Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
The COVID-19 outbreak was first reported in Wuhan, China during December 2019. The COVID-19 pandemic is adversely affecting economies and industries in various countries. The COVID-19 outbreak has created disruption in industries like manufacturing, construction and infrastructure, among others. Due to lockdown, travel bans and business shutdowns, major industries suffered serious disruptions. Agriculture is one of the world’s major industries, suffering serious disruptions such as supply chain breaks, office shutdowns, and decline in demand. For instance, China is the global manufacturing hub and largest raw material supplier for various industries and it is one of the worst affected countries. Therefore, there were disruptions to the availability of goods supplied from China, so, thereby, affecting the overall chelate market. The lockdown of various plants and factories in China is hampering the global supply chains and disrupting manufacturing activities. All these factors are hindering business collaborations and partnership opportunities. All these factors hamper the chelate industry which would restrain the growth of the market in COVID-19.
Increasing consumption of ready-to-go food, smoking habits and disturbed sleep cycle and growing cases of nutritional deficiencies among consumers across the globe drive the global chelated mineral market. Due to the quick shift in consumer lifestyle and the increase in their disposable income, consumers prefer to consume a protein-rich diet. In addition, the demand for nutritionally complete and high-quality animal feed has grown, which is an increase in sales of chelated minerals because of animal illnesses caused by contaminated food, which drives the demand for chelated minerals. Increased feed production and enormous potential for aquaculture the create excellent opportunities for the sales of chelated minerals on the market, due to the growing need for micronutrients. Increasing awareness about health, nutrition and dietary supplements is required for the body to operate in the chelated mineral market.
The stringent regulatory framework governing the permissible limits of certain minerals in feed products. For instance, the European commission and the United States department of Agriculture have set the regulations for various feed additives.
Farmers are looking for fertilizers that may enhance their output and crop cultivation to give high profitability due to the increasing demand from the food industry. It has also increased the focus on maintaining the quality of crops and increased awareness about the benefits of organic mineral chelates among farmers. Therefore, manufacturers are focusing on developing organic forms and supplements which would help to improve the productivity of livestock.
The raw material prices for mineral sources, such as zinc and copper, are a major challenge for the chelate mineral market. Due to high import duties imposed in specific countries, it further increases the price of minerals, which leads to the low adoption of these minerals by farmers.
The report provides in-depth analysis of the global Chelated Mineral market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. Increased amounts of protein-rich food owing to rapid change in the lifestyle of consumers and an increase in their spending is expected to witness growth at a specific CAGR from 2022-2028.
The global chelated mineral market is segmented into mineral, chelating agent, form, application and geography.
The minerals studied in the global chelated mineral market are, iron, zinc, copper, calcium, chromium. The iron segment accounts for the largest share in the chelated mineral market. Chelated iron is one of the most important minerals required for the optimum functioning of the body. Most of the livestock species commonly show a lack of iron. This causes a need for iron elements in the feed. Red iron oxide, yellow iron oxide, ferrous sulphate and iron carbonate are used as additional supplements to iron. Due to higher acceptance of iron among regulatory bodies, the market for iron in feed is expected to boost the market growth.
The chelating agents of the chelated mineral market include, amino acid, organic acid, proteinase. The amino acids accounted for the largest share in the chelated mineral market. Amino acids are the ideal chelating agents because of their ability to get easily absorbed into the animal's body. Amino acids have the ability to be easily absorbed into the body for the normal functioning of protein synthesis. This drives the demand for amino acids in the feed market. These chelating agents are building blocks of proteins and polypeptides that are the major component of animals' muscles and tissues.
The minerals studied in the global chelated mineral market are powder minerals and liquid minerals. The powder chelated minerals segment accounts for the largest share in chelated minerals. Powder minerals are able to sustain climatic conditions and they have higher stability. Furthermore, the hygienic supply of these ingredients and the feeding system is comparatively easy to manage. The dry powder has low moisture content. Therefore, the dry powder can be stored for a longer time than liquid chelated mineral forms of products.
Chelated mineral finds its application in animal feed, poultry, swine, ruminants, dietary supplements, and food fortification. The poultry segment accounts for the largest share of the chelated mineral. Increased consumption of animal protein in daily diets is one of the major factors in increased demand for chelated minerals in the poultry industry. Further, the demand for eggs and meat has been growing due to the need for increasing livestock production.
On the basis of geography, the chelated mineral market is segmented into, North America, Asia-pacific, Europe, and the rest of the world. The Asia-Pacific region segment commanded the largest share in the chelated mineral market. China accounts for the largest share in the Asia-pacific region's cheated mineral market as China is the largest pork consumer and it is the leading pork-consuming country in the world. Consumers urge people to consume an additional amount of protein-rich diet as a result of rapid shifts in consumer behaviour along with a rise in per capita income to boost the chelated mineral market growth. Further, an increasing demand for nutritional and high-quality animal feed is resulting in a high demand for chelated minerals.
The competitive landscape analysis of the global chelated minerals market is certainly based on the range of market players operating in the agricultural market. The mineral market is highly competitive due to the presence of a large number of players in the market. The demand for the chelated mineral market has increased and the key players are working hard to increase their market value to raise their company presence globally. The key player offers a wide range of minerals based on types, and livestock. The market has major competitive analysis based on the new product, eco-friendly products, quality, and price. The players operating in the global chelated minerals market are adopting different strategies to cater to consumer demand.
The key players studied in the market are BASF SE, Koninklijke DSM N.V, Bluestar Adisseo Co. Ltd, Kemin Industries Inc, Global Animal Nutrition, Veterinary Professional Service Ltd, Green Mountain Nutritional Services Inc, Cargil Incorporated. and among other.
Minerals are the main nutrient required for the human as well as animal body to function. Minerals affect different aspects of body function. Minerals affect different aspects of body function, such as growth, bone health, contraction of muscles, and many other processes. Chelated minerals are gaining growth due to their application in various industries. The global chelated mineral market is segmented into mineral, chelating agent, form, application and geography. The minerals studied in the global chelated mineral market are, iron, zinc, copper, calcium, chromium. The iron segment accounts for the largest share in the chelated mineral market. The chelating agents of the chelated mineral market include, amino acid, organic acid, proteinase. Minerals come in different forms, such as powder and liquid form. The powder forms the chelated mineral segment with the largest share in the market. Further, chelated minerals find their application in animal feed, poultry, swine, ruminants, dietary supplements, food fortification. On the basis of geography, the chelated mineral market is segmented into, North America, Asia-pacific, Europe, and the rest of the world.
1)Which region is accounted for the largest share in the chelated mineral market?
Ans: Asia-Pacific accounted largest share in the chelated minerla market owing to increase per capita income and increased meat and meat product consumption in countries like India & China.
2)Who are the key players in the chelated mineral market?
Ans: The key players studied in the chelated mineral market are the BASF SE, Koninklijke DSM N.V, Bluestar Adisseo Co. Ltd, Kemin Industries Inc, Global Animal Nutrition, Veterinary Professional Service Ltd, Green Mountain Nutritional Services Inc, Cargil Incorporated. and among other.
3)How would COVID-19 impact the chelated mineral market?
Ans: COVID-19 has a negative impact on the supply chain in the chelated mineral market. China is the producer and supplier of most of the raw materials or inputs in many industries. Therefore, there were disruptions to the availability of goods supplied from China. The product unavailability and disturbed supply chain resulted in a reduction in veterinary pharmaceutical production and it has negatively impacted on market growth.
