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Feed Pigment Global market Report 2024 – Market Size, Trends, And Forecast 2024-2033
Feed Pigment Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033
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LONDON, GREATER LONDON, UK, August 27, 2024 /EINPresswire / -- The global feed pigment market has exhibited strong growth, with its size projected to increase from $1.62 billion in 2023 to $1.74 billion in 2024, reflecting a compound annual growth rate (CAGR) of 7.4%. This growth is driven by consumer demand for meat and poultry products, health and aesthetic benefits of pigments, regulatory support for feed additives, and a preference for natural pigments. The market is expected to continue its upward trajectory, reaching $2.23 billion by 2028, with a CAGR of 6.5%.
Increasing Livestock Population Drives Market Expansion
The rising livestock population is a key factor propelling the growth of the feed pigment market. Livestock includes cattle, poultry, sheep, and pigs raised for various purposes, including food and fiber. The demand for high-quality and visually appealing animal products boosts the use of feed pigments. For instance, in September 2022, the Brazilian Institute of Geography and Statistics reported a 3.2% growth in the hog and pig population in 2021, reaching 42.25 million animals. This increase underscores the need for effective feed pigments to maintain product quality and visual appeal in a growing market.
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Major Players and Product Innovations
Key players in the feed pigment market include BASF SE, Kemin Industries Inc., and Novus International Inc. These companies are at the forefront of product innovation. For example, AstaReal introduced NOVASTA in July 2021, a natural red pigment and antioxidant derived from astaxanthin, designed to enhance the health and wellness of companion animals, livestock, and farmed fish. This product reflects the industry's focus on developing innovative feed pigments to sustain market competitiveness.
Key Trends Shaping the Market
Major trends influencing the feed pigment market include:
Technological Advancements: Innovations in pigment production techniques.
Pigment Source Innovations: Development of new pigment sources and blends.
Egg Yolk Coloration: Enhanced focus on improving egg yolk color.
Customized Pigment Blends: Tailored pigment solutions for specific needs.
Antioxidant Properties: Emphasis on pigments with antioxidant benefits.
Market Segmentation
By Product: Carotenoids, Curcumin, Caramel, Spirulina, Other Products
By Source: Natural, Synthetic
By Livestock: Swine, Poultry, Ruminants, Aquatic Animals, Other Livestock
Regional Insights: North America Leading the Market
North America was the largest region in the feed pigment market in 2023. However, Asia-Pacific is expected to be the fastest-growing region during the forecast period, driven by increasing investments in the feed industry and rising demand for specialty and functional feeds in the region.
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Feed Pigment Global Market Report 2024 from TBRC covers the following information:
Market size data for the forecast period: Historical and Future
Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Feed Pigment Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on feed pigment market size, feed pigment market drivers and trends, feed pigment market major players, competitors' revenues, market positioning, and market growth across geographies. The feed pigment market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.