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Carotenoids Market By Source (Synthetic, Natural), Product (Beta-carotene, Lutein, Astaxanthin, Capsanthin, Annatto, Canthaxanthin, Lycopene, Beta-Apo-8-carotenal, Zeaxanthin, Beta-apo-8-carotenal-ester), Application (Food & Beverages, Supplements, Animal Feed, Cosmetics) - Size, Share, Growth, Trends and Segment Forecasts to 2022

The global carotenoid market is witnessing steady growth due to the rise in demand from end-user applications and increasing awareness regarding its health benefits. As a result, global carotenoid marketing is shifting towards naturally sourced carotenoids. This trend is witnessing tremendous growth, mainly in North America and the European region. The rising demand for natural colorants is one of the major factors driving the market growth. However, emerging economies offer huge market potential.

The market for carotenoids is highly competitive due to the presence of numerous players. Moreover, more than half of the market is accounted for by two major players, DSM and BASF. These manufacturers are facing stiff competition from the Indian and Chinese manufacturers of carotenoids. The brand image also plays a vital role in the market as organizations are more concerned about the quality and brand of the product.

Purpose of the Report

The purpose of this strategic research study titled “Global Carotenoids Market” is to provide company executives, industry investors, and industry participants with in-depth insights to make informed strategic decisions regarding the opportunities in the global carotenoids market.

Target Audience

  • Industry investors
  • Raw material suppliers
  • Distributors
  • Manufacturers
  • Retailers

Companies who want to enter the market and companies who want to diversify their product portfolio.

This report analyses the worldwide markets for carotenoids in USD million by the following source types – synthetic and natural. This study also provides market analysis by application demand for carotenoids from food & beverages, cosmetics, supplements, and animal feed applications in terms of revenue. This study also includes analysis by product type, including Beta-carotene, Lutein, Astaxanthin, Capsanthin, Annatto, Canthaxanthin, Lycopene, Beta-Apo-8-carotenal, Zeaxanthin, and Beta-apo-8-carotenal-ester. The report provides separate comprehensive analytics for North America, Europe, Asia-Pacific, and the Rest of the World (RoW). Annual estimates and forecasts are provided for 2014 through 2022 and the market growth rate is calculated from 2015 to 2022. Market data and analytics are derived from primary and secondary research. In addition, we have considered the demand side approach of the market. Competitive analysis is primarily based on public domain information, including company URLs and annual reports.

Other in-depth analyses provided in the report include:

  • Current and future market trends to justify the forthcoming attractive markets within the carotenoids market
  • Market drivers, market restraints, and their impact on the market growth
  • In-depth competitive analysis of players present in the market
  • SRC (Segment-Region-Country) Analysis

Overall, the research study provides:

  • A holistic view of the global carotenoids market of growth.
  • Offering market size and estimates for the period from 2015 to 2022.
  • Keeping in mind the above-mentioned factors.

Segmentation

Based on type, the carotenoids market is classified into beta-carotene, lutein, lycopene, astaxanthin, zeaxanthin, canthaxanthin, annatto, capsanthin, Beta-apo-8-carotenal-ester, and Beta-Apo-8-carotenal. The beta-carotene segment dominated the market, and this trend is projected to remain the same from 2015 to 2022.

There is high demand for carotenoids globally, especially for beta-carotene, lutein, and astaxanthin. Large health benefits in feed and food have increased the consumption of these carotenoids and is projected to follow the same trend for the next six years. On the other hand, Beta-Apo-8-carotenal, followed by lutein, is projected to be the fastest-growing market owing to its increasing end-use application.

By application

By application type, the, animal feed segment dominated the market, and this trend is projected to remain the same from 2014 to 2022. Carotenoids act more than just being pretty colors; and it is also used to improve animal performance. Therefore, it is a vital nutrient for all farmed animals. Carotenoids are only found in plants and cannot be synthesized by livestock; in animals’ therefore the nutrient requirement of carotenoids is fulfilled by their diet. However, this segment is projected to lose some of its market shares in the future. The supplements segment is projected to witness the fastest growth rate, followed by the cosmetics segment. People are becoming more conscious and aware of age-related problems with the aging population. Due to urbanization and busy lifestyles, there has been a significant increase in self-directed consumers. Consumers now rely more on alternative channels to self-diagnose themselves and also take preventive measures to keep them healthy. Such practices are significantly increasing the global demand for supplements, which in turn has increased carotenoid consumption.

Based on geography, the global carotenoids market is segmented into the following regions

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • Italy
    • U.K.
    • Russia
    • Rest of Europe
  • Asia-Pacific
    • India
    • China
    • Japan
    • Rest of Asia-Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East and Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East and Africa

Europe and North America accounted for more than half of the market in terms of revenue as well as volume. But in the future, Asia Pacific regions will witness the highest growth rate.

Europe is projected to grow with the second largest growth rate. Beta-carotene is still the most prominent carotenoid used in foods and supplements, but due to changing consumer perception, primarily in Europe, all the carotenoids product is suffering from natural replacements. In parallel, the number of producers of synthetic and algae-derived carotenoids rose sharply, which added to the imbalance of supply and demand, driving prices down.

In the Asia Pacific, India and China is not only the major consumer of carotenoids but also become major producers due to the availability of abundant raw material, cheap labor, and capabilities to produce carotenoids meeting the international standard and demand. As a result, Asia Pacific companies accounted for more than 30% share of the pie in the company market share. In addition, the European carotenoids products manufacturers are being threatened by cheaper imports from China and India.

Frequently Asked Questions

The market for Carotenoids Market Market is expected to reach XX in 2022.

The Carotenoids Market Market is expected to see significant CAGR growth over the coming years, at XX%.

The report is forecasted to 2022.

The base year of this report is 2021.

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Trusted By
Godaddy
Published Date:  Mar 2016
Category:  Food & Beverage
Report ID:   57750
Report Format:   PDF
Pages:   120
Rating:    4.6 (45)
Delivery Time: 24 Hours to 48 Hours   
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