Feed Pigment Market to Register a Healthy CAGR for the Forecast Period, 2016-2024
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The major factors driving the growth of feed pigment market are growing demand of strong meat demand, rising health awareness among consumers regarding consumption of healthy food, increasing urbanization, and rising disposable income. Moreover, growing inclination for healthier livestock with rising growth of meat industry is alleged to drive the growth of the feed pigment market. In addition, feed pigments increase palatability, organoleptic developments nutritional benefits, and also offers other health benefits. Among the type of feed pigment, caramel, curcumin, carotenoids, and spirulina are limited feed pigments widespread in the feed pigment market. Carotenoids segment will dominate the growth of feed pigment market and are plugged to account the significant growth over the forecast years. In terms of livestock, poultry industry will register to boost the growth of feed pigment market followed by swine market. Shifting preference towards pellet feed consumption is likely to assistance the growth of feed pigment market. Cheaper substitute availability is another factor which is slated to hamper the global market growth. On the other hand, the major factor restraining the growth of market are management and manufacture costs for the processing of synthetic pigments. Moreover, natural pigments such as marigold are generally seasonal plants which heavily depend on environmental conditions and other external issues.
Regarding geography, feed pigment market has been categorized into five key regions including North America, Western Europe, Eastern Europe, APEJ, Japan, Latin America, and the Middle East & Africa. Feed pigment market is expected to register healthy CAGR during the forecast period. Asia-Pacific represents the significantly high market share and grow with comparatively high CAGR in forecast period. North America is experiencing the rapid increase in the production capacity of feed pigment owing to growing demand among consumers for pigments in food industry particularly in the U.S. Major factors that are boosting the growth of feed pigment market in the region include rising health concerns among the young population, and increasing production rate. Feed pigment market for Asia Pacific is also expected to witness rapid growth during the forecast period primarily attributed to the growth of dietary supplements market, especially in China and India. Moreover, the leading players are strategically focusing on strengthening their R&D proficiencies by capitalizing in advanced technology to offer diversified product portfolios increasing the nutritive benefits of the feed pigments. Asia-Pacific is the largest market with China merging as the forerunner with a huge market share. Other traditional markets include countries like India, Brazil and Mexico among others.
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Some of the key players identified in the feed pigment market are:-
D.D. Williamson & Co., Inc. (DDW)
Guangzhou Leader Bio-Technology Co., Ltd
Innovad AD NV/SA
Kemin Industries Inc.
Novus International, Inc.
Royal DSM N.V.
Synthite Industries Ltd
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