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August 21, 2019 | Food & Beverages
The Global Carotenoids Market was worth US$ 1.398.2 Million in the year 2018 and is anticipated to exhibit US$ 1,848.1 Million by 2026. Fortune Business Insights in a new study, titled “Cartenoids: Global Market Analysis, Insights And Forecast, 2015-2026” predicts the market to rise at a CAGR of 3.57% between 2019 and 2026. The growth is attributable to the growing trend of consuming organic and natural food ingredients across the world. Carotenoids are natural pigments obtained from algae, photosynthetic bacteria, and plant sources and are also produced through chemical synthesis. They help to enhance the aesthetic appeal of food products and ensure they are visually appealing.
Preventive medicine is gaining popularity among masses for the treatment of eye diseases, cardiovascular diseases, diabetes, and others. This has encouraged manufacturers to introduce functional foods which consist of natural ingredients such as carotenoids. Carotenes are high in antioxidants and help to fight against oxidative stress arising out of aging or high pollution levels. The increasing incidence of vision impairment and the rising prevalence of diabetes and other lifestyle disorders are compelling regulatory authorities and food manufacturers to include dietary supplements in processed foods. Influenced by this, the carotenoids market growth is likely to expand in the forthcoming years. Furthermore, this will increase the sales growth of carotenoids, thus impacting the carotenoids market revenue. Carotenoids are increasingly used as a dietary supplement for maintaining eye-health and geriatric disorders.
Carotenoids Market is Expected to be Competitive with the Presence of Dynamic Key Players
The global carotenoids market is highly competitive owing to the presence of key players and their continuous focus on their strategic advantages. The carotenoids market exhibits intense competition owing to the emergence of private label brands in countries such as India and China. Some of the leading players in the market focus on partnerships, agreements, and acquisitions to increase their market share. As per the report, Allied Biotech Corporation, BASF SE, Algatechologies, ExcelVite Sdn. Bhd., Koninklijke DSM N.V., LycoRed, Sensient Technologies, Kemin Industries, Inc, Cyanotech Corporation, Novus International Inc., and Fuji Chemical Industries Co., Ltd. are some of the key players operating in the carotenoids market. Among several strategies, new product development is one of the most-preferred strategies owing to the rising demand for carotenoids from end-use industries. These industries, not only demand high specificity but also need higher bioavailability of carotenoid products. In March 2019, GacLife launched new beverages, which are healthy and can be consumed daily. These beverages contain the highest amount of carotenoids, acting as antioxidants for the human body.
Carotenoids Such as Astaxanthin and Beta-carotene to Witness the Highest Demand
Some of the carotenoids types include Beta-carotene, canthaxanthin, astaxanthin, lutein, and lycopene. These carotenoids are majorly used across animal feed, cosmetics, and food products application areas. The global carotenoids market size is expected to increase owing to the rising demand for Beta-carotene and Astaxanthin. However, carotenoid pigments offer improved functionalities and are sustainably sourced. For instance, the U.S. FDA approved the use of Phycocyanin in chewing gums and other confectionaries between 2013 and 2014. Influenced by these regulatory approvals, the carotenoids market growth is likely to escalate in the forecast years.
Europe to Dominate the Market
Presence of well-established cosmetic brands in Europe is the major factor propelling growth in the market. European markets use carotenoids as a flavoring and coloring agent in food and beverage products, which boosts the market. The market in Europe was worth US$ 579.90 Mn in the year 2018. Manufacturers around the world focus on food safety, quality, sustainability, and convenience. This enables food processors to develop natural and organic food ingredients across the world.
People in Southeast Asia and Africa, especially pregnant women and young children have Vitamin A deficiency. This, as a result, increases the consumption of carotenoids in these countries through dietary supplement or pharmaceutical products.
Browse Compiete Report Details: https://www.fortunebusinessinsights.com/industry-reports/carotenoids-market-100180
The global carotenoids market can be segmented into the following categories:
· Animal Feed
· Food and Beverages
· Dietary Supplements
· Personal Care and Cosmetics
· North America (U.S., Canada, and Mexico)
· Europe (Germany, France, Italy, Spain, U.K., and Rest of Europe)
· Asia Pacific (China, India, Australia, Japan, and Rest of Asia Pacific)
· South America (Brazil, Argentina, and Rest of South America)
· Rest of the Middle East & Africa (South Africa, UAE, and Rest of the Middle East & Africa)