Feed Carotenoids Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 10.52 Billion |
| Market Size (2029) | USD 12.56 Billion |
| CAGR (2024 - 2029) | 3.60 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Feed Carotenoids Market Analysis
The Feed Carotenoids Market size is estimated at USD 10.52 billion in 2024, and is expected to reach USD 12.56 billion by 2029, at a CAGR of 3.60% during the forecast period (2024-2029).
Carotenoids are essential for animal health, promoting growth, enhancing immune function, and improving reproductive performance. Their antioxidant properties help reduce oxidative stress in animals, which is crucial for maintaining livestock health. The global feed carotenoids market is expanding due to increased meat and seafood consumption worldwide, while the growth of industrial livestock production and export-oriented aquaculture in Asia is anticipated to drive market growth during the forecast period.
The feed carotenoids industry is experiencing increased demand for products that enhance meat quality as global consumption patterns evolve. According to the OECD-FAO Agricultural Outlook 2024-2033, global consumption of poultry, pig meat, beef, and sheep meat is projected to grow by 16%, 8%, 11%, and 16%, respectively, by 2033. Additionally, the expansion of the aquaculture industry and increased seafood consumption are projected to further boost the carotenoids market, with the OECD-FAO Agricultural Outlook 2024-2033 report indicating that fish food consumption will increase by 13%, adding 21 million metric tons to reach 186 million metric tons by 2033.
Feed Carotenoids Market Trends
Increased Meat and Seafood Consumption
Global meat consumption continues to rise, influenced by population growth, urbanization, demographic shifts, income levels, price fluctuations, and environmental and health considerations. This growth pattern is evident in the USDA data, which shows the United States leading global poultry meat consumption in 2023 with 17.9 million metric tons. China followed as the second-largest consumer with 15 million metric tons, marking an increase from 14.4 million metric tons in the previous year, while the European Union consumed 10.2 million metric tons. As a result of this increasing demand for animal protein sources, the livestock industry faces mounting pressure to expand production, which consequently drives growth in the feed carotenoids market.
The world is experiencing significant demographic changes, characterized by an expanding middle-income population and higher income levels, which have fundamentally altered dietary preferences toward increased per capita consumption of meat and seafood. According to the OECD-Agriculture Outlook 2024-2033, this shift is reflected in projected per capita fish consumption reaching 21.4 kg (live weight equivalent) by 2033, representing a 2.7% increase from 20.8 kg in the base period 2021-2023. To meet this growing demand, global fish production, including capture fisheries and aquaculture, is anticipated to expand from 185 million metric tons during the base period to 206 million metric tons by 2033. This growth trajectory, coupled with anticipated improvements in livestock and aquaculture yields through enhanced feed management practices and increased compound feed usage, is expected to strengthen the demand for feed carotenoids during the forecast period.
Asia-Pacific Leads the Global Market
Asia-Pacific dominates the feed carotenoids market, primarily due to its position as the world's largest aquaculture market, with China at the forefront. Vietnam, Indonesia, and India are emerging as key growth markets, driven by the implementation of advanced farming methods and increasing consumption of fish and livestock products. The region's focus on expanding export capabilities has increased feed demand, subsequently boosting the carotenoids market. In 2024, India introduced the Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY), a sub-scheme under PMMSY, allocating Rs. 6,000 crores (USD 706.9 million) over 2023-24 to 2026-27 across all States/Union Territories to formalize the fisheries sector and support small enterprises.
The Australian poultry industry contributes significantly to the regional feed carotenoids market, with chicken meat comprising 95% of total poultry production, alongside duck and turkey meat production. The Australian Bureau of Statistics reported chicken meat production reached 361.4 thousand metric tons in 2023, marking a 6.7% increase from 338.7 thousand metric tons in the previous year. These developments continue to drive the growth of the feed carotenoids market in the Asia-Pacific region.
Feed Carotenoids Industry Overview
The feed carotenoid market is consolidated, with major global companies holding significant market shares. BASF SE, Kemin Industries, dsm-firmenich, VievePharm Animal Nutrition BV, and EW Nutrition dominate the market. These companies maintain extensive product portfolios, broad geographical presence, and competitive advantages in the market.
Feed Carotenoids Market Leaders
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BASF SE
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Kemin Industries
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VievePharm Animal Nutrition B.V.
