Feed pigment market growth is driven by growing customer demand for meat products and raising awareness about the health benefits of carotenoids for animals among the livestock growers.
Northrook, IL -- (SBWIRE) -- 12/14/2019 -- Feed pigments play an important role in enhancing the appearance of the feed. With the increasing importance of colorization which decides the market value of plant and animal products, feed pigments are progressively used to increase the commercial value of the animal products. The livestock industry has started using feed pigments on a large scale to attract the customers by enhancing the appearance and the nutritive value of the animals. With stringent regulations in the feed industry, the natural feed pigments are achieving significant market growth.
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Among the types of feed pigments, the carotenoids type is used widely in the poultry and aquaculture segment. Carotenoids help to increase the immune system in the animals by acting as an antioxidant which can cure allergies, skin diseases, immune disorders, eye disorders, or, to some extent, any cardiovascular diseases present in animals. These are used on a large scale in aquaculture business where astaxanthin carotenoid plays an important role in pigmentation of aquatic animals.
The market is further driven by factors such as rising meat consumption and industrialization of pork, poultry, and aquaculture business all over the globe leading to increased use of feed pigments. The high growth potential in emerging markets and untapped regions provides new growth opportunities for market players. The increasing industrial activities in the Asia-Pacific region and growing utilization of feed pigments in the aquaculture business have also contributed to the rising market for feed pigments.
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Europe accounted for the largest share of 34.6% of the global feed pigments market in 2014. The Asia-Pacific market is projected to grow significantly at a CAGR of 3.3% in terms of value and 2.8% in terms of volume, from 2015 to 2020. China accounted for the largest country-wise market share in the Asia-Pacific region for feed pigments in 2014, followed by India. The U.S. and China were the two major functional feed pigment consumers, globally, in 2014 and are projected to grow at CAGRs of 3.3% and 3.6%, respectively, in terms of volume from 2015 to 2020.
The carotenoids segment accounted for the largest market share of 66.3% in 2014, in terms of value. This segment is projected to grow significantly at the highest CAGR of 3.3% from 2015 to 2020.
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