Market Size of North America Feed Lutein and Zeaxanthin Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Market Size (2024) | USD 52.29 Million |
Market Size (2029) | USD 68.03 Million |
CAGR (2024 - 2029) | 5.40 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
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North America Feed Lutein and Zeaxanthin Market Analysis
The North America Feed Lutein and Zeaxanthin Market size is estimated at USD 52.29 million in 2024, and is expected to reach USD 68.03 million by 2029, growing at a CAGR of 5.40% during the forecast period (2024-2029).
The COVID-19 pandemic deleteriously affected all countries and industries. Similarly, the lutein or zeaxanthin market took a hit. The target industry faced challenges in managing the interrupted demand and supply of components. Unpredictable and disturbing supply chain activities and the unavailability of human resources impacted the North American lutein or zeaxanthin industry's growth.
Due to the various factors, such as increasing demand for animal production and increasing production of compound feed, the market studied is anticipated to grow during the forecast period. The lutein or zeaxanthin are the feed additives, which are primarily used in the compound feed, owing to several beneficial properties, such as antioxidation and pigmenting properties. For instance, lutein or zeaxanthin is widely used in poultry and aquatic animal feed for coloring skin, muscle, feathers, scales, and egg yolk.
Poultry was the largest segment by animal type of the market studied accounting for 57.5% of the studied market in 2020. The changing consumer demand with respect to the color of yolks, which acts as a proof of more carotenoid's presence in the egg from the perspective of the consumer, is the driving factor for the demand of lutein or zeaxanthin in the poultry.
The increasing demand for the animal production, owing to the increasing population and the improving standard of livings, coupled with the growing production of compound feed in the region, are the major factors that are driving the demand of lutein or zeaxanthin in the market studied
North America Feed Lutein and Zeaxanthin Industry Segmentation
Lutein or zeaxanthin are yellow carotenoid antioxidants known as macular pigments and are used in animal feed for coloring skin, muscle, feathers, scales, and egg yolk. These are used for various animal types including ruminants, poultry, swine and aquaculture, among others.
The North America Feed Lutein and Zeaxanthin Market is segmented by Animal Type (Ruminants, Poultry, Swine, Aquaculture, and Other Animal Type) and by geography (United States, Canada, Mexico and Rest of North America)
Animal Type | |
Ruminants | |
Poultry | |
Swine | |
Aquaculture | |
Other Animal Type |
Geography | |
United States | |
Canada | |
Mexico | |
Rest of North America |
North America Feed Lutein and Zeaxanthin Market Size Summary
The North America feed lutein and zeaxanthin market is poised for growth, driven by increasing demand for animal production and the rising production of compound feed. These carotenoids are essential feed additives used primarily in poultry and aquatic animal feed due to their antioxidation and pigmenting properties. The poultry segment, in particular, dominates the market, as consumer preferences for egg yolk color, which indicates higher carotenoid content, drive the demand for these additives. The industrialization of meat production and the shift towards landless meat production facilities further bolster the market, as producers seek to enhance the appearance and quality of animal products to meet consumer expectations.
The market landscape is fairly consolidated, with major players like Kemin Industries, DSM Animal Nutrition, and Piveg Inc. leading the charge through product innovation and strategic expansions. These companies are focusing on developing new products and expanding their production capabilities to meet the growing demand. For instance, Kemin's introduction of the Kem Glo organic feed additive highlights the industry's emphasis on enhancing egg yolk color. Additionally, investments in expanding production facilities, such as PIVEG Inc.'s expansion in Mexico, underscore the commitment of key players to strengthen their market presence and cater to the increasing demand for quality feed additives in North America.
North America Feed Lutein and Zeaxanthin Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Porter's Five Force Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Animal Type
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2.1.1 Ruminants
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2.1.2 Poultry
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2.1.3 Swine
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2.1.4 Aquaculture
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2.1.5 Other Animal Type
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2.2 Geography
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2.2.1 United States
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2.2.2 Canada
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2.2.3 Mexico
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2.2.4 Rest of North America
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North America Feed Lutein and Zeaxanthin Market Size FAQs
How big is the North America Feed Lutein and Zeaxanthin Market?
The North America Feed Lutein and Zeaxanthin Market size is expected to reach USD 52.29 million in 2024 and grow at a CAGR of 5.40% to reach USD 68.03 million by 2029.
What is the current North America Feed Lutein and Zeaxanthin Market size?
In 2024, the North America Feed Lutein and Zeaxanthin Market size is expected to reach USD 52.29 million.