Spain Animal Feed Organic Trace Minerals Market Size & Outlook
Spain animal feed organic trace minerals market, 2018-2030 (US$K)
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Spain animal feed organic trace minerals market highlights
- The Spain animal feed organic trace minerals market generated a revenue of USD 18,371.0 thousand in 2023 and is expected to reach USD 28,788.7 thousand by 2030.
- The Spain market is expected to grow at a CAGR of 6.6% from 2024 to 2030.
- In terms of segment, iron was the largest revenue generating product in 2023.
- Iron is the most lucrative product segment registering the fastest growth during the forecast period.
Animal feed organic trace minerals market data book summary
| Market revenue in 2023 | USD 18,371.0 thousand |
| Market revenue in 2030 | USD 28,788.7 thousand |
| Growth rate | 6.6% (CAGR from 2023 to 2030) |
| Largest segment | Iron |
| Fastest growing segment | Iron |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD thousand |
| Market segmentation | Zinc, Iron, Copper, Selenium, Other Products |
| Key market players worldwide | Alltech, Archer-Daniels Midland Co, Global Bio-chem Technology Group Co Ltd, Cargill, Kemin Industries, Mercer International Inc, Novus Holdings Ltd, Koninklijke DSM NV |
Other key industry trends
- In terms of revenue, Spain accounted for 3.4% of the global animal feed organic trace minerals market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Europe, Spain animal feed organic trace minerals market is projected to lead the regional market in terms of revenue in 2030.
- Spain is the fastest growing regional market in Europe and is projected to reach USD 28,788.7 thousand by 2030.
Iron was the largest segment with a revenue share of 37.15% in 2023. Horizon Databook has segmented the Spain animal feed organic trace minerals market based on zinc, iron, copper, selenium, other products covering the revenue growth of each sub-segment from 2018 to 2030.
Spain is the largest producer of compound animal feed in Europe. As of 2021, it produced over 25.56 million tons of compound feed. Integration between feed manufacturers and slaughter companies, an uncomplicated supply chain, and strong exports are some of the key factors driving the market in Spain.
As this country relies on imports of raw feed materials, the local supply crisis has not had a drastic effect on the industry here, as compared to other markets such as the UK or Germany, which depend on local raw material suppliers.
Growing awareness about the importance of including organic trace minerals such as iron and zinc in animal feed has been the primary driver of the market in this country. Copper is particularly important to newborn and pregnant animals.
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Animal Feed Organic Trace Minerals Market Scope
Animal Feed Organic Trace Minerals Market Companies
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Spain animal feed organic trace minerals market size, by product, 2018-2030 (US$K)
Spain Animal Feed Organic Trace Minerals Market Outlook Share, 2023 & 2030 (US$K)
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