Feed Pigment Market by Type (Caramel, Spirulina, Carotenoids, Curcumin & Others), Livestock (Poultry, Swine, Cattle, Aquatic Animals), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2021 to 2028
Newark, NJ, May 07, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global feed pigment market is anticipated to grow from USD 1.71 billion in 2020 and to reach USD 2.25 billion by 2028, and is growing at a CAGR of 3.6% during the forecast period 2021-2028.
The feed pigment market is predicted to grow at a steady pace during the given forecast period owing to the rapidly increasing industrialization in Malaysia, South Korea, India, Japan and China. The feed pigment is used in order to enhance the commercial value of animal food by adding an attractive color to skin, hair, and eyes, thereby refining its delectableness and immunity and further it can cure numerous livestock diseases. The market demand for feed pigment is most likely to witness a significant growth owing to the industrialization of poultry & pork production and also the development of the aquaculture business.
Feed pigments are a form of naturally available or synthetic carotenoids that can be used in the feed products of the animals. The producers generally prefer the natural feed pigment as the majority of the consumers' display aversion towards chemically prepared products. Hence, the majority of these feed pigments are obtained by extracting from vegetables. Upon extraction, these are then stabilized and later on mixed with a carrier that is suitable with a goal to improve the standardized pigment activity. Apart from this, the feed pigments are also considered to be antioxidants mechanisms and are widely known for boosting the immune system of the animals.
The animal disease outbreaks, such as mad cow disease, have highlighted the concern and awareness of the health of livestock. This has become an essential driving factor for the growth of the feed pigment market. The various benefits from feed pigments, such as the nutritional benefits, organoleptic developments, are supporting factors for the market's growth. The manufacturing costs involved are significantly high and require high maintenance, which is relatively costly; these factors, along with the cost-price to be incurred in processing the synthetic pigments, act as key restraining factors which can obstruct the growth of the feed pigment market. With a growing demand on a global level, there are various opportunities for growing the export business.
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Some of the essential players in the global feed pigment market are Behn Meyer Group (Singapore), Synthite Industries Ltd (India), Kalsec Inc. (U.S.), BASF SE (Germany), Cargill Incorporated, Novus International, Inc. (U.S.), Kemin Industries Inc. (U.S.), Guangzhou Leader Bio-Technology Co., Ltd. (China), Nutrex NV (Belgium), Royal D.S.M. N.V. (The Netherlands), Vita for N.V. (Belgium), Innovad AD NV/SA (Belgium), D.D. Williamson & Co., Inc. (D.D.W.) (U.S.). These are some of the key manufacturers operating in the feed pigment market.
Carotenoid segment dominated the market and held the largest market share of 38% in the year 2020
Based on type, the global feed pigment market is segmented into Caramel, Spirulina, Carotenoids, Curcumin, & Others. The Carotenoid segment dominated the market and held the largest market share of 38% in the year 2020. Out of all the types, carotenoid is the most preferred one owing to the various benefits gained by its use. This growth is attributed to the high nutritional benefits it and also its immunity-boosting properties.
Poultry segment dominated the market and held the largest market share of 33% in the year 2020
Based on livestock, the global feed pigment market is segmented into Poultry, Swine, Cattle, Aquatic Animals & Others. The poultry segment dominated the market and held the largest market share of 33% in the year 2020. This growth is attributed to the tremendous rise in the overall consumption of poultry and meat products on a global level. People have become health conscious and are switching from a carbohydrate-rich diet to a protein-rich diet, thus increasing the demand for quality meat and poultry products.
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Regional Segment of Feed Pigment Market
North America (U.S., Canada, Mexico)
Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan, India, Rest of APAC)
South America (Brazil and Rest of South America)
The Middle East and Africa (U.A.E., South Africa, Rest of M.E.A.)
Based on geography, the global feed pigment market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The Asia-Pacific market dominates the market and held the largest market share of 26% in the year 2020. China mainly contributes towards a rise in the demand for poultry products which have strengthened the market growth in this region. The growing population in developing countries and their rising demand of meat and poultry products have made Asia-Pacific the largest market for feed pigment. The demand for protein-rich food in this forecast period has far exceeded the demand in the previous decades. North American countries such as U.S.A., Mexico and Canada have also witnessed a hike in the consumption of meat and are expected to give a boost to the feed pigment market. Feed pigments have become essential to provide the taste, texture and add nutritional value to the product, which is quite appealing to the consumers.
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About the report:
The global feed pigment market is analyzed on the basis of value (USD billion). All the segments have been analyzed on a global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insights into the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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