Market Overview:

Carotenoids are natural pigments responsible for many of the red, orange, and yellow hues of food products. Animal feed is the biggest field of application of carotenoids majorly because of broad scale use of astaxanthin and canthaxanthin in aquaculture. The world Feed Carotenoids Market was valued $1,742.5 million in 2019 and is estimated to register a CAGR of 3.5% within the forecast period of 2019 to 2024. The market is forecasted to be valued over $2,100 million in 2024. Carotenoids are the major factors in human and animal health and very important for proper vision. Therefore, intake of carotenoids in optimum quantities is important for the prevention of deficiency-related diseases development.

Market drivers and restraints:

Increase in consumption of meat, poultry and dairy products, increasing concern about the outbreak of the animal diseases, growing domestic and international quick-service restaurants in developing countries and demand for quality meat products by customers are estimated to create demand feed carotenoids market. The rising demand for high-protein diets has positively influenced livestock production are the few factors drive the feed carotenoids market. Nevertheless, lack of awareness, high prices of the raw materials may hinder the feed carotenoids market growth.

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Report segmented as:

By product type:

• Canthaxanthin
• Beta-carotene
• Lutein
• Zeaxanthin
• Lycopene
• Astaxanthin
• Others

By animal type:

• Swine
• Poultry
• Ovine
• Bovine
• Equine
• Canine
• Aquaculture

Geographical analysis:

Feed carotenoids market is segregated into North America, Asia-Pacific, Europe, and the Middle East & Africa, Latin America. Europe is one of the biggest contributors to the world carotenoids market owing to rise in usage of carotenoids through health supplements and in animal feed. Robust R&D investment, government involvement towards the healthcare facilities and promotion of preventive measures, and the well-established cosmetics industry demanding natural coloration are the key factors influencing the growth of the carotenoids market in Europe.

Important market players:

Some of the leading players in global feed carotenoids are FMC Corporation (U.S.), Royal DSM N.V. (The Netherlands), BASF SE (Germany), Cyanotech Corporation (U.S.), Kemin Industries, Inc. (U.S.), Chr. Hansen A/S (Denmark).

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The Scope of the report:

This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.

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