Global Carotenoids Market was prized at USD 1.27 billion in 2019
Published | 23 April 2020
The Global CarotenoidsMarket was prized at USD 1.27
billion in 2019, and it is predictable to reach USD 1.91 billion by 2026, at a
CAGR of 4.7 %, over the forecast period. The key driver for the industry
is the fame of carotenoids in the cure of diabetes, cancer, and eye disorder.
Rising R&D for the development of high-value natural carotenoids is
expectable to create new growth chances for the market. However, strict
controlling and approval norms are predictable to hinder product request over
the forthcoming years.
Carotenoids are organic colors that are found in many plants and organisms. These products act as antioxidants and defend the body against long-lasting diseases, cellular damage, and the effects of the elderly. Rising practice of this product in nutritional additions because of swelling health substances will surge energy market request. Carotenoids are commercially reachable in numerous forms counting beta-carotene, lutein, lycopene, annatto, canthaxanthin, astaxanthin, zeaxanthin. These products find considerable practice in human food, animal feed, nutritional supplements, pharmaceuticals, and cosmetics as they offer excellent health interests, which in turn, will fuel market development over the next nine years.
Numerous end-user applications of
carotenoids, counting practice in preventive healthcare, and nutraceuticals,
along with the rising significance of food excellence and appearance, have been
the motivating issues for the global carotenoid market. With growing
mindfulness among customers about clean-label solutions and health-based
products, there has been a growing request for food encouraged with
carotenoids, which offers an excellent chance for manufacturers, particularly
in the developing markets, such as Asia-Pacific. The surge in health matters of
the elderly population, such as image damage coupled with the rise in
acceptance of carotenoids in the emerging countries, has increased the
development of the global carotenoids market. However, strict standards and
regulations concerning the use of carotenoids in human food, high cost of
naturally happening carotenoids as compared to synthetic complements, and high
chances of contamination hinder the market growth. On the opposing, a rise in
requests for natural colorants in beverages, cosmetics, and food processing is
predictable to generate profitable chances in the near future.
Growth
Drivers
Growing Demand for Natural
Coloring
The purchase curiosity of the
buyer surges as brands assertions the use of natural colors, as customers are
demanding greater limpidity in their food and beverage. Customers observe a
positive image about the product when the label rights fruit and vegetable
juices and essences as colorings listed on the element statement. Carotenoids,
such as beta-carotene in carrots and lycopene in tomatoes, harvest a range of
tints from yellow to red, and anthocyanins, such as grape skin mine give fruits
and vegetables their red, blue, and purple colors. This increased mindfulness
and use of naturally resulting tones from sources, such as tomato and carrot,
are motivating the carotenoid market, globally.
Global
Carotenoid Market: Competitive Landscape
North
America and Europe have the prime carotenoid market, due to the increasing
demand for fresh label foods and health awareness. Moreover, in the United
Kingdom, the growing food security worries are forcing manufacturing to accept
clean labels, which is activating the request for natural colors. Asia-Pacific
is a developing market, as an increasing number of customers are taking
preventive procedures in the form of health additions to avoid diseases.
Changes in lifestyle and food intake amid customers have also managed the
development of the carotenoid market in the Asia-Pacific region. Due to the
increase in the medicinal and energy industries, South America has also shown
significant growth.
Some
of the leading players operating in the global carotenoid market are Koninklijke
DSM (Netherlands), BASF (Germany), Chr. Hansen (Denmark), Kemin Industries
(US), Lycored Limited (Israel), Cyanotech Corporation (US), Fuji Chemical
Industry Co Ltd. (Japan), Novus International (US), DDW The Color House (US),
Dohler Group (Germany), Allied Biotech Corporation (Taiwan), E.I.D Parry
(India), Farbest Brands (US), Excelvite Sdn. Bhd. (Malaysia), AlgaTechnologies
Ltd. (Israel), Zhejiang NHU Co. Ltd (China), Dynadis SARL (France), Deinove SAS
(France), Vidya Europe SAS (France), and Divi’s Laboratories (India) and other
prominent players.
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