Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Carotenoids market.
Trusted Business Insights presents an updated and Latest Study on Carotenoids Market 2019-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Carotenoids market during the forecast period (2019-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Get Sample Copy of this Report @ Carotenoids Market Size, Share and Industry Analysis By Type (Beta-Carotene, Lutein, Lycopene, Astaxanthin, Zeaxanthin, Canthaxanthin, and Others), By Application (Animal feed, Foods & Beverages, Dietary Supplements, Personal Care & Cosmetic, and Pharmaceuticals), By Source (Synthetic and Natural), and Regional Forecast 2020 – 2029-(Includes Business Impact of COVID-19)
The global carotenoids market size was USD 1.40 billion in 2018 and is projected to reach USD 1.85 billion by the end of 2026, exhibiting a CAGR of 3.57% in the forecast period 2019-2026.
We have updated the Carotenoids Market with business impact analysis and disruption caused by COVID-19.
Inquire before buying
It is well-accepted saying that we also eat with our eyes, color is thus the first sensory interaction with food products, prior to taste and smell. Carotenoids are one such natural pigments which are obtained from plant, algae, and photosynthetic bacteria. Carotenoids help in enhancing the overall aesthetic appeal of food products by making them visually appealing.
The carotenoids market share is primarily driven by the all-natural trend resonating in the global marketplace. The alternative treatment methods for diabetes, eye disorders, and other lifestyle diseases are witnessing robust popularity. Preventive medicine is also a buzzword that has encouraged manufacturers and processors to come up with dietary supplements and functional foods that utilize natural ingredients such as carotenoids. Geriatric nutrition is one of the vital sectors for carotenes owing to its high antioxidant potential – they provide defence against oxidative stress, primarily attributed to aging processes, pollution, etc.
There is a steep rise in the reported incidences of vision impairment, the social and economic health burden of lifestyle diseases such as cancer and diabetes. Such rising incidences have prompted food manufacturers and regulatory authorities to take concrete steps in the direction of ingredient-formulations in processed foods, dietary supplements as well as in pharmaceutical offerings.
All these factors are collectively contributing to the sales growth of carotenoids. In the dietary supplements sector, carotenes are increasingly utilized for age-related disorders and eye-health maintenance. However, the unregulated and excessive utilization of carotene in the developed markets is associated with health risks; this is one of the significant challenges in the market.
“”Beta-carotene and Astaxanthin are Dominating in Global Marketplace -Novel and Unconventional Carotenoids are Expected to Register Higher Growth Rates””
Beta-carotene, astaxanthin, canthaxanthin, lycopene, and lutein are some of the valuable carotenoids, and they are currently utilized across food, feed, and cosmetic industries. Although beta-carotene and astaxanthin are dominating carotenoids, the global market has ample scope of innovative pigments that are sustainably sourced and provide enhanced functionalities -for instance, Phycocyanin from Arthrospira extracts was approved for use in candy, chewing gum, and other types for confection in the U.S. in 2013 and 2014 by the U.S. Food and Drug Administration.
Such regulatory encouragement and enabling policy frameworks are expected to escalate the carotenoids market growth. Microalgal sources for extraction of carotenoids have gained commercial importance in recent years and increased cost-effective methods to extract the carotenoids from various types of microalgal sources to offer immense opportunities to the market players in the carotenoids industry.
The application areas of carotenoids within the food and beverage sector spans from dietary supplements to processed food products such as dairy, bakery, beverages, etc. There has been a steady and notable rise in the demand for organic and natural food offerings – consumers are now exhibiting increased awareness about the health benefits of such foods. Additionally: sustainability in sourcing, manufacturing, and consumption of food products has further provided a fillip to natural ingredients.
The processed food sector is also undergoing a rapid transition in terms of additive/inputs that are used to keep the food intact during its supply and value-chain. Appearance is one of the vital organoleptic characteristics that nudge consumers to buy food products – colorants, particularly the ones with natural-origin are set to gain significant traction in the foreseeable future. Carotenoids as a natural ingredient are thus expected to benefit immensely from this development.
Carotenoids are extensively used in animal feed products meant for Poultry, fish, or shrimp for their coloring properties. The pigment of egg yolks, broiler skin, fish and crustaceans is enhanced and improved by externally incorporating carotenoids in their feed. Additionally, carotenoids also boost fertility rates and the overall health of animals. There has been a positive impact of feeding betacarotene in enhancing the fertility of cattle, swine, and horses as observed from the field-studies.
“”Europe Market is a Leading Region; Asia Pacific Market is Projected to Witness Fastest Growth””
Europe carotenoid market is one of the leading regions owing to the well-established cosmetics industry and large feed sector. Carotenoids are also among the most preferred food coloring agents in European markets.