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EW Nutrition
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dsm-firmenich
*Disclaimer: Major Players sorted in no particular order
Feed Carotenoids Market News
- June 2024: Camlin Fine Sciences Limited's subsidiary, Dresen Quimica SAPI De CV, acquired a 100% stake in Vitafor Invest NV (Belgium) and its subsidiaries and associates. This acquisition integrates Vitafor's product portfolio with the company's group and enables the marketing of these products to the existing customer base.
- July 2022: BASF’s Nutrition & Health division expanded its position as an ingredients partner for the animal nutrition and human nutrition industries by combining the strategic and operational responsibility in one global business unit, Nutrition Ingredients. In the coming year, the focus will be on leveraging and further strengthening core product platforms and assets for vitamins and carotenoids that are deeply rooted in the BASF Verbund as well as expanding the business with feed enzymes.
Feed Carotenoids Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increased Meat and Seafood Consumption
4.2.2 Growing Export-Oriented Aquaculture in Asia
4.2.3 Expanding Industrial Livestock Production
4.3 Market Restraints
4.3.1 High Input Prices
4.3.2 The Risks Associated with High Doses of Carotenoids
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Beta-Carotene
5.1.2 Lycopene
5.1.3 Lutein
5.1.4 Astaxanthin
5.1.5 Canthaxanthin
5.1.6 Other Types
5.2 Animal Type
5.2.1 Ruminant
5.2.2 Poultry
5.2.3 Swine
5.2.4 Aquaculture
5.2.5 Other Animal Types
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.1.4 Rest of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Spain
5.3.2.5 Russia
5.3.2.6 Italy
5.3.2.7 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 India
5.3.3.3 Japan
5.3.3.4 Australia
5.3.3.5 Rest of Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 BASF SE
6.3.2 dsm-firmenich
6.3.3 Kemin Industries
6.3.4 Synthite Industries Ltd
6.3.5 Nutrex
6.3.6 VievePharm Animal Nutrition BV
6.3.7 Impextraco
6.3.8 Allied Biotech Corporation
6.3.9 Cyanotech Corporation
6.3.10 EW Nutrition
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Feed Carotenoids Industry Segmentation
Feed carotenoids are compounds used in animal feed as a coloring pigment to enhance various livestock-based products, including egg yolks, broiler skin, fish, and crustaceans. The Feed Carotenoids Market is segmented by Type (Beta-Carotene, Lycopene, Lutein, Astaxanthin, Canthaxanthin, and Other Types), Animal Type (Ruminant, Poultry, Swine, Aquaculture, and Other Animal Types), and Geography (North America, Europe, Asia-Pacific, South America, and the Middle-East and Africa). The report offers market size and forecasts for the feed carotenoids market in terms of value (USD million) for all the above segments.
| Type | |
| Beta-Carotene | |
| Lycopene | |
| Lutein | |
| Astaxanthin | |
| Canthaxanthin | |
| Other Types |
| Animal Type | |
| Ruminant | |
| Poultry | |
| Swine | |
| Aquaculture | |
| Other Animal Types |
| Geography | |||||||||
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Feed Carotenoids Market Research Faqs
How big is the Feed Carotenoids Market?
The Feed Carotenoids Market size is expected to reach USD 10.52 billion in 2024 and grow at a CAGR of 3.60% to reach USD 12.56 billion by 2029.
What is the current Feed Carotenoids Market size?
In 2024, the Feed Carotenoids Market size is expected to reach USD 10.52 billion.
Who are the key players in Feed Carotenoids Market?
BASF SE, Kemin Industries, VievePharm Animal Nutrition B.V., EW Nutrition and dsm-firmenich are the major companies operating in the Feed Carotenoids Market.
Which is the fastest growing region in Feed Carotenoids Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Feed Carotenoids Market?
In 2024, the Asia Pacific accounts for the largest market share in Feed Carotenoids Market.
What years does this Feed Carotenoids Market cover, and what was the market size in 2023?
In 2023, the Feed Carotenoids Market size was estimated at USD 10.14 billion. The report covers the Feed Carotenoids Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Feed Carotenoids Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Feed Carotenoids Industry Report
Statistics for the 2024 Feed Carotenoids market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Feed Carotenoids analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Feed Carotenoids Market Report Snapshots
