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Global Carotenoids Market was Valued at US$ XX Bn in 2019 and it is Expected to Reach More than US$ 2.93 Bn by 2028, Likely to Grow with the CAGR of 3.4% During the Forecast Period.
Carotenoids can be defined as a class of organic pigments that are obtained by algae, plants and multiple kinds of fungi and bacteria. The carotenoids are usually red, yellow, or orange colour. Some of the major factors driving the growth of the global carotenoid market include rising prevalence of natural ingredients in food industry, rising adoption of carotenoids in the healthcare industry, and the growing cosmetic industry.
Wide Range of Applications Offered by Carotenoids is Anticipate to Fuel the Growth of Global Market
The carotenoids have applications in various end-use industry sectors such as food & beverages, dietary supplements, pharmaceutical, and feed. These products are majorly used as dietary supplements due to the rising geriatric population and health awareness across the globe. Moreover, the inclination towards organically processed food and natural colorants is increasing rapidly which is expected to favour the growth of the global market.
Rising awareness regarding the harmful effects of synthetic products in food & beverages and the pharmaceutical industry is expected to create new opportunities for the carotenoids market in the coming years.
Lutein Segment Dominates the Global Carotenoids Market
Based on product type, the lutein segment is anticipated to dominate the global market by holding significant market share in 2019. The dominance of the segment can be attributed to the adoption of the ingredient in several food products such as pepper, egg yolks, grapes, carrot, squash, kale, and spinach. Lutein is used in both animal and human nutrition products. Also, lutein is used to treat multiple eye-related issues such as macular degeneration and cataracts.
Based on Application, the Feed Segment is Expected to Witness Rapid Growth
By application, the feed segment is projected to show the fastest growth over the forecast period. The growth of the segment can be credited to the wide application of carotenoids in animal nutrition products owing to their coloring properties. These ingredients are used to incorporate in feed to pigment the crustaceans, egg yolks, fishes, and broiler skin. Carotenoids enhance the quality of nutrition which results in improved livestock health and immunity. By feeding beta-carotene, the fertility of horses, swine, and cattle can be improved. These factors are anticipated to fuel the growth of feed applications in the future.
Beadlet Segment to held key Share in Global Market
On the basis of formulation, the global carotenoids market is expected to dominate by beadlet segment. This is mainly due to the benefits offered by the beadlet formulation. Some of the advantages associated with beadlet include increased shelf life, extended stability, and cold-water dispersion.
Europe Dominates The Global Market, Holding Significant Market Share In 2019
In terms of region, Europe is anticipated to be the dominant region in the global carotenoids market. The region occupied largest market share in 2019. The growth of Europe can be attributed to the presence of prominent players operating in carotenoids markets such as Dohler Group, Koninklijke DSM, Koninklijke DSM, and BASF. Also, the increasing aging population in Europe is consuming beta-carotene, lutein, and lycopene for the treatment of different diseases which include cancer, diabetes, and many heart diseases. This is anticipated to put a positive impact on the growth of the region.
However, North America and the Asia Pacific are expected to witness remarkable growth in the coming years. This is mainly due to rising health concerns and innovation in the healthcare industry across the regions.
Strategic Merger And Acquisition Are The Strategies Adopted By The Players Present In This Market
The global Carotenoids market is fragmented with several local and global players, which makes the market highly competitive. The enterprises are focused on expanding their presence with organic methods such as product launch, partnerships, collaborations, and merger & acquisition activities. Some of the instances are stated below.
In August 2018, BASF Animal Nutrition announced the launch of their Lucantin NXT product line in the EU 28 market. The launch will help the company to strengthen their foothold in the global market.
In March 2019, Kemin Animal Nutrition and Health announced to expand their carotenoids portfolio with the addition of Organic KEMGLO. The product is designed to intensify the egg yolks color.
Some of the prominent companies operating in global Carotenoids market include Divi’s Laboratories, Koninklijke DSM, Vidya Europe SAS, BASF, Deinove SAS, Chr. Hansen, Dynadis SARL, Kemin Industries, Zhejiang NHU Co. Ltd, Lycored Limited, AlgaTechnologies Ltd., Cyanotech Corporation, Excelvite Sdn. Bhd., Fuji Chemical Industry Co Ltd., Farbest Brands, Novus International, E.I.D Parry, DDW The Color House, Allied Biotech Corporation, and Dohler Group.
Global Carotenoids Market by Type
Global Carotenoids Market by Formulation
- Oil suspension
Global Carotenoids Market by Application
- Food & beverages
- Dietary supplements
Global Carotenoids Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America