Organic and natural have become top priorities for food processors around the globe, owing to its contribution to food quality, safety, social convenience, and sustainability. Consumers are now conscious of their purchasing habits – food labellings are often checked for ingredients origin, manufacturing practices, and the impact of the supply chain on the overall environment. Such factors are driving the demand for natural carotenoids over GMO and other synthetic counterparts.
The consumption of carotenoids is also increasing due to their defensive role for Vitamin A deficiency, which is prominent public health concern specifically among young children and pregnant women in low-income countries of Africa and Southeast Asia. Vitamin A deficiency is also a major cause of infant mortality in developing countries.
Europe Carotenoids Market Size, 2018
The market remains immensely competitive with the surge of private label brands from emerging economies of China and India. The key players in the global carotenoids market are embarking on industry consolidation using agreements/partnerships as well as acquisitions. New product development is one of the preferred strategies in the market as the demand-side dynamics are rapidly evolving with end-use sectors demanding not only high specificity but also greater bioavailability of carotenoids-based offerings.
Key companies covered in the report
- Allied Biotech Corporation
- BASF SE
- Hansen Holding A/S
- Cyanotech Corporation
- DDW The Color House
- DÃ–HLER GmbH
- ExcelVite Sdn. Bhd.
- Fuji Chemical Industries Co., Ltd.
- Kemin Industries, Inc.
- Koninklijke DSM N.V.
- Novus International Inc.
- Sensient Technologies
- Synthite Industries Ltd.
- Other Key Players
Carotenoids are fat-soluble substances found principally in plants, algae, phytoplankton, bacteria, yeasts, and moulds. Currently, the industrial production of carotenoids is dominating. However, natural alternatives for carotenoid production are gaining traction. The growing popularity of antioxidants as an important dietary supplement is driving the demand for carotenoids.
Dietary supplements and functional foods containing carotenoids are witnessing immense popularity owing to the rise in R&D initiatives and clinical trials in the direction of antioxidant potential for carotenoids and its mechanism to avoid shortening of telomeres, which can otherwise lead to cell apoptosis (death). There is a positive correlation established between a diet high in alpha- and beta-carotenes and reduced risks of type-2 diabetes.
The report provides qualitative and quantitative insights on the carotenoids market forecast and detailed analysis of market size and growth rate for all possible segments in the market. The carotenoids industry is segmented by type, source, application, and geography. Based on type, the carotenoids market report is categorized into beta-carotene, lutein, lycopene, astaxanthin, zeaxanthin, canthaxanthin, and others which primarily includes commercially relevant carotenoids such as capsanthin, fucoxanthin, bixin, phycocyanin, alpha-carotene, etc. Animal feed, foods & beverages, dietary supplements, personal care & cosmetics, and pharmaceuticals are the key applications covered in the study.
The global carotenoids market is also segmented by source into synthetic carotenoids and natural carotenoids. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, South America, and Middle East & Africa. The regions are further categorized into countries. Along with this, the report provides an elaborative analysis of the carotenoids industry dynamics and competitive landscape. Various key insights provided in the report are the overview of related markets, recent industry developments such as mergers & acquisitions, the regulatory scenario in key countries, and key industry trends.
- Animal Feed
- Food and Beverages
- Dietary Supplements
- Personal Care and Cosmetics
- North America (U.S., Canada, and Mexico)
- Europe (Germany, France, Italy, Spain, U.K., and Rest of Europe)
- Asia Pacific (China, India, Australia, Japan, and Rest of Asia Pacific)
- South America (Brazil, Argentina, and Rest of South America)
- Rest of the Middle East & Africa (South Africa, UAE, and Rest of ME&A)
Key Industry Developments
In April 2019, ExcelVite collaborated with USP for the publication of new Plant Carotenes Monograph.
In March 2019, GacLife, solutions by nature beverage brand launched five new daily health beverages, which include the highest amount of antioxidant carotenoids to provide powerful antioxidant protection for the whole body.
In August 2018, BASF Animal Nutrition launched Lucantin NXT carotenoid formulations in EU 28 market. This product offers high homogeneity, outstanding stability, and long shelf life while maintaining egg yolk and broiler skin coloring efficacy.
Quick Read Table of Contents of this Report @ Carotenoids Market Size, Share and Industry Analysis By Type (Beta-Carotene, Lutein, Lycopene, Astaxanthin, Zeaxanthin, Canthaxanthin, and Others), By Application (Animal feed, Foods & Beverages, Dietary Supplements, Personal Care & Cosmetic, and Pharmaceuticals), By Source (Synthetic and Natural), and Regional Forecast 2020 – 2029-(Includes Business Impact of COVID-19)
Trusted Business Insights
Media & Marketing Executive
Email Me For Any Clarifications
Connect on LinkedIn
Click to follow Trusted Business Insights LinkedIn for Market Data and Updates.
US: +1 646 568 9797
UK: +44 330 808 0580