Global Feed Carotenoids Market

Global Feed Carotenoids Market Size, Share, Growth Analysis, By Type(Beta-Carotene, Lycopene), By Application(Ruminant, Poultry) - Industry Forecast 2024-2031

Report ID: SQMG15E2041 | Region: Global | Published Date: July, 2001
Pages: 165 | Tables: 68 | Figures: 75

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Feed Carotenoids Market size was valued at USD 1.8 billion in 2019 and is poised to grow from USD 1.87 billion in 2023 to USD 2.64 billion by 2031, growing at a CAGR of 3.9% in the forecast period (2024-2031).

The feed carotenoids market is relatively fragmented, with a high level of competition. Few large players, like BASF SE, VievePharm Animal Nutrition BV, and Avivagen, now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability. 'Algatechnologies Ltd.', 'Archer Daniels Midland Company', 'BASF SE', 'Behn Meyer Group', 'BioExtract', 'Carotech Berhad', 'Chr. Hansen Holding A/S', 'DDW The Colour House', 'Divi's Laboratories Ltd.', 'DSM Nutritional Products AG', 'Guangzhou Leader Bio-Technology Co. Ltd.', 'Kemin Industries Inc.', 'Lycored Corp.', 'Novus International Inc.', 'Nutrex NV', 'Phytone Limited', 'Piveg Inc.', 'Sensient Technologies Corporation', 'Vitae Naturals', 'Zhejiang NHU Company Ltd.'

One of the main factors propelling the development of the feed carotenoids market is the rising demand for high-quality food products around the world. Increases in both the availability of feed supplements and consumer knowledge about the benefits of using natural carotenoids as food colorants are driving the market forward. The market is also influenced by the advancement of cutting-edge carotenoid extraction methods and the urgent need to reduce animal disease outbreaks. The feed carotenoids market is boosted by rising demand for animal-based products and a more health-conscious consumer base.

In recent years, carotenoids derived from algae have acquired commercial recognition on the global market for food and cosmeceutical uses; this is because algae are a rich source of a wide variety of bioactive compounds. However, algae-based carotenoids aren't yet competitively priced compared to man-made alternatives. But with passing time and increasing investment and innovation into the industry this will propel the feed carotenoids market during the analysis period.

As the largest market for aquaculture in the world, Asia-Pacific is the biggest consumer of carotenoids as feed additives. China is the biggest player in this market. Vietnam, Indonesia, and India are the main markets that are expected to grow a lot in the future. This is because they are using more scientific ways to farm and more people are eating fish and other livestock products. The desire to boost exports in Asian countries is also driving up the demand for feed, which is helping the carotenoids market grow. Indonesia's government plans to have aquaculture farms in dozens of villages by the end of 2022. This will help Indonesia export more aquaculture products. All these developments will help the Asia Pacific region to dominate the global feed carotenoids market during the analysis period.

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