The global feed pigment market size is expected to reach US$ 1.5 Bn by the end of 2030. According to a study by Future Market Insights (FMI), the market will show a steady rise at 3.1% CAGR between 2019 and 2029. Feed pigments are used to improve the color of the products including egg, meat, and milk. The growing demand for the animal protein and quality meat products are the major drivers of feed pigment markets. The report offers a comprehensive overview of the market, covering key growth drivers, restraints, opportunities, and prevailing trends. It uses unique research methods to offer the most accurate analysis of the market.
Heightening demand for quality meat products and animal protein is strengthening the growth of feed pigment market. Further, rapid innovations led by crucial market players are major growth levers of feed pigment market. On that premise, the market was valued at approximately US$ 1.1 Bn in 2019, reports Future Market Insights (FMI).
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“Farmers’ continual acceptance of feed pigments is a major growth driver. Moreover, heightened awareness along with presence of advanced R&D facilities continues to facilitate the market growth. Hence, the global feed pigment market will expand steadily at approximately 3% CAGR over the forecast period (2019-2029),” projects 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.
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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.
Segmentation
By Product Type:
- Carotenoids
- â-carotene
- Lutein
- Lycopene
- Astaxanthin
- Zeaxanthin
- Canthaxanthin
- Others
- Curcumin
- Caramel
- Spirulina
- Others
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By Source:
- Natural
- Synthetic
By Livestock:
- Swine
- Poultry
- Ruminants
- Aquatic animals
- Others
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About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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