The North America Feed Carotenoid Market was worth $0.42 billion in 2016 and estimated to be growing at a CAGR of 3.68%, to reach $0.51 billion by 2021
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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 North America 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.
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The North America Feed Carotenoid market is segmented based on Type and Animal Type. The market for Feed Carotenoid, on the basis of Type, is classified into Lutein, Canthaxanthin, Astaxanthin, Beta-Carotene, Lycopene, Zeaxanthin, and others. 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. On the basis of Animal Type, the Feed Carotenoid market is segmented into Poultry, Aquaculture, Swine, Ruminant, and others. 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 North America market has been geographically segmented into USA and Canada. North America is one of the major markets for Feed Carotenoids, accounting for around 27% of the entire market. The market in this region is projected to grow substantially due to growth in the Aquaculture and feed industry.
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By Animal Type
Scope of the report:
• Regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
• Segment-level analysis in terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail
• Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
• Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
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• Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
• An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
• Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
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