Global Feed Pigments Market - Growth, Trends and Forecasts (2019 - 2024)
The global feed antibiotics market (henceforth, referred to as the market studied) was valued at USD 1.0 billion in 2018, and it is expected to register a CAGR of 2.93% during the forecast period (2019-2024). Asia-Pacific is projected to be the fastest-growing market.
Feed additives are used to enhance the color of meat and yolk of the egg. They are majorly used in the poultry and aquaculture. The increasing demand for red meat, have led the meat processing industries to use pigments to enhance the color of the raw and processed meat.
Increasing Meat Consumption
Feed pigments in livestock are used to improve the color of the products obtained from the animals including eggs, milk, and meat. Increasing meat consumption is the major driving factor for the feed pigments market. According to the Organisation for Economic Co-ordination and Development, meat consumption has raised from 114 million metric tons in 2017 to 116 million metric tons in 2018. Poultry meat is the most consumed by humans with per capita consumption of 30.6 kilograms per year, followed by pork with per capita consumption of 23.5 kilograms per year and beef and veal with per capita consumption of 14.8 kilograms per year.
North America - The Largest Geographic Market
The United States is the largest feed pigment market with a market share of 19.23%, with a value of USD 197.4 million in 2018 followed by China. Despite the United States, North America is projected to have growth at a lower CAGR, whereas Asia-Pacific followed by Europe will be the fastest growing market during the study period 2019-2024. The feed pigments are given along with the other feed additives to the animals to improve the color of the meat and egg. Feed pigments are highly used in poultry industry.
The Global feed pigment market is a highly concentrated market with few major players including BASF SE, Novus International Inc., Kemin, Royal DSM N.V. The major strategies adopted by them are acquisitions, mergers, increasing the capacity of the plants and investing in R&D.