Carotenoid Market Value Study:
According to the research report, Carotenoid Market value was USD XX.XX Million in 2018 and is expected to reach USD XX.XX Million by the end of 2023, and with the CAGR of X.X% from the forecast period 2018-2023.
Carotenoid Market Overview:
Carotenoids are normally found in microorganisms, algae and higher plants, as well as in some animal species. They offer a bright yellow, red and orange color and protect these species from the harmful effects of light, air and sensitizing pigments. Carotenoids are used mainly as food colors. However, with advances in biotechnology and recombinant DNA technology, the extraction of carotenoids is more commercially viable than before. This has led to an increase in the production of carotenoid products. Consumers are better informed about the health benefits of carotenoid supplements and fortified foods. They are used as a preventive measure against diseases such as arthritis, diabetes, heart disease, obesity, cancer, cataracts, macular degeneration and skin damage. Growth in the functional food market is also expected to boost the carotenoid market. Although there are hundreds of carotenoids, only a few are used for commercial purposes. The carotenoid market has grown significantly in recent years due to its increasing end uses in animal feed, food supplements, pharmaceuticals, food and beverages, cosmetics, etc.
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Carotenoid Market Drivers and Restraints:
Beta-carotene, canthaxanthin, astaxanthin, and annatto are the main commercially available carotenoids in the world. Among these, the demand for beta-carotene is higher, closely followed by astaxanthin. With the dramatic increase in the number of synthetic beta-carotene and algae, competition in this market has intensified and, as a result, reduced the prices of beta-carotene. Food, feed, cosmetics, supplements, and pharmaceuticals have become the main fields of application for carotenoids worldwide. Thanks to the high nutritional value of the carotenoid and the pigmentation that increases palatability and makes fish, meat and meat products more attractive. It is expected that its use in animal feed will increase significantly in the future.
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Detailed Segment study of the Carotenoid Market Report:
Carotenoid Market Study – By Type:
Carotenoid Market Study – By Source
Carotenoid Market Study – By Application
Carotenoid Market Geographic Segmentation:
Of all the regional carotenoid markets, Europe is well established due to the growing demand for animal feed and health supplements. It is expected that a robust cosmetics industry, supported by the presence of major cosmetics producers such as Unilever, L’Oreal, Henkel, and Beiersdorf will have a positive impact on the growth of the European carotenoid market in the coming years. On the other hand, the Asia-Pacific region is expected to experience lucrative growth prospects in the future due to the increasing use of these additives in animal feed and dietary supplements. It is also expected that technological progress, economic growth, industrial growth and low production costs in several countries, such as Japan, China, and India will boost the carotenoid market in Asia-Pacific in the future.
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Carotenoid Market Prominent Key Players:
BASF SE (Germany), Royal DSM N.V. (The Netherlands), Chr. Hansen A/S (Denmark), FMC Corporation (U.S.), Kemin Industries, Inc. (U.S.), and Cyanotech Corporation (U.S.).
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