The Asia-Pacific Feed Carotenoid Market was worth $0.32 billion in 2021 and estimated to be growing at a CAGR of 6.98%, to reach $0.45 billion by 2026. Carotenoids have high nourishing properties which help avert deadly diseases such as cancer, diabetes, and tumour.
Along with this, carotenoids comprise of a coloration pigment named carotene which is accountable for imparting red, yellow, and orange colour in plants and animals thus intensifying the need and utilization of carotenoids especially for meat products. The coloration of animal products plays a major role in determining their commercial worth. Hence, carotenoids are considered as a major business opportunity, with several multinational players already entering into the production of different types of carotenoids which can be used in several applications.
The growth of the Asia-Pacific Feed Carotenoid market is majorly driven by factors such as growing consumer preference for naturally healthy products, easy availability and the commercial scope of carotenoids in feeds and supplements. The antioxidative feature and discovery of new health benefits of carotenoids makes it medically more viable giving a boost to the demand for carotenoids in medical sectors as well. However, factors such as inadequate number of suppliers in the market, high expenses incurred during extraction and mounting costs of raw materials are preventing the growth of the market in this region.
Among these, Astaxanthin leads the Feed Carotenoid market, followed by beta-carotene and lutein. Astaxanthin is utilized on a large scale due to its functional characteristics, easy obtainability, and usage in almost all the industrial areas. However, the beta-carotene segment is estimated to be the fastest-growing market during the forecast period, owing to its high efficacy and medicinal properties.
Under this segment, Poultry leads the market accounting for more than 45% of the market share. However, Aquaculture is projected to be the fastest growing segment with a CAGR of 6.8%.
The Asia-Pacific region is geographically segmented into
This region has the fastest growing market due to the development in the Aquaculture and feed industry. China, India, and Vietnam are the high growth markets for feed Carotenoids in this region due to an increase in intake of meat and acceptance of scientific method of farming.
Partnerships and arrangements with raw material suppliers and traders to guarantee uninterrupted supply at discounted costs is the most adopted plan by the players in the market. Expansion of the company and putting up new plants to boost production capability is another tactic adopted by the key players. The major companies dominating the Feed Carotenoid market in this region are BASF SE, Chr. Hansen A/S, FMC Corporation, Kemin Industries Inc., Royal DSM N.V., and Behn Meyer Group.
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