairy has resulted in increased demand for organic trace minerals as they are associated with improving animal nutrition and preventing/controlling diseases. However, stringent regulations have emerged as a key issue for market participants. In addition, research and development costs associated with developing organic minerals are higher as compared with their inorganic counterparts, which lead to pricing issues. This is expected to adversely impact the development of the market over the forecast period.