Feed Pigments Market size is likely to grow at a steady rate in the forecast period, primarily driven by rising industrialization and disposable income in India, China, Malaysia, South Korea and Japan. These products improve commercial value of animal food by imparting an attractive color to hair, skin & eyes thereby improving palatability and immunity further curing multiple livestock diseases. These are majorly extracted from vegetable sources such as tomatoes, carrots and spinach or produced synthetically.
Rise in disposable income, industrialization of pork & poultry production, and growth of the aquaculture sector is likely to boost the fed pigment market demand. Feed preferences are shifting in favor of pellet, which may further boost the overall market size. Rising consumer awareness regarding livestock health has majorly contributed to growth of the sector. Recent animal disease outbreaks such as foot, mouth & mad cow disease have spurred awareness for healthy livestock, thus boosting feed pigments market size.
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Feed pigments are majorly of natural or synthetic origin, and producers prefer the former owing to consumer dislike towards chemical ingredients. The production process involves the extraction of these substances from vegetable sources, stabilizing and mixing them with suitable carriers to enhance their natural features.
These products are segmented majorly into curcumin, caramel, spirulina, and carotenoid feed pigments. Carotenoid products are popular pertaining to their anti-oxidant properties which improves livestock health by boosting their immunity. These products also provide good coloration to poultry and aquatic animals by deposition in egg yolks, skin or shank tissue.
Feed pigments are used for poultry, swine, cattle, aquaculture production and pet animals. Xanthophyll and carotenoid products are used in the poultry sector for imparting bright egg-yolk pigmentation and broiler skin enhancement. Carotenoid products are used in aquaculture, particularly fish food to provide appropriate skin, egg and flesh coloration. Global poultry production is likely to witness gains at over 25% till 2024 owing to population growth, urbanization and rising income, which is expected to stimulate feed pigments market size.
Asia Pacific, led by Japan, Malaysia, South Korea, Australia, India and China feed pigments market size has significantly high growth potential owing to rising healthcare awareness among consumers, disposable incomes, poultry & aquaculture growth and increasing meat consumption. China has planned to increase its aquaculture production with over 25% by the end of 2024, thereby providing new growth opportunities and enhancing the feed pigment market size.
North America, led by Canada, Mexico and U.S. feed pigments market size, dominates the market owing to significant research & development activities to deal with strict regulations and rising poultry and meat imports. Red meat per-capita consumption in the U.S is likely to surpass 105 pounds by the end of 2024, which will further drive product demand in the region.
Europe, led by Italy, UK, Spain, France, Russia and Germany feed pigments market demand may witness significant gains pertaining to consumer awareness about product benefits such as improved livestock health and aesthetics. These products face increasing adoption by fish farmers in the region, which is further boosted by rising aquaculture farming in Ireland, Norway and Denmark. Carotenoid products have shown strong growth in Europe. The exports in Norwegian seafood was over 2.5 million tons in 2017, rising at a rate of approximately 8%, which will further enhance the regional product demand.
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Scarcity of natural products and high synthetic pigment production and management costs are likely to have negative affect on the feed pigments market size. Moreover, natural products are often seasonal and depend on weather conditions, thus reducing their year-round availability.
Global feed pigments market share is moderately fragmented and includes companies like BASF, Kemin Industries, Novus International, Guangzhou Leader Bio-Technology, D.D. Williamson & Co. and Royal DSM. Companies are investing heavily in research & development activities to produce cheaper products with lesser cost thereby providing new opportunities for growth of feed pigments market size.
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