The global feed carotenoids market is anticipated to grow at a considerable CAGR of 3.6% during the forecast period (2024-2031). The shift from animal ownership to animal parenting has been a very crucial and defining trend in the pet food market, more so in developed countries. According to the National Pet Owners Survey (2019-20) performed by the American Pet Products Association (APPA), more than 85 million households in the US had one or more pets, the majority of which were dogs. Additionally, the animal humanization trend has led to increased health consciousness and has generated demand for feed carotenoids.
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Rising acquisitions, product approval, collaborations among the major players in the market also propel the growth of the market. For instance, in February 2021, Nutrex invested in a new tailor-made production facility in Olen for the up-gradation of R&D and production facilities. This investment will enable to development and produce new products, and further expand production capacity. The new plant will be constructed using the most cutting-edge manufacturing techniques, allowing it to combine high capacity with maximum flexibility in both large and small production runs. Additionally, Nutrex can combine all of its strategic functions in one location, including sales management, product research and innovation, and marketing.
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Market Coverage
- Segment Covered-
o By Type
o By Animal Types
- Regions Covered
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- BASF SE, Kemin Industries, DSM Animal Nutrition, Novus International Inc, Biochem Products B.V.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Feed Carotenoids Market Report by Segment
By Type
- Beta-Carotene
- Lycopene
- Lutein
- Astaxanthin
- Canthaxanthin
By Animal Type
- Ruminant
- Poultry
- Swine
- Aquaculture
- Other Animal Types
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