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 |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
