Global Carotenoids Market was valued US$ 1.64 Bn in 2017 and is expected to reach US$ 2.43 Bn by 2026, at a CAGR of 5.04% during a forecast period.
The global carotenoids market based on type, source, application, and region. Based on type, the global carotenoids market is classified into astaxanthin, beta-carotene, canthaxanthin, lutein, lycopene, and zeaxanthin. In terms of source, the global carotenoids market is categorized into synthetic and natural. On the basis of application, the global carotenoids market is divided into supplements, food, feed, and cosmetics. Region wise into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
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.
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Based on 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.
On the basis 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. 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.
Some of the key players in the global carotenoids market are 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.
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Scope of the Global Carotenoids Market
Global Carotenoids Market by Type
Global Carotenoids Market by Source
Global Carotenoids Market by Application
Global Carotenoids Market by Geography
• North America
• Middle East & Africa
• Latin America
Key Players operating in the Global Carotenoids Market
• BASF SE
• Koninklijke DSM N.V.
• Chr. Hansen A/S
• FMC Corporation
• Cyanotech Corporation
• Kemin Industries Inc.
• DDW The Colour House
• Dhler Group
• Allied Biotech Corporation
• Algatechnologies Ltd.
• Kemin Industries, Inc.
MAJOR TOC OF THE REPORT
Chapter One: Carotenoids Market Overview
Chapter Two: Manufacturers Profiles
Chapter Three: Global Carotenoids Market Competition, by Players
Chapter Four: Global Carotenoids Market Size by Regions
Chapter Five: North America Carotenoids Revenue by Countries
Chapter Six: Europe Carotenoids Revenue by Countries
Chapter Seven: Asia-Pacific Carotenoids Revenue by Countries
Chapter Eight: South America Carotenoids Revenue by Countries
Chapter Nine: Middle East and Africa Revenue Carotenoids by Countries
Chapter Ten: Global Carotenoids Market Segment by Type
Chapter Eleven: Global Carotenoids Market Segment by Application
Chapter Twelve: Global Carotenoids Market Size Forecast (2019-2026)
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