Europe to Dominated Carotenoids Market until 2025
Increasing demand for
healthy & natural food to drive the growth of global carotenoids market
According
to TechSci Research report, “Global
Carotenoids
Market By Source (Synthetic Carotenoids Vs Natural
Carotenoids), By Type (Astaxanthin, Beta-Carotene, Lutein, Lycopene,
Canthaxanthin, and Zeaxanthin, Others), By Application (Feed, Food &
Beverages, Dietary Supplements, Cosmetics, and Pharmaceuticals), By Formulation
(Beadlet, Powder, Oil Suspension and Emulsion), By Region, Forecast & Opportunities, 2025”, global
carotenoids market is expected to witness a steady CAGR during the forecast
period. Increasing use of natural carotenoids as food colorants is one of the major factors accounting
for the growth of global carotenoids market. Moreover, improvements
in the technologies being used for the extraction of carotenoids is expected to
bode well for the growth of global carotenoids market through the forecast
period. In addition to this, surging utilization of carotenoids in preventive
healthcare, is positively influencing the growth of global carotenoids market.
Also, growing consumption of supplements on account of rising health issues are
making headway for the growth of global carotenoids market across the globe.
Along with this, these carotenoids act as antioxidants and therefore help in protecting
the body from chronic diseases, cellular damage, and the effects of aging,
which is anticipated to positively contribute to the market growth during the
next five years. However, there are some factors that might act as major
impediments to the growth of global carotenoids market through 2025 such as stringent
regulatory and approval norms.
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Global
carotenoids market can be segmented based on source, type, application,
formulation, company and region. Considering the application, the market is
fragmented into feed, food & beverages, dietary supplements, cosmetics, and
pharmaceuticals. The feed segment dominated the global carotenoids market in
terms of largest market share until 2019 and is further anticipated to hold its
dominance during the forecast years as well which can be accredited to the fact
that carotenoids are widely used in animal nutrition products owing to their
coloring properties. Moreover, these products are incorporated in feed to
pigment the egg yolks, broiler skin, fishes, and crustaceans, which is
anticipated to boost the growth of segment during the next five years. In terms
of formulation, the market is fragmented into beadlet, powder, oil suspension
and emulsion. Out of which, the beadlet segment is anticipated to grow at a
high pace during the forecast period on account of the benefits it offers such
as increased stability, enhanced of shelf life and cold-water dispersion. This
is a key factor augmenting the demand for carotenoids in the formulation
segment.
Koninklijke DSM, BASF, Chr. Hansen,
Cyanotech Corporation, Allied Biotech Corporation, Lycored Limited, Kemin
Industries, Fuji Chemical Industry Co Ltd., Novus International, Döhler Group,
Excelvite Sdn. Bhd., DDW the Color House, Farbest Brands, Algatechnologies
Ltd., Zhejiang NHU Co. Ltd., E.I.D. Parry, Divi’s Laboratories, Dynadis SARL,
Vidya Europe SAS, einove SAS are among others are the leading players operating in
global carotenoids market. The leading players are
adopting several growth strategies to enhance the market scenario of carotenoids.
Other competitive strategies include product launches; mergers &
acquisitions; agreements, partnerships, and collaborations; and expansions to
diversify their product portfolio in order to strengthen their market position.
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“Europe is
forecast to dominate the global carotenoids market during the next five years
on account of increase in the aging population in the region resulting in high
demand for lutein, lycopene, and beta-carotene in order to treat cataract and
minimize the risks associated with cancer, diabetes and other heart-related
issues. Furthermore, growing investments in this sector is also contributing to
the growing trend. Additionally, shift in preference for natural and clean
label products is further boosting the market growth in Asia-Pacific region.”,
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“Global Carotenoids Market By Source (Synthetic
Carotenoids Vs Natural Carotenoids), By Type (Astaxanthin, Beta-Carotene,
Lutein, Lycopene, Canthaxanthin, and Zeaxanthin, Others), By Application (Feed,
Food & Beverages, Dietary Supplements, Cosmetics, and Pharmaceuticals), By Formulation
(Beadlet, Powder, Oil Suspension and Emulsion), By Region, Forecast &
Opportunities, 2025” has
evaluated the future growth potential of global carotenoids market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in global carotenoids market.
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