The Feed Pigment Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Feed Pigment Global Market Report 2024, The feed pigment market size has grown strongly in recent years. It will grow from $1.62 billion in 2023 to $1.74 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to consumer demand for meat and poultry products, health and aesthetic benefits, regulatory support for feed additives, focus on animal welfare, preference for natural pigments, nutritional requirements in pet food.
The feed pigment market size is expected to see strong growth in the next few years. It will grow to $2.23 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to demand for specialty and functional feeds, sustainable sourcing of pigments, government initiatives for animal nutrition, expansion of the poultry industry, increasing investments in feed industry. Major trends in the forecast period include technological advancements in pigment production, innovations in pigment sources, focus on egg yolk coloration, development of customized pigment blends, antioxidant properties.
Rising meat consumption is expected to propel the growth of the feed pigment market going forward. Meat consumption refers to the amount of meat that is consumed by individuals or populations. Feed pigments are added to animal feed to enhance the color of meat, poultry, and seafood, which makes them more visually appealing to consumers. For instance, in July 2021, according to the United Nations Food and Agricultural Organization (FAO), a specialized agency of the United Nations that leads international efforts to defeat hunger and improve nutrition and food security, the global meat consumption is expected to increasing by 1.7 % per year through 2022 Therefore, rising meat consumption is driving the growth of the feed pigment market.
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The feed pigment market covered in this report is segmented –
1) By Product: Carotenoids, Curcumin, Caramel, Spirulina, Other Products
2) By Source: Natural, Synthetic
3) By Livestock: Swine, Poultry, Ruminants, Aquatic Animals, Other Livestock
Product innovations are a key trend gaining popularity in the feed pigment market. Major companies operating in the market for feed pigment are creating innovative feed pigments such as natural feed-grade astaxanthin to sustain their position in the market. For instance, in July 2021, AstaReal, a Sweden-based company focused on the production of natural astaxanthin, introduced NOVASTA, a natural red pigment and antioxidant that contains carotenoids, proteins, carbohydrates, and essential fatty acids to support overall health and wellness for companion animals, livestock and farmed fish. It is used in dry and wet pet food formats, powder mixes, extruded treats, soft treats, liquid solutions, and other formats.
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