The global feed pigments market is poised to grow at a CAGR of 3.3% during the forecast period 2022-2027. The global impact of the coronavirus is affecting the compound feeds and additives markets. Even though the demand for animal feed has been relatively stable, the supply has been gravely hit by the coronavirus crisis. For instance, countries such as Romania have banned the export to Non-European Union countries thereby creating severe demand-supply problems in the animal feed industry. On the other hand, China, a major supplier of organic soybean has caused disruptions for global organic feed producers in view of its draconian measures imposed to curb the Covid-19 pandemic.
Feed pigments are used to improve the color of the products including egg, meat, and milk. The key drivers for this market include increasing demand for meat production, rising disposable incomes, shifting inclination towards pellet feed consumption, and increasing consumer awareness regarding livestock health. The animal disease outbreaks such as African Swine fever virus, foot, mouth, and mad cow disease have stimulated awareness for healthy livestock among consumers. Thus, boosting the Feed pigment market in this region.
Asia-Pacific is projected to be the fastest-growing market. Owing to the growing awareness among consumers about the adverse effects of artificial colors in food, the market for natural pigments, like curcumin and spirulina, is growing rapidly in countries, like Japan and the United States. Owing to the growing awareness among consumers about the adverse effects of artificial colors in food, the market for natural pigments, like curcumin and spirulina, is growing rapidly, especially in the developed countries, like Japan and the United States.
Key Market Trends
Increasing Meat Consumption
Feed pigments in livestock are used to improve the color of the products obtained from the animals including eggs, milk, and meat. Increasing meat consumption is the major driving factor for the feed pigments market.
Annual per capita consumption of seafood is also growing across the globe which has increased from 20.3 kilograms in 2017 to 20.5 kilograms by 2019 as per the Food and Agriculture Organisation(FAO). An increase in health awareness towards animal protein food leads to the demand for meat production globally. Astaxanthin is the major carotenoid used for the pigmentation of fish muscle, mainly salmons. Beta-carotene, lycopene, and lutein increase the growth performance of animals and the quality of pigmented products.
Poultry meat is the most consumed by humans with per capita consumption of 30.6 kilograms per year, followed by pork with per capita consumption of 23.5 kilograms per year and beef and veal with a per capita consumption of 14.8 kilograms per year. According to the Organisation for economic cooperation and development (OECD), the per capita consumption of poultry meat in the United States is raised to 50.9 kilograms in 2020 than 48.9 kilograms in 2017. Thus the increasing consumption of meat is boosting the market for feed pigments during the forecast period.
North America - The Largest Geographic Market
In North America, United states is the major dominating market with the exports of animals to the other countries. The United States is the largest feed pigments market with a market share of 19.23% in 2020. In the year 2019, Mexico and Canada are the largest importers of Swine from the United states with USD 6065 thousand and USD 2919 thousand, respectively. According to the Alltech, United states is largest producer of animal feed with 214 million metric tons in the year 2019. Increase in the production of animal feed will be favourable for feed pigment market to grow in the country.
Carotenoids are widely used in aquafeed. Various studies have documented the biological and nutritional role of carotenoids in aquatic animals, along with the effect of biotic and abiotic factors on carotenoid transport and retention and final flesh pigmentation. Additionally, optimum color is interpreted by consumers as a primary indicator of quality. Hence, the growth of the aquaculture industry and increased consumption of seafood are promoting the growth of the carotenoids market in the North American market
The Global feed pigment market is consolidated with a few major players dominating the market. The key players in the market are BASF SE, Novus International Inc., Kemin, Royal DSM N.V, and Synthite Industries Ltd. The major strategies adopted by them are acquisitions, mergers, increasing the capacity of the plants, and investing in R&D.
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1.2 Scope of the Study
4.2 Market Drivers
4.3 Market Restraints
4.4 Porters Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5.3.1 North America
188.8.131.52 United States
184.108.40.206 Rest of North America
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
5.3.3 Asia Pacific
22.214.171.124 Rest of Asia Pacific
5.3.4 South America
126.96.36.199 Rest of South America
5.3.5 Middle East & South Africa
188.8.131.52 Saudi Arabia
184.108.40.206 Rest of Middle -East & South Africa
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 BASF SE
6.3.2 Royal DSM N.V.
6.3.3 Kemin Industries Inc.
6.3.4 Novus International Inc.
6.3.5 Nutrex Nv
6.3.6 Synthite Industries Ltd
6.3.7 Vitafor NV
6.3.8 Roha (JJT Group)
A selection of companies mentioned in this report includes:
- BASF SE
- Royal DSM N.V.
- Kemin Industries Inc.
- Novus International Inc.
- Nutrex Nv
- Synthite Industries Ltd
- Vitafor NV
- Roha (JJT Group)