The carotenoids market is projected to reach USD 1.53 billion by 2021, growing at a CAGR of 3.78% from 2016. The Random House Dictionary defines carotenoids as “Any of a group of red or yellow pigments, including carotenes, found in plants and certain animal tissues”. Carotenoids have been used as food colors for centuries. Saffron, pepper, leaves, and red palm oil have carotenoids as their main color components. The growth of the carotenoid market is attributed to their increasing applications in pharmaceuticals, cosmetics, food, and animal feed. Also, due to the increasing awareness of the benefits they offer, which includes increasing immunity, improving eye health, and reducing the risks of heart diseases, the demand for carotenoids is on the rise.
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The major types of carotenoids are astaxanthin, beta-carotene, lutein, canthaxanthin, lycopene, and zeaxanthin. The beta-carotene segment is projected to be the fastest-growing market from 2016 to 2021. Rising demand for natural beta-carotene due to its high effectiveness and medicinal properties is triggering the market for beta-carotene.
Carotenoids find a wide range of end use applications. It can be used in feed, food, supplements, cosmetics, and pharmaceuticals. Due to rising health consciousness of consumers and changing lifestyles, the consumers demand high quality health supplements comprising health benefits such as immunity boosters, and richness in proteins and vitamins. Carotenoids are major additives used in health supplements due to their various medicinal properties. Thus, the use of carotenoids in supplements is expected to rise in the next few years.
Europe is estimated to occupy the largest share of the global carotenoids market, in terms of value, in 2016, owing to the presence of leading manufacturers in the region. Also, the strict norms related to the use of synthetic carotenoids laid down by the EU have driven the natural carotenoids market in the region. The leading markets for carotenoids in Europe are Germany, France, Italy, The Netherlands, and Spain. The carotenoids market in the Asia-Pacific region is projected to grow with investments from several multinational manufacturers. Moreover, extensive R&D initiatives have been undertaken in this region for exploring the applications of carotenoids.
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Associated health risks with high dosage and stringent regulatory and approval norms are the major key factors hindering the growth of the carotenoids market in the emerging countries. Apart from this, another major challenge associated with the usage of carotenoids includes its harmful effect on animals, humans, and the environment.
The key players identified in the global carotenoids market include BASF SE (Germany), Royal DSM N.V. (The Netherlands), Chr. Hansen A/S (Denmark), FMC Corporation (U.S.), Kemin Industries, Inc. (U.S.), and Cyanotech Corporation (U.S.). The major growth strategies adopted globally by most of the key participants to avail a competitive advantage through combined synergies include new product launches, collaborations, and acquisitions.
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