Feed Pigments Market Overview
Feed Pigments Market Size was valued at USD 1.5 Billion in 2022. The Feed Pigments market industry is projected to grow from USD 1.6 Billion in 2023 to USD 2.1 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.67% during the forecast period (20232032). Increased meat consumption, the health benefits of carotenoids for animals, and the industrialization of the hog, poultry, and aquaculture industries, are the key market drivers enhancing the market growth.
The higher population rate in developing countries has driven the demand for livestock, ruminants, and poultry products worldwide. This is the major driver of the Feed Pigments Market, propelling its growth rate. The preference to consume meat products due to their higher protein content is another factor aiding the market. Moreover, the involvement of technological advancements is a significant reason for accelerating it.
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The feed pigments market has maintained its status globally. This is because the product quality and quantity have improved over the years. The industrial players have come up with nutrient-rich and more natural products emerging in the market. Also, urbanization has brought changes in lifestyle, which inclined consumers to intake a healthy and natural diet. The growing awareness and concerns about health conditions propel the markets revenue. These factors will bring up lucrative growth opportunities for the Feed Pigments Market in the forecast period.
Market Segments
The Feed Pigments Market segments are divided into type, source, and livestock.
The type segment includes sub-segments such as carotenoids, spirulina, curcumin, and others. The carotenoids segment is noticed as the dominating segment due to its higher utility rate.
The source segment of the market is segregated into natural feed pigments and synthetic feed pigments. The natural feed pigments will show higher potential growth in the future forecast because natural products are mostly preferred in the animal feeding sectors.
In the livestock segment, the Feed Pigments Market is classified into poultry, ruminants, swine, and others. The dominating segment is the poultry segment because of the higher consumption of poultry products worldwide.
Regional Analysis
According to the global geographical growth analysis of the Feed Pigments Market, it shows massive growth in the North American regions, European Union, Asia-Pacific countries, and other regions.
Among these geographical regions, the Asia-Pacific region is leading this market. In this region, China is noticed as the major contributor to poultry products, boosting the regional market. Another reason people in Asia-Pacific have increased their poultry and meat products consumption. This factor promotes the growth of the Feed Pigments Market in the region.
The North American region is the next dominating region of the market. The growing demand for poultry products in major developed countries such as Canada, the U.S., and Mexico is accelerating the growth rate. In this region, the industrial players are highly focused on research and development, which is aiding the regional market revenue.
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Industry News
In August 2022 An Ottawa life sciences company Avivagen, announced the development of a natural immune-boosting compound for pets, livestock, and humans. It has also landed a series of orders to overtake deep financial holes in the coming years of sustained losses. It has announced new deals in regions Asia, Brazil, and Mexico. The orders to ship six tonnes of product, branded as OxC-beta, for livestock, poultry, and dairy producers. The largest ever agreement calls for the firm to ship four tonnes to an Asian livestock producer.
