The global feed pigment market is expected to witness growth owing to strong meat demand over the forecast period. Increasing preference for healthier livestock coupled with the growing meat industry is presumed to complement the global market. Besides nutritional benefits, feed pigments increase palatability, organoleptic enhancements, and provide other health benefits. Carotenoids, caramel, curcumin, and spirulina are few feed pigments prevalent in the market. Carotenoids dominated the global market and are touted to witness the highest growth over the next seven years. Feed pigments are also segmented on the basis of different livestock that they are administered to such as poultry, swine, cattle, and aquatic animals. Poultry industry dominated the global feed pigment market followed by swine industry in the recent past and this trend is expected to continue in the near future. Shifting inclination towards pellet feed consumption is expected to further aid the global market growth. Numerous recent animal disease outbreaks such as foot & mouth disease and mad cow disease have played a critical role in assisting the global market. Rising raw material prices along with stringent regulations, especially in the developed markets, are anticipated to hinder market development. Cheaper substitute availability is another factor that is slated to hamper global market growth. R&D initiatives to develop cheaper feed pigment with superior properties promise ample opportunities for market participants. Rising feed pigment demand in the emerging markets, such as China, India, South East Asian countries, and Brazil, also offers abundant opportunities for market growth and development.
Asia Pacific and North America dominated the global feed pigment market over the recent years capturing nearly two-third market share. Emerging regions such as Asia Pacific and Latin America are slated to experience brisk market growth owing to strong demand assistance from countries such as China, India, and Brazil. To cater to this growing demand, companies are developing innovative production methods to increase production capacity and reduce costs. Key participants are engaging in developing newer and robust product portfolios and engaging in R&D to penetrate the emerging markets.
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Restrictions on manufacturing activities due to the advent of the COVID-19 pandemic shall cause a slump in the supply of feed, as well as its additives. The current stagnation in supply is, in turn, detrimental against the backdrop of ever-increasing demand for essential food products such as dairy and meat. The report will account for Covid19 as a key market contributor.