Noteworthy leaders in the global feed pigment market must undertake growth-oriented strategies such as new product launches and strategic alliances for maintaining robust market position.
DUBAI, UAE / ACCESSWIRE / April 22, 2020 / Heightening demand for quality meat products and animal protein is strengthening the growth of feed pigment market. Further, rapid innovations led by crucial market players are major growth levers of feed pigment market. On that premise, the market was valued at approximately US$ 1.1 Bn in 2019, reports Future Market Insights (FMI).
"Farmers' continual acceptance of feed pigments is a major growth driver. Moreover, heightened awareness along with presence of advanced R&D facilities continues to facilitate the market growth. Hence, the global feed pigment market will expand steadily at approximately 3% CAGR over the forecast period (2019-2029)," projects FMI.
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Key Takeaways of Feed Pigment Market Study
- In terms of product type, carotenoids hold the majority share in the overall market stack.
- Swine segment accounts for prominent share in the feed pigment market in terms of livestock with poultry segment closing in.
- North America leads the global feed pigment market while Europe presses forward.
- Asia Pacific will offer lucrative growth opportunities to manufacturers over the forecast period.
Feed Pigment Market - Key Growth Factors
- Burgeoning demand for nutritious and safe feeds is propelling the growth of feed pigment market across the globe.
- Better knowledge of farmers regarding nutritional benefits is fuelling the demand for feed pigment in North America.
- Growing poultry and aquaculture businesses in emerging Asian economies is bolstering the regional market growth.
- Rising economic wealth and rapid urbanization contribute substantially to the growth of feed pigment market.
Feed Pigment Market - Key Restraints
- Relatively high price point of synthetic feed pigments will limit the market growth through 2029.
- Availability restriction of marigold and other seasonal feed pigments is hampering the market growth.
Impact of COVID-19 on Feed Pigment Market
Top market players in the global feed pigment market are bearing the brunt of supply chain disruptions induced by COVID-19 pandemic. The global economic headwinds in the wake of current outbreak are having an adverse impact on feed pigment market as well. Market leaders are constantly devising strategies to counter the effects of Coronavirus crisis.
One of the most crucial COVID-19 impacts on feed pigment market is the decreasing consumer confidence. For instance, reduce popularity of aquaculture amid the rapidly spreading respiratory illness is restraining the market growth. Moreover, stringent lockdown measures and travel restrictions imposed by governments continue to pose challenges for prominent industry leaders.
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Competitive Landscape
Some of the major players profiled in this FMI report include, but are not limited to, Behn Meyer Group, Guangzhou Leader Bio-Technology Co., Ltd., Royal DSM NV, BASF SE, Williamson & Co., Inc., Kemin Industries, Inc., Nutrex NV, Novus International, Inc., and Vitafor NV. Major stakeholders intend to boost production capacity while reducing the overall cost. Niche players are undertaking several inorganic and organic growth strategies for enhanced competitive advantage. For instance, alliances, joint ventures, collaborations, mergers and acquisitions are major inorganic strategies followed by major stakeholders along with new product launches as their chief organic strategy.
More about the Report
This Future Market Insights study of 200 pages provides all-inclusive insights on the global feed pigment market. The market analysis is based on product type (carotenoids, curcumin, caramel, and spirulina), source (natural, synthetic), and livestock (swine, poultry, ruminants, and aquatic animals) across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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SOURCE: Future Market Insights