Global Carotenoids Market was prized at USD 1.27 billion in 2019
Published | 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.
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.