Market Research Report
Asia-Pacific Feed Pigments Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
|Asia-Pacific Feed Pigments Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)|
Published: January 17, 2022
Mordor Intelligence Pvt Ltd
Content info: 120 Pages
Delivery time: 2-3 business days
The Asia Pacific feed pigment market is projected to register a CAGR of 2.2% during the forecast period 2020-2025. Feed pigments are essential to feed additives that improve the commercial value of animal feed by imparting attractive color to products obtained from animals. Furthermore, they improve palatability and immunity, curing multiple livestock diseases. 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 pigments market in this region.
The population has been growing rapidly in the Asia Pacific region, with China and India being the densely populated countries. With this increasing population, food production demands are also increasing. Moreover, the rising awareness regarding the healthy benefits of consuming protein sources is creating demand for meat consumption in the region. According to the Food and Agricultural Organization, the meat consumption in the Asia Pacific region has increased from 137.5 million tons in 2014 to 143.68 million tons in 2018. Pork meat and Poultry meat are mostly consumed in the Asia Pacific, contributing 46% and 32% of the total meat consumption respectively. This increasing demand for meat consumption, in turn, is driving the Feed pigment market as it improves the color of the products obtained from animals including eggs, milk, and meat.
China is the largest Feed pigment market in the Asia Pacific region followed by India and Japan owing to rising healthcare awareness among consumers, disposable incomes, poultry & aquaculture growth, and increasing meat consumption. Feed pigments are mostly used in poultry and aquaculture to enhance the color of meat, increase palatability, and improves animal performance. China, showing the rising trend in poultry production to 51.7 million tons in 2018 and also China, having a target of increasing aquaculture production by 15.4 million metric tons by 2025, provides new growth opportunities and helps in enhancing the feed pigment market size.
The Feed pigment market in the Asia Pacific region is consolidated with few major players dominating the market. The key players in the marker are Novus International Ltd., BASF SE, Kemin Industries, Nutrex NV, and Synthite Industries Ltd. The firms are coming with new products in this segment to build a huge presence and gain a strong customer base in the market. For Instance, BASF has launched next-generation carotenoids stabilized by propyl gallate (PG) and butylhydroxytoluene (BHT) or Tocopherol. It also has launched Lucatin NXT in the year 2018, that delivers high homogeneity, outstanding stability, and long shelf life while maintaining egg yolk and broiler skin coloring efficacy.