Rising at 3.57% CAGR, the global carotenoids market is anticipated to exhibit US$ 1,848.1 Million by 2026. The market is forecast to witness considerable growth owing to the increasing use of carotenoids in various applications such as animal feed, food, cosmetics, and others. Fortune Business Insights in a new study, titled “CAROTENOIDS: GLOBAL MARKET ANALYSIS, INSIGHTS AND FORECAST, 2015-2026” entails some of the carotenoids market trends and in-depth analysis over the forecast period.
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List of prominent companies that are operating in the global Carotenoids Market are:
- Allied Biotech Corporation
- BASF SE
- Hansen Holding A/S
- Cyanotech Corporation
- DDW The Color House
- DÖHLER GmbH
- ExcelVite Sdn. Bhd.
- Fuji Chemical Industries Co., Ltd.
- Kemin Industries, Inc.
- Koninklijke DSM N.V.
- Novus International Inc.
- Sensient Technologies
- Synthite Industries Ltd.
An increasing number of health issues and rising demand for natural and healthy food together with supplement consumption is likely to favor growth in the market. Carotenoids, also referred to as tetraterpenoids are organic pigments produced by fungi, bacteria, plants, and algae. Food items such as daffodils, carrots, canaries, corn, egg yolks, buttercups, and others obtain the characteristic color due to carotenoids.
As per the Oregon State University, there are over 600 types of carotenoids. Majority of them are used in the western diet and the most studied among them are alpha-carotene, beta-cryptoxanthin, beta-carotene, lutein, lycopene, and zeaxanthin. Research studies have found that diets which are rich in carotenoids can reduce the risk of cancer, cardiovascular diseases, and other chronic diseases. Considering this, the global carotenoids market growth is expected to spur in the forthcoming years.
“Increasing prevalence of diseases such as eye disorders, diabetes, among others is compelling food producers and manufacturers to incorporate natural ingredients such as carotenoids in their functional foods and dietary supplements,” stated a lead analyst at Fortune Business Insights. “The usage of carotenoids-infused products is increasing as they act as antioxidants and helps the body to fight against such chronic diseases,” he added.
This will eventually fuel the carotenoids market demand in the forecast horizon. Owing to their anti-oxidant properties, carotenes play a crucial role in geriatric nutrition space, thus spurring the carotenoids market share in the aforementioned sector.
European Manufacturers Consider Carotenoids as one of the Preferred Food Coloring Agents
Among regions, Europe leads the global market owing to the presence of well-established feed sector and cosmetics industry – the key players operating in such sectors are aiding in the expansion of the carotenoids market size. Moreover, these are one of the most preferred food coloring agents among Europeans manufacturers and food processors. The market in Europe grows in the light of increasing demand for animal feed and health supplements. As per the report, the market in this region was worth US$ 579.90 Million in the year 2018.
The market in Asia Pacific is expected to grow steadily in the forecast years. The growth is attributable to rising industrialization, technological developments, and economic growth. Development in education is raising the awareness about carotenoids health benefits among people in Asia Pacific. This, coupled with increasing per capita income especially among the middle-class population, is propelling growth in the market in this region.
By Product Type
- Food & Beverages
- Animal Feed
- Dietary Supplements
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Rising Demand for Animal Feed Products to Contribute towards the Market Growth
Carotenoids are used in several applications which include food and beverages, personal care and cosmetics, animal feed, pharmaceuticals, and dietary supplements. Of these, animal feed products extensively use carotenoids for coloring properties in shrimp, poultry, and fish. Carotenoids are externally incorporated in the feed of fish, broiler skin, and egg yolks pigment to boost the overall animal health.
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As per the report, animal feed covered a share of 46.07% in 2018 and is expected to lead the market through the forecast years. Carotenoids are used in the food and beverage sector too owing to the rising demand for natural and organic food offerings. The rising usage of carotenoids in food and beverages is likely to stimulate the carotenoids market size. Increasing research and development (R&D) activities for developing natural and organic carotenoids is projected to enable growth in the market.
Players Focussing on Partnerships and Product Innovation to Expand their Presence Worldwide
Some of the leading players in the global carotenoids market are embarking on strategic partnerships, acquisitions, and other global strategies to gain carotenoids market share. New product development or product innovation, being one of the most preferred strategies. BASF launches a new carotenoid product called Lucantin NXT in August 2018. The product aims to offer long shelf-life, better stability, and high homogeneity. Recently, GacLife launches five new health beverages, containing carotenoids which provide powerful antioxidants to protect the health if a human body.
Some of the key players mentioned in the report focus on collaborations to upgrade their product portfolio. For instance, ExcelVite announced the collaboration with USP in April 2019. The company aims to develop a monograph for carotenes and fulfill its commitment to achieving the highest ingredient standards.
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