Global Carotenoids Market is segmented into type (astaxanthin, beta-carotene, canthaxanthin, lutein, lycopene, & zeaxanthin), by source (synthetic and natural), by application (supplements, food, feed, and cosmetics), by Geography (North America, Europe, Asia Pacific, Middle East & Africa and Latin America) – is expected to reach US$ 2.43 Bn by 2026, at a CAGR of 5.04%.
Health problems faced by the geriatric population such as vision damage is often associated with insufficient intake of vitamins. This is expected to increase the demand for carotenoids, in that way, driving the market growth. Moreover, increase in demand for natural colorants and growth in end-user application further drive the global carotenoids market growth. Higher dietary intake of carotenoids also helps the body to revitalize by promoting the growth of healthy cells and impede the growth of unhealthy ones.
This has led to the greater consumption of carotenoids in human food, thus driving the market growth. Furthermore, rise in demand for natural colors in food processing, beverages, and cosmetics industry is projected to open new avenues for carotenoids manufacturers. Nonetheless, stringent regulations on the use of carotenoids in human food, threats of adulteration, and higher cost of naturally sourced carotenoids as compared to synthetic carotenoids are expected to hamper the market growth.
The beta-carotene segment is estimated to be the fastest-growing market from 2017 to 2026
In terms of type, the beta-carotene segment is estimated to be the fastest-growing market from 2017 to 2026. Increasing demand for natural beta-carotene due to its high effectiveness and medicinal properties is triggering the market for beta-carotene.
The use of carotenoids in supplements is anticipated to increase in the upcoming years.
In terms of application, rising health consciousness of consumers and changing lifestyles, the consumers demand high-quality health supplements comprising health benefits such as immunity boosters and richness in proteins and vitamins. Carotenoids are main additives used in health supplements due to their several medicinal properties. Hence, the use of carotenoids in supplements is anticipated to increase in the upcoming years.
Europe is one of the largest contributors to the global carotenoids due to the rise in usage of carotenoids through health supplements and in animal feed
Europe is one of the largest contributors to the global carotenoids due to the rise in usage of carotenoids through health supplements and in animal feed. Majority of the sales of the market has its source form North America and Europe. Furthermore, Asia Pacific is expected to witness considerable growth in the near future. Low-cost competition from some of the Asian countries is one of the market limits of the global carotenoids market.
This report includes a study of marketing and development strategies, along with the product portfolios of leading companies. It includes the profiles of leading manufacturers such as Algatechnologies Ltd., BASF SE, Dohler Group, Kemin Industries, Inc., FMC Corporation, and Chr. Hansen Holding A/S. Other major players influencing the market are Allied Biotech Corporation, DDW The Color House, ExeclViteSdn. Bhd., and Cyanotech Corporation.
Maximize market research, a global market research firm with dedicated team of specialists and data has carried out extensive research about the global carotenoids market. Report encompasses the market by different segments and region, providing the in-depth analysis of overall industry ecosystem, useful for taking informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the global carotenoids market. The driving forces as well as considerable restraints have been explained in depth. In addition to this, competitive landscape describing about the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain global carotenoids market positioning of competitors.
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