Carotenoids Market by Source (Synthetic and Natural), by Type (Astaxanthin, Beta-Carotene, Canthaxanthin, Lutein, Lycopene, and Zeaxanthin), by Application (Supplements, Feed, Cosmetics, and Food), and by Region - Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts (2016–2021)
According to the report published by Market Data Forecast, The Global Carotenoids Market was worth USD 1.25 billion in 2016 and estimated to be growing at a CAGR of 3.84%, to reach USD 1.51 billion by 2021.
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Global Carotenoids Market Overview:
The Carotenoids market is showing evident potential in the mentioned forecasting period. The market continues to gain momentum with the rising demand for naturally sourced carotenoids in the market.
Companies have been showing a keen interest in the market lately.
Carotenoids are the class of plant pigments responsible for the bright red, orange and yellow hues in various fruits and vegetables. These are also important for maintenance of a plant’s health as well as human health on consumption of these fruits and vegetables.
They assist plants in the process of photosynthesis by helping them in absorbing light energy and are thus the reason behind the colour of plants or the fruits & vegetables. They also act as antioxidants in plants as well as human body.
The increase in the demand for natural colorants has been fuelling the growth of the carotenoids market over the recent years. Other major factors driving the market growth include expanding end user applications, industrialization in sectors like pork, poultry and aquaculture, preventive healthcare and nutraceuticals.
The market has also been facing some restraints and challenges. These include harmful effects of high dose of carotenoids, lack of R&D in remote regions and stringent government regulations and approval norms.
These factors have been responsible for holding the market back from reaching its full potential, and are required to be dealt with.
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Global Carotenoids Market Segmentation:
The Global Carotenoids Market is segmented on the basis of source, type and application. The market segmentation on the basis of source is done under Synthetic and Natural.
Based on type the market is segmented into Astaxanthin, Beta-Carotene, Canthaxanthin, Lutein, Lycopene, and Zeaxanthin. Further, the market is also segmented based on application into, Supplements, Feed, Cosmetics, and Food.
Based on geography, the global market is analysed under various regions namely North America, Europe, Asia-Pacific and Rest of the World. The Carotenoids market was dominated by Europe, with the overall market share of over 36% globally.
Europe was followed by Asia-Pacific and North America. Asia Pacific is predicted to grow at a rapid pace in the coming few years.
Some of the major companies dominating the Carotenoids Market, by their products and services include: BASF SE, Royal DSM N.V., Chr. Hansen A/S, FMC Corporation, Cyanotech Corporation, Kemin Industries Inc., D.D. Williamson & Co., Inc., Döhler Group, Allied Biotech Corporation and Excelvite SDN. BHD.
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