Global Feed Carotenoid Market is expected to reach $1.66 billion by 2021 | Market Data Forecast

Carotenoids are the organic pigments naturally occurring in plants and have been utilized for food colourings with beta-carotene for a long time. However, with constant research and development, they have also found significance in feeds and food supplements.

The Global Feed Carotenoid Market was worth $1.37 billion in 2016 and estimated to be growing at a CAGR of 3.94%, to reach $1.66 billion by 2021.

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The growth of the global Feed Carotenoid market is majorly driven by factors such as growing health consciousness among the consumers, rising consumption of compound and pelleted feed, and increasing predilection for natural coloration. Also, 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.

The Global Feed Carotenoid market is segmented based on Type and Animal Type. The market for Feed Carotenoid, on the basis of Type, is classified into Lutein, Canthaxanthin, Astaxanthin, Beta-Carotene, Lycopene, Zeaxanthin, and others. 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 the industrial areas.

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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. On the basis of Animal Type, the global Feed Carotenoid market is segmented into Poultry, Aquaculture, Swine, Ruminant, and others. 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%.

Futhermore, based on geography the market is segmented into various regions namely North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa. Asia Pacific and North America are the main users accounting for around 65% of the entire market. 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.

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Partnerships and arrangements with raw material suppliers and traders to guarantee uninterrupted supply at discounted costs is the most adopted plan 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.

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