The feed carotenoids market is projected to register a CAGR of 3. 6% during the forecast period. Howver, the ongoing impact of the COVID-19 pandemic is speculated to have a negative impact on the feed raw material supply, which is likely to spike the compound feed prices for the next couple of years.
New York, April 15, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Feed Carotenoids Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06062833/?utm_source=GNW
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 production reached 18,506.3, 46,468.7, and 66,726.0 thousand metric ton for cattle, poultry, and pig meat, respectively, in 2018, as compared to 17,825.8, 43,444.7, and 66,604.8 thousand metric ton in 2016 in Asia.
Carotenoids are responsible for the color of animal skin and are essential for maintaining the health of animals. Since animals are unable to synthesize carotenoids, they must meet their daily nutritional needs from the products ingested. Astaxanthin is the major carotenoid used for the pigmentation of fish muscle, mainly salmons. Beta-carotene, lycopene, and lutein increase the growth performance of animals and the quality of pigmented products.
Carotenoids are widely used in aquafeed. 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. Additionally, optimum color is interpreted by consumers as a primary indicator of quality. Hence, the growth of the aquaculture industry and increased consumption of seafood are promoting the growth of the carotenoids market.
Key Market Trends
Increasing Usage in Aquaculture Feed
The various biological properties of carotenoids have led to their increased usage as an additive in aquaculture feed. Carotenoids are extensively used in the feed for salmon, trout and red porgy, and shellfish, like shrimp and lobster. Carotenoids are essential at the larval stage of aquaculture species, and fish larvae dramatically increase their survival rate, when reared on live feeds containing carotenoids. It has been estimated that by the end of 2021, almost 20% of the global fish and other aquaculture consumption will be from cultured aquaculture, as opposed to the wild collection. This presents a growing opportunity for the development of the aquaculture feed carotenoids market. The increasing awareness of aquaculture farmers about the requirement for optimum nutrition in their farms is expected to further provide a fillip to the growth of the aquaculture segment of the feed carotenoids market.
Asia-Pacific Leads the Global Market
Asia-Pacific is the largest consumer of carotenoids as feed additives, as it is the largest market for aquaculture across the world, dominated by China. India and Vietnam are the markets expected to witness the highest growth in the future due to the adoption of new scientific methods for farming and increasing consumption of meat and fish. As animal rearers in the region are becoming aware of the importance of natural additives in the feed. Synthetic carotenoids are being replaced with natural ones in feed additives, addressing the issue of health impact on humans and animals, as well as the environment. Synthetic carotenoids sell for USD 250-2,000/kg, whereas natural carotenoids sell for between USD 350-7,500/kg; hence, the investment on natural carotenoids is expected to boost the market in the region during the forecast period.
The feed carotenoid market studied is consolidated, with leading global players occupying significant market shares. BASF SE, Kemin Industries, DSM Animal Nutrition, Novus International Inc, Biochem Products B.V., and Allied Biotech Corporation are the major players accounting for 81% of the global feed carotenoids market, based on overall revenue in 2020.
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