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Global Market Study
on Carotenoids:
Europe to Lead the
Global Market in Terms of Revenue during 2017 - 2026
The upcoming report by Persistence Market Research (PMR) anticipates the
global market for carotenoids to showcase sluggish growth, registering CAGR
of 2.7% during 2017-2026. By the end of 2026, the global carotenoids market is
also projected to bring in US$ 6,902.4 million revenue.
Carotenoids are naturally occurring pigments found in vegetables and fruits and
also in certain shellfish. Carotenoids are the major source of antioxidants that
help in preventing cancer and heart diseases. Hence, with the increase in
awareness among people about benefits of carotenoids, the demand for
segments such as cosmetics and supplements is also rising. Carotenoids are also
finding large application in food, pharmaceutical and cosmetic industry owing
to its various benefits. Increasing focus towards a healthy lifestyle and rising
incidences of various diseases across the globe is also driving the demand for
carotenoids to be used in various food supplements.
Increasing Demand for Functional and Fortified Food to Drive the Global
Market for Carotenoids
The demand for fortified and functional food is rising as customers are looking
for ingredients that address specific health issues such as improving immunity,
improving digestive health and boosting memory. Hence, the rise in demand for
functional food is also fueling the global carotenoids market. Moreover,
consumers are also looking for foods that can provide vitamins and help in cell
reinforcement. Natural food colors are also being adopted on a large scale in the
food processing industry. For instance, lycopene, a carotenoid and betacarotene are the favored choice for pink, yellow, orange, red tones in
manufacturing supplements.
The most common health problem faced by the older adult population is vision
damage. Hence, the increase in demand for dietary supplements is also resulting
in the increasing demand for carotenoids such as astaxanthin, as it is beneficial
for eyes. Astaxanthin is also gaining traction in the cosmetics industry due to its
UV and anti-aging properties. Also, the use of carotenoids in treating various
skin diseases has increased recently. The increase in demand for organic
cosmetic products is driving the demand for carotenoids. Ongoing research on
identifying new health benefits of carotenoids is also broadening the scope of
carotenoids in the pharmaceutical sector.
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Global Carotenoids Market- Segmentation Analysis
The global market for carotenoids is segmented on the basis of product type,
application, source, and region. Based on the product type, beta-carotene is
likely to emerge as one of the top-selling product between 2017 and 2026. By
2026 end, beta-carotene is projected to exceed US$ 2,000 million revenue.
On the basis of application, carotenoids are likely to find the largest application
in food & beverage industry. Towards the end of 2026, food & beverage
industry is estimated to surpass US$ 2,400 million revenue.
By source, the market is further segmented into synthetic and natural. Among
these, synthetic carotenoids are estimated to gain maximum traction in the
global market for carotenoids. By 2026 end, synthetic carotenoids are projected
to exceed US$ 4,700 million revenue.
Geographically, the global market for carotenoids is segmented into Asia
Pacific Excluding Japan (APEJ), North America, Japan, Europe, Latin America,
and the Middle East and Africa (MEA). Europe is likely to remain dominant in
the global market for carotenoids between 2017 and 2026.
Global Carotenoids Market- Competitive Landscape
The report offers a detailed profile of some of the prominent players in the
market such as Royal DSM N.V., Kemin Industries, Guangzhou Leader BioTechnology, FMC Corporation, Farbest Brands, ExcelVite, EID Parry, Doehler
Group, DDW The Color House, Cyanotech Corporation, Chr. Hansen, BASF,
AquaCarotene, Allied Biotech, and Algatechnologies.
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