The Latin America Feed Carotenoid Market was worth $0.20 billion in 2021 and is estimated to be growing at a CAGR of 3.48%, to reach $0.35 billion by 2026.
The Feed Carotenoid market is growing at a substantial rate due to the progress in the animal feed industry. Carotenoids are the organic pigments naturally occurring in plants and have been utilized for food colorings with beta-carotene for a long time. However, with constant research and development, they have also found significance in feeds and food supplements.
The growth of the Latin America Feed Carotenoid market is majorly driven by factors such as growing health consciousness among the consumers, rising consumption of compound and pelleted feed, and increasing predilection for natural coloration. Also, the growing acceptance of intensive farming systems in the poultry and aquaculture industry is anticipated to drive the growth of the market. However, factors such as high expenses incurred during the extraction and mounting costs of raw materials are thwarting 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 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%.
Latin America's market region includes countries such as Brazil, Argentina, Mexico, and the remaining countries of South America. The development of the pork, poultry, and aquaculture business and the growing focus on the quality and appearance of meat, meat products, and fish are the factors driving the demand for carotenoids in this region. Feed Carotenoids have also shown a similar growth trend with the aquafeed industry in this region.
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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