Global Carotenoids Market size to exceed USD 300mn by 2024
Published Date: September 10, 2019 Authors: Kunal Ahuja, Amit Rawat
Carotenoids Market size is estimated to exceed USD 300 million by 2024; according to a new research report by Global Market Insights, Inc.
Rising consumer and producer preference for carotenoids owing to its high value in the pharmaceutical, food, and cosmetic industry will fuel the industry growth. These products act as a vital precursor to amino acids in feedstocks and have coloring & antioxidant properties, which is driving product penetration. Moreover, benefits such as reducing the risk of cardiovascular diseases, increasing immunity, and improving eye health will further promulgate the demand for carotenoids infused products.
Factors such as the prevalence of the chronic disease, drug affordability, and favorable government policies concerning drug formulations will drive product demand across the pharmaceutical sector. Carotenoids are a major source of antioxidants owing to which it is used in various nutraceutical formulations for treating high cholesterol and blood pressure. Also, the presence of essential micronutrients such as vitamin A, vitamin D, etc. will further enhance its scope in functional food applications.
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Stringent regulations pertaining to food additives will create hindrance for carotenoids market growth. For instance, FAO has regularized limit of beta-carotene to 400 mg/kg for breakfast cereals to avoid health risk associated with high dosage. However, a regulatory framework designed to limit the impacts of carotenoids on the environment, humans, and animals will provide a positive scope for industry development.
Browse key industry insights spread across 260 pages with 258 market data tables & 22 charts & figures from the report Carotenoids Market Size By Source (Natural, Synthetic), By Product (Beta-carotene, Lutein, Astaxanthin, Canthaxanthin, Lycopene), By Application (Food & Beverages, Pharmaceutical, Cosmetics, Animal Feed, Dietary supplements), Industry Analysis Report, Regional Outlook (U.S, Canada, Germany, UK, France, Spain, Italy, Russia, Poland, The Netherlands, China, Japan, India, Australia, Malaysia, Indonesia, Thailand, Singapore, South Korea, Brazil, Argentina, South Africa, UAE, Saudi Arabia), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
Natural carotenoids market is anticipated to witness significant gains over 4.5% by 2024. Growing demand for natural colors from various industries such as cosmetics, pharmaceuticals, and food will drive the segment growth. Increasing demand for clean label products owing to growing consumer awareness regarding ill effects of its synthetically derived counterparts will further accentuate segment share.
Beta carotene will witness over 4% CAGR up to 2024. Growing health awareness, hectic lifestyle and early age problems in the current generation are driving the consumer to shift towards natural food products which will drive the market growth. Beta carotene is a red-orange colored pigment used abundantly for manufacturing color supplements in pink, orange, yellow, and red tones. For instance, in 2017 BASF SE launched Lucarotin 10 CWD (Cold Water Dispersible) / O (Orange) Plus-a 10% beta carotene powder for food application. Beta-carotene derived from algae, responses actively to UV radiations owing to which it is extensively used in manufacturing skin care products.
Food & beverage is expected to register over 20% market share by 2024. Color is a vital aspect of foods and beverages and hence carotenoids are majorly used as an additive in the food industry. Carotenoids are a bright yellow, red, and orange pigment and are majorly used as a food coloring agent. Although there are a variety of carotenoids available, very few are used commercially. Also, the demand for naturally produced food is growing rapidly in countries such as the US, UK, Australia, and Japan, which is further driving the market growth.
Europe carotenoids market is anticipated to account for over 40% market share by 2024. Presence of key market players has contributed to the region’s growth. Stringent norms by the EU related to the use of synthetic carotenoid has accentuated the natural carotenoid market growth. Additionally, the rising demand for nutraceutical products infused with carotenoids among the geriatric population will further accentuate the market share.
Chr. Hansen, BASF, Royal DSM, FMC Corporation, Kemin Industries Inc., Cyanotech Corporation, Dohler Group, Allied Biotech Corporation, and Divis Laboratories are among the key players operating in carotenoids market. The carotenoids market share is fragmented in nature due to the presence of international, and regional players. New product development, mergers & acquisitions, technological innovations, and strategic collaborations are the major strategies adopted by industry players for enhancing their market share. For instance, in November 2017, Chr. Hansen announced that it has extended its patented encapsulation technology to beta-carotene products to improve stability of color pigments for use in beverages.
Carotenoids market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Tons and revenue in USD Million from 2013 to 2024, for the following segments:
- Others (Zeaxanthin, Capsanthin, Annatto)
- Food & beverage
- Animal Feed
- Dietary supplements
The above information is provided on a regional and country basis for the following:
- North America
- The Netherlands
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa