Feed Pigments Market Forecast
The global feed pigments market is growing due to increasing meat consumption. With the growing consumer awareness and their increasing interest in healthy lifestyle, the demand for feed pigments has increased recently. In addition to the changing lifestyle, the rise in the meat consumption, quality feed, industrialization of livestock, and the prevention of diseases in livestock are expected to drive the feed pigments market. Feed pigments are either naturally-derived or synthetic substances used to enhance the shade of the animal skin which is an important marketing factor. The feed pigments help in stimulation and secretion of digestive enzymes, which, in turn, stimulate the immune response in the livestock. Additionally, feed pigments market is observing an exponential growth based on its increasing usage in the feed industry. The major types of feed pigments available in the market include carotenoids, curcumin, spirulina, and others.
In 2022, the Feed Pigments Market Size reached USD 1.5 Billion. The industry is expected to experience growth, progressing from USD 1.6 Billion in 2023 to USD 2.1 Billion by 2032, indicating a compound annual growth rate (CAGR) of 3.67% during the forecast period spanning from 2023 to 2032. Market expansion is driven by key factors such as increased meat consumption, the recognized health benefits of carotenoids for animals, and the ongoing industrialization of the hog, poultry, and aquaculture sectors. The global feed pigments market is projected to propel by the increasing awareness regarding available health benefits to farm animals from the feed pigments. Increased awareness about the feed pigments has raised the bar for quality of feed, which, in turn, has increased the market share of feed pigments globally. The market players are responding to these new opportunities by expanding their service offerings/product lines, which has boosted the share of feed pigments in the global market.
Segemnt Analysis:
Feed pigments market is segmented on the basis of type, which includes carotenoids, curcumin, spirulina, and others. Among them, the carotenoids segment is anticipated to dominate the market followed by the spirulina segment. Moreover, the curcumin segment is witnessed to have a substantial growth over the forecast period.
On the basis of source, the feed pigments market is segmented into natural feed pigments and synthetic feed pigments. The natural feed pigments are projected to have a potential growth over the forecast period.
Based on the livestock, the feed pigments market is segmented into poultry, ruminants, swine, and others. Among all, the poultry segment is dominating the market based on the increased consumption of poultry and meat products globally. However, the ruminants segment is witnessed to gain a moderate growth over the estimated period.
Competitive analysis:
The major players in the feed pigments market
- BASF SE (Germany)
- Royal DSM N.V. (The Netherlands)
- Novus International, Inc. (U.S.)
- Nutrex NV (Belgium)
- Kemin Industries Inc. (U.S.)
- Behn Meyer Group (Singapore)
- Synthite Industries Ltd (India)
- Kalsec Inc. (U.S.)
Regional Analysis
The global feed pigments market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). The Asia Pacific region is dominating the feed pigments market followed by North America owing to rising population followed by increasing consumption of poultry and meat products in developing regions. Moreover, China is the major exporter of poultry and meat, which, in turn, drives the market of feed pigments in the Asia Pacific region.
Furthermore, the U.S. dominates the North American feed pigments market owing to the government regulations imposed on the use of antibiotics and allopathic medicines in livestock.
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