Market Research Report
Global Feed Pigments Market - 2021-2028
|Global Feed Pigments Market - 2021-2028|
Published: August 20, 2021
Content info: 180 Pages
Delivery time: 2 business days
Feed pigments are a category of feed additives that play an important role in enhancing the performance of the feed. Other than its main function of providing the feed with a distinct color, it also helps the animal in terms of strengthening the immune and reproduction system along with improving the metabolism level. These feeds also come up with auxiliary benefits such as weight gain. In addition to nutritional benefits, these pigments improve palatability, organoleptic development and give other health benefits. Some of the feed pigments such as carotenoids, caramel, curcumin, and spirulina are few feed pigments common in the market. In terms of quality, feed pigments help to increase the commercial value of the meat by-products and act as antioxidants to enhance the palatability of the feed and to enhance the immunity system against several diseases in the animals. The ingredients required for production feed pigments are collected from natural food leftover. For instance, Lutein is a feed pigment that is manufactured by feed ingredients such as yellow corn, corn gluten meal and alfalfa meal. The global feed pigments market size was worth US$ XX billion in 2019 and is estimated to reach US$ XX billion by 2028, growing at a CAGR of XX % during the forecast period (2021-2028).
Increasing meat consumption is expected to drive the growth over the forecast period
The rapid growth of the economy in developing regions, rising disposable income, interest in intake of healthier meat and use of meat as a staple food in developed countries are driving the growth of the feed pigment market. At present, feed is the most important factor in ensuring the sustainable production of quality and affordable animal proteins, which guarantees the large consumption of meat every year. According to the United Nations Food and Agriculture Organization (FAO), by 2050, the demand for food will increase by about 60 percent and from 2010 to 2050 production of animal proteins is estimated to grow by approximately 1.7 percent per year, with meat production predicted to increase by almost 70 percent, aquaculture by about 90 percent and dairy by 55 percent. The pressure of increasing meat production along with the demand for healthy meat consumption is expected to be the most important driving factor for the feed pigment market. According to the Organisation for Economic Co-ordination and Development, meat consumption has raised from 114 million metric tons in 2017 to 116 million metric tons in 2018. 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 per capita consumption of 14.8 kilograms per year.
Moreover, the growing demand for intake of healthy meat products with high nutritional value forces livestock firms to adopt new effective feed ingredients, which is also helping the growth of the feed pigments market. Feed pigments are usually used to improve the appearance and nutritive value of animal feed. For instance, Carotenoids which are used as the most common feed pigment, have very high nutritional values and accelerate the production of white blood cells that enhance overall immune status. They also act as antioxidants that can treat allergies, immune disorders, skin diseases, eye disorders, and any cardiovascular diseases present in the animals up to some extent. The increasing awareness of the benefits of Carotenoids in terms of quality meat production is helping in the market growth of feed pigment.
Carotenoids segment is expected to grow at the fastest CAGR during the forecast period, due to their extensive use in pigmenting poultry and aqua produce
Carotenoids are used in the production of animal feed as nutrients to provide ideal animal health and improve the quality of meat. Due to active research & development activities, new forms of concentrated carotenoids are produced to help the feed pigment formulators to supply enough carotenoids to the animals at any time, which have helped in the growth of the demand of the feed pigment market. Curcumin is expected to account for the second-largest share in the feed pigments market over the forecast period. In the animal feed, curcumin has been applied to improve enzyme activity, performance, egg quality, and anti-oxidative state. It has been researched that nursing lambs-fed diets with curcumin pigments can substantially enhance daily weight gain, production performance, metabolism, and immune performance.
Based on livestock, swine segment is expected to dominate the feed pigments market during the forecast period. As Europe and Asia-Pacific regions are the top pork producers, the consumption of feed pigment is high in the swine industry in these regions. Pork is the second most consumed meat worldwide and to meet the demand for these products, and many feed producers are actively using feed pigments for strengthening immune systems, increasing the intake of nutritious feed and improving the quality & quantity of the meat.
Asia Pacific is expected to dominate the global feed pigments market during the forecast period, due to easy availability of raw materials
Asia-Pacific region is dominating the global Feed Pigments market and accounted for the largest market share in 2019 due to easy availability of raw materials, rapid increase in population, growth in economy and government initiatives. According to International Feed Industry Federation (IFIF), Asia-Pacific was the leading feed producer in 2018 with approximately 36% of market share. According to Food and Agriculture Organization of the United Nations (FAO) livestock production is growing rapidly in the developing world, mainly in Asia and Latin America. Livestock production is growing rapidly due to the intensification of production systems by using new scientifically proven feed products and through a shift towards poultry and swine with slower expansion of beef production. Europe and North America will have moderate growth rate in feed pigment market due to presence of major market players, established meat market and steady demand of meat products.
The competitiveness of the global feed pigment market suggests the industry is moderately fragmented with players such as Royal DSM, BASF SE, D.D. Williamson & Co., Kemin Industries, Guangzhou Leader Biotechnology and Novus International, among others. These companies are likely to focus on divestment, investment, mergers & acquisitions, product launches and innovation
COVID-19 Impact: Pandemic laid a negative impact on the feed pigments market
The pandemic had significantly affected the economics of poultry and meat production activities globally, particularly during lockdown phase in first half of 2020. The labor-intensive meat processing industry is affected by the strict restrictions imposed. Furthermore, the outbreak resulted in decline of poultry and meat consumption owing to health and safety concerns associated with animal produce. All these factors led to decrease in animal feed production and sales of feed pigments
The outbreak also affected the consumption pattern, especially the demand for high-value meat cuts consumed in restaurants has considerably affected. Steep fall in demand from the food service industry could dent the industry outlook. However, feed pigments for ruminants gained an uptick with soaring consumption of milk globally. For instance, annual dairy imports in Saudi Arabia surged by 13.5% in 2020, while Brazil recorded hike in milk product imports.