Carotenoids Market to Reach USD 1.84 Billion by 2027; Increasing Demand for Nutraceuticals Globally to Stimulate Growth

The global carotenoids market is expected to hit USD 1.84 billion by 2027 owing to the surging demand for nutraceuticals and preventive medicine that is propelling the demand for innovative carotenoids across the globe. This information is published by Fortune Business Insights, in its latest report, titled, “Carotenoids Market Size, Share & COVID-19 Impact Analysis, By Type (Astaxanthin, Beta-carotene, Lutein, Zeaxanthin, Lycopene, Canthaxanthin, and others), Source (Synthetic and Natural), Application (Animal Feed, Food & Beverages, Dietary Supplements, Personal Care & Cosmetics, and Pharmaceuticals), and Regional Forecast, 2020-2027.” The report further mentions that the market stood at USD 1.44 billion in 2019 and is likely to exhibit a CAGR of 3.4% between 2020 and 2027.

Deinove Launches Luminity to Brighten its Market Prospects

In April 2020, Deinove announced the launch of Luminity, an antioxidant that acts as a radiance booster and cell energizer. The company informs that the product is sourced from extremely rare carotenoids, neurosporene that aids in vitalizing skin and rendering a beautiful complexion to the skin. In addition to this, the product efficiently protects the skin form hyperpigmentation and overexposure to sun rays.

The companies such as Deinove are trying to leverage the opportunities provided by the global market and further focus on expanding their product portfolio. This is anticipated to contribute to the market growth in the forthcoming years.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/carotenoids-market-100180

Growing Demand for Nutraceuticals to Promote Growth

The increasing prevalence of chronic diseases such as diabetes and other lifestyle-related diseases drives the demand for medications across the globe. Often the consumption of the medicines has an adverse effect on the consumers. According to the Federal Agency for Healthcare Research and Quality, around 4.5 million Americans visit a medical practitioner owing to queries related to adverse drug effects. This is propelling the demand for natural nutraceuticals such as dietary supplements that contain carotenoids with high antioxidant potential. Therefore, the growing demand for preventive medicine is anticipated to boost the global carotenoids market growth during the forecast period.

Major Companies Emphasize on Product Launches to Boost Their Sales Revenue

The global market is fragmented by the presence of major companies that are leveraging the opportunities to strengthen their position and boost their sales revenue. They are doing so by focusing on introducing new products and further maintaining their stronghold in the highly competitive global marketplace.

Industry Development:

• May 2019 – Algatech unveiled its new product AstaPure- EyeQ, a natural Astaxanthin powder that supports brain and eye health. According to the company, the clinically supported powder is expected to contribute to its expansion plan in the market.


• March 2019 – GacLife, a natural beverage brand, announced the launch of new healthy beverages that can be consumed daily. The new beverages include highest level of carotenoids antioxidant that imparts overall protection to the consumers.

List of the Companies Profiled in the Market:

• Allied Biotech Corporation (Karlsruhe, Germany)


• Algatech Ltd. (Ketura, Israel)


• BASF SE (Ludwigshafen, Germany)


• Kemin Industries (Delaware, United States)


• Chr. Hansen Holdings A/S (Horsholm, Denmark)


• DDW The Color House (Louisville, United States)


• DOHLER GmbH (Darmstadt, Germany)


• FMC Corporation (Pennsylvania, United States)


• Novus International Inc. (Missouri, United States)


• Sensient Technologies (Wisconsin, United States)

Further Report Findings:

• Europe is expected to remain at the forefront and hold the highest position in the global market. This is attributable to the presence of large animal feed sectors that drives the demand for natural carotenoids. The region stood at USD 598.6 million in 2019 and is further expected to grow at a CAGR of 3.2% between 2020 and 2027.


• The market in North America is anticipated to showcase an exponential growth owing to the increasing demand for natural food substances over synthetic products in countries such as the U.S. during the forecast period.


• The animal feed segment, based on application, is expected to experience a considerable growth in the forthcoming years. This is ascribable to factors such as the several benefits of consumption of carotenoids such as boosting fertility and improved overall health amongst the animals. The segment held a market share of about 46.05% in 2019.

Table of Segmentation: