The total feed pigment market is estimated to develop at a 6.2% CAGR from 2022 to 2032, from US$ 1,217.4 million in 2022 to US$ 1,771.4 million in 2032.
Rising demand for animal protein and high-quality meat products is driving the feed pigments industry. The study provides a comprehensive overview of the market, including important trends, opportunities, and growth drivers. It employs novel research methods to provide the most accurate market analysis.
The rising demand for high-quality meat products and animal protein is driving growth in the feed pigment industry. Furthermore, prominent market participants’ quick developments are major growth drivers in the feed pigment industry. According to Future Market Insights (FMI), the market was worth roughly US$ 1.1 billion in 2019.
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“A major growth driver is farmers’ continued acceptance of feed pigments.” Furthermore, increased awareness, as well as the presence of superior R&D facilities, is facilitating market expansion. As a result, the worldwide feed pigment market will grow at a steady 3% CAGR throughout the projected period (2019-2029),” predicts FMI.
It includes in-depth insights into the feed pigment market. Some of these are:
- The estimated value of the market was at US$ 1.1 Bn in 2019. Through the course of the report’s forecast period, the market is exhibited to show a steady pace of growth.
- Asia Pacific and North America dominated the global feed pigment market.
- To cater to this growing demand, companies are developing innovative production methods to increase production capacity and reduce costs.
- Consumers are unlikely to invest as willingly amid a rising pandemic panic. Furthermore, disturbances to the supply chain are causing sleepless nights to leading market players. Hence, manufacturers are gearing up to come back after coronavirus outbreak.
- Poultry meat is the most consumed by humans with per capita consumption of 30.6 kilograms per year, followed by pork with per capita consumption of 23.5 kilograms per year and beef and veal with per capita consumption of 14.8 kilograms per year.
Impact of Coronavirus on Overall Market
Aquaculture is one of the fastest-growing food-producing crops in the world. It is a challenge to recreate the exact natural color of fish, and the use of carotenoid pigments is successful in providing a wide variety of colors in fish. Today, due to spread of numerous infectious diseases, the fish population suffers from severe losses. In the aquaculture industry, the use of pesticides, antimicrobial drugs, and disinfectant for disease prevention has contributed to the development of resistant bacterial strains.
Carotenoids have been proven helpful in protecting against light and oxygen damage. They are responsible for muscle pigmentation in fish which is intended for fish consumption and skin which is intended for fish keeping. Feed pigment, if supplemented in right quantities, would lead to the proper supply of essential nutrients.
While aforementioned factors will give impetus to the market, supply chain disruptions may hamper the growth to an extent. Restrictions on travel, lockdown and other precautionary measures undertaken to contain the spread of coronavirus are likely to disrupt operations, inevitable negatively impacting the market.
Who is Winning?
Some of the leading players operating in the feed pigment market are BASF SE (Germany), Royal DSM NV (Netherlands), Kemin Industries, Inc. (US), Novus International, Inc. (US), Guangzhou Leader Bio-Technology Co., Ltd. (China), D.D. Williamson & Co., Inc. (DDW) (US), Nutrex NV (Belgium), Behn Meyer Group (Malaysia), Vitafor NV (Belgium), and Innovad AD NV/SA (Belgium)
To improve their position in this industry, these major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product releases, extensions, alliances, joint ventures, collaborations and others.
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Segmentation
By Product Type:
- Carotenoids
- â-carotene
- Lutein
- Lycopene
- Astaxanthin
- Zeaxanthin
- Canthaxanthin
- Others
- Curcumin
- Caramel
- Spirulina
- Others
By Source:
- Natural
- Synthetic
By Livestock:
- Swine
- Poultry
- Ruminants
- Aquatic animals
- Others
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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