Market Size of Feed Carotenoids Industry
| 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, growing at a CAGR of 3.60% during the forecast period (2024-2029).
The market is anticipated to be moderately impacted by the COVID-19 pandemic owing to the supply chain disruptions observed at the global level. Various governments have ordered the partial closure of international ports, promoting disruptions in the feed carotenoids supply chain. In addition to the closure of some production facilities, the spread of the disease disrupted the livestock production and feed manufacturing industries across the world. Therefore, the ongoing impact of the COVID-19 pandemic is speculated to have a negative impact on the raw material supply, which is likely to spike the prices for the next couple of years.
Over the long term, the growth of the aquaculture industry and increased consumption of seafood are anticipated to boost the growth of the carotenoids market. Astaxanthin is the major carotenoid used for the pigmentation of fish muscle, mainly salmons. Various studies have documented the biological and nutritional role of carotenoids in aquatic animals, along with the effect of biotic and abiotic factors on carotenoid transport and retention and final flesh pigmentation.
The Asia-Pacific region is the leading compound feed producing and consuming region in the world, thereby inflicting a direct impact on the feed carotenoids market. The increased scale of industrial livestock production in the region has significantly contributed to an increase in feed production capacities in major economies across the region. The total meat production for buffalo and cattle, poultry, sheep, and goat respectively reached 19,208.3, 50,689.1, and 9,720.2 thousand metric tons in 2020 as compared to 18,748.3, 49,151.2, and 9,167.7 thousand metric tons in 2018 in Asia. Hence, the growing demand for livestock products in Asia is expected to boost the market growth in the coming years.
Feed Carotenoids Industry Segmentation
Feed carotenoids are the 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 into beta-carotene, lycopene, lutein, astaxanthin, canthaxanthin, and other types. By animal type, the market is segmented into ruminant, poultry, swine, aquaculture, and other animal types. The market is also segmented by geography to include the key trends in major markets across North America, Europe, Asia-Pacific, South America, and Middle-East and Africa. The report offers market size and forecasts for 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 Size Summary
The feed carotenoids market is poised for moderate growth over the forecast period, driven by the expanding aquaculture industry and increased seafood consumption. Carotenoids, particularly astaxanthin, play a crucial role in the pigmentation of fish, such as salmon, and are essential in aquaculture feed for various species, including shrimp and lobster. The Asia-Pacific region, being the largest producer and consumer of compound feed, significantly influences the market dynamics. The region's industrial livestock production and the growing demand for livestock products are expected to propel market growth. The shift towards natural carotenoid additives, replacing synthetic ones, is also anticipated to impact the market positively, addressing health and environmental concerns.
The market landscape is characterized by a consolidated structure, with major global players like BASF SE, Kemin Industries, and DSM Animal Nutrition holding substantial market shares. These companies are actively involved in strategic initiatives, such as acquisitions and product launches, to enhance their market presence. The COVID-19 pandemic has posed challenges, including supply chain disruptions, but the long-term outlook remains optimistic due to the increasing awareness among aquaculture farmers about the importance of optimal nutrition. The Asia-Pacific region, particularly countries like China, Vietnam, and Indonesia, is expected to witness significant growth, driven by the adoption of scientific farming methods and the aim to boost export potential.
Feed Carotenoids Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Beta-Carotene
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2.1.2 Lycopene
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2.1.3 Lutein
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2.1.4 Astaxanthin
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2.1.5 Canthaxanthin
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2.1.6 Other Types
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2.2 Animal Type
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2.2.1 Ruminant
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2.2.2 Poultry
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2.2.3 Swine
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2.2.4 Aquaculture
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2.2.5 Other Animal Types
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.1.4 Rest of North America
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Spain
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2.3.2.5 Russia
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2.3.2.6 Italy
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2.3.2.7 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 India
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2.3.3.3 Japan
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2.3.3.4 Australia
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle-East and Africa
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2.3.5.1 Saudi Arabia
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2.3.5.2 South Africa
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2.3.5.3 Rest of Middle-East and Africa
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Feed Carotenoids Market Size 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.
