The global feed carotenoid market was valued at USD 1.62 billion in 2023 and is anticipated to reach USD 1.68 billion in 2024 from USD 2.30 billion by 2032, growing at a CAGR of 3.98% from 2024 to 2032.
Feed Carotenoid market is growing at a substantial rate due to the progress in the animal feed industry. Carotenoids are the organic pigments naturally occurring in plants and have been utilized for food colorings with beta-carotene for a long time. However, with constant research and development, they have also found significance in feeds and food supplements.
The growth of the global feed carotenoid market is majorly driven by factors such as growing health consciousness among consumers, rising consumption of compound and pelleted feed, and increasing predilection for natural coloration. Also, the growing acceptance of intensive farming systems in the poultry and aquaculture industry is anticipated to drive the growth of the market. However, factors such as high expenses incurred during the extraction and mounting costs of raw materials are thwarting the growth of the market.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2032 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2032 |
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CAGR |
3.98% |
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Segments Covered |
By Type, By Animal Type, and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
BASF SE, Chr. Hansen A/S, FMC Corporation, Kemin Industries Inc., Royal DSM N.V., and Behn Meyer Group. |
Among these, Astaxanthin leads the global feed-carotenoid market, followed by beta-carotene and lutein. Astaxanthin is utilized on a large scale due to its functional characteristics, easy obtainability, and usage in almost all industrial areas. However, the beta-carotene segment is estimated to be the fastest-growing market during the forecast period, owing to its high efficacy and medicinal properties.
Under this segment, Poultry leads the market accounting for more than 45% of the market share. However, Aquaculture is projected to be the fastest-growing segment with a CAGR of 6.8%.
The Asia Pacific and North America are the main users accounting for around 65% of the entire market. The U.S. is the major market and is also projected to be the fastest-growing country in North America. The Asia Pacific market has the highest CAGR due to growth in the Aquaculture and feed industry.
Partnerships and arrangements with raw material suppliers and traders to guarantee uninterrupted supply at discounted costs are the most adopted plans by the players in the market. Expansion of the company and putting up new plants to boost production capability is another tactic adopted by the key players.
The major companies dominating the global Feed Carotenoid market are BASF SE, Chr. Hansen A/S, FMC Corporation, Kemin Industries Inc., Royal DSM N.V., and Behn Meyer Group.
By Type
By Animal Type
By Region
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