New FMI Report Explores Impact of COVID-19 Outbreak on Feed Pigment Market Analysis

The worldwide market for feed pigment is projected to touch US$ 1.5 Billion towards 2030 end. As per research by Future Market Insights, the market is likely to record a steady growth at 3.1% CAGR during 2019-2029. Feed pigments are utilized to enhance the color of the product comprising milk, meat, and egg. The rising need for quality meat products and animal protein is the foremost feed pigment market drivers.

Key Takeaways from Market Study

§  The projected estimation of the market was at US$ 1.1 Billion during 2019. Amid the forecast period, the market is projected to reflect a sturdy pace of development.

§  North America and the Asia Pacific lead the worldwide market for feed pigment.

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§  To provide this increasing need, companies are building up innovative manufacturing methods to reduce costs and boost production capacity.

§  Customers are unlikely to put in as willingly amid a growing pandemic panic. Moreover, the supply chain disruptions are inducing sleepless nights to topmost market players. Hence, makers are gearing up to rejoin after the coronavirus outbreak.

§  Poultry meat is majorly consumed by human beings with per capita, 30.6 kilograms per year consumption, trailed by pork with per capita utilization of 23.5 kilograms per year and veal and beef with 14.8 kilograms per year per capita consumption.

“Altering preference towards pellet feed utilization is likely to moreover assist the worldwide market development,” said a lead analyst at FMI.

Affect of Coronavirus on Worldwide Market

Aquaculture is one of the quickest developing food-producing worldwide. It is a challenge to reproduce the specific regular fish color, and the utilization of carotenoid pigments is effective in giving a wide assortment of colors in fish. Nowadays, because of the spread of various infectious ailments, the fish populace experiences serious losses. In the aquaculture sector, the utilization of pesticides, disinfectant for ailment counteraction, and antimicrobial medications have added to the advancement of resistant bacterial strains.

Carotenoids have been demonstrated useful in securing against oxygen and light damage. They are answerable for muscle pigmentation in fish that is expected for fish utilization and skin which is proposed for fish keeping. Feed pigment, whenever enhanced in the right amounts, would prompt the correct essential nutrients supply.

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Whereas previously mentioned variables will offer a catalyst to the market, disruptions of the supply chain might impede the development to a degree. Limitations on travel, lockdown along with other prudent steps attempted to contain the coronavirus spread are probably going to upset tasks, inescapable contrarily affecting the market.

A few of the foremost participants functioning in the market are Royal DSM NV (Netherlands), BASF SE (Germany), Kemin Industries, Inc. (the US), Guangzhou Leader Bio-Technology Co., Ltd. (China), Novus International, Inc. (the US), Nutrex NV (Belgium), D.D. Williamson & Co., Inc. (DDW) (US), Behn Meyer Group (Malaysia), Innovad AD NV/SA (Belgium), and Vitafor NV (Belgium) To enhance their position in this sector, these foremost participants have implemented several organics in addition to inorganic growth strategies, for instance, M&A, collaborations, joint ventures, alliances, extensions, new product releases, and others.

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