Carotenoids Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
Global Carotenoids Market: Overview
Carotenoids, a class of phytonutrients, are plant pigments due to which several fruits and vegetables acquire their bright shades of red, orange, and yellow. Several algae, bacteria, and plants contain these pigments. Acting as anti-oxidants, carotenoids possess cancer-fighting properties, suggests recent research. Carotenoids also have anti-inflammatory properties, improve the immune system, and are believed to aid in the prevention of cardiovascular diseases. Some of the fruits and vegetables containing carotenoids are spinach, cantaloupe, sweet potatoes, oranges, mangoes, tomatoes, kale, papaya, and bell peppers. However, synthetic carotenoids are also used widely in several applications.
Global Carotenoids Market: Key Trends
Increased usage in healthcare and nutraceuticals, rising awareness about food quality, and the high incidence of chronic conditions such as diabetes and cancer have been the major growth drivers of the global carotenoids market. Since the consumption of carotenoids prevents several diseases such as cataract, high cholesterol, cancer, and inflammatory polyarthritis, the demand for carotenoid-rich products is expected to rise. Moreover, carotenoids are used in a variety of applications such as supplements, pharmaceuticals, food, cosmetics, and feed. All this will aid in the expansion of the global carotenoids market.
However, the growth of the market might be slackened by the low yields of carotenoid generation via chemical extraction or synthesis. High production costs might also emerge as a key bottleneck to market growth.
Global Carotenoids Market: Market Potential
There have been numerous developments in the carotenoids market of late. ExcelVite has come up with an FDA-approved palm oil high in carotene. The product ‘Natural Palm Mixed-Carotine Complex’ launched by this company claims to contain around 15 to 300 times as many vitamin A (retinol) equivalents as are found in leafy greens, tomatoes, and carrots.
The research and development team of Naturex Company has developed a novel stable coloring system for orange and yellow beverages. Usage of a particular rosemary extract has successfully prevented pigment degradation from light exposure, increasing the stability of beta- carotene. This has enabled the firm to launch a new craft soda that is expected to appeal to formulators and consumers alike. Similarly, a wide range of fat-soluble and water soluble carotenoids such as lycopene, beta-carotene, and lutein are provided by Farbest Brands in both powdered and oil forms.
Studies have found that the incidence of metabolic syndrome in aged men reduced significantly upon consumption of beta-carotene. This form of carotene is also associated with a lower risk of lung cancer.
Therefore, the carotene-based supplements might receive a substantial boost due to their health benefits. The demand for carotenoids has been growing in the food and beverage industry worldwide as the addition of carotenoids boosts the immune system, aids in the maintenance of sufficient vitamin A levels, and improves vision and texture of the skin.
Global Carotenoids Market: Regional Outlook
Based on geography, the global carotenoids market can be segmented into Asia Pacific, Latin America, Europe, North America, and the Middle East and Africa. The rising demand for food coloring agents from the processed food industry in Germany and France has been responsible for growth of the Europe carotenoids market. Preference for natural and organic cosmetics products in countries such as Italy, the U.K., the U.S., and Germany will aid growth. Moreover, carotenoid-based anti-aging cosmetic products in Russia have been witnessing tremendous demand owing to the rising geriatric population in this region. The growth of Asia Pacific can be attributed to the rising disposable incomes of people, increasing health consciousness, and technological advancements in countries such as China and India.
Global Carotenoids Market: Competitive Analysis
The global market for carotenoids appears to be extremely fragmented in terms of competition due to the presence of a large number of market players. Competition between the leading market players is likely to intensify over the coming years, as a result of several recent strategic product launches. Some of the major companies operating in the global market for global carotenoids market are Kemin Industries, ExcelVite, Allied Biotech Corporation, Farbest Brands, Chr. Hansen, Cyanotech Corporation, BASF, Naturex Company, and Koninklijke DSM. Several market players have been entering the market for carotenoids because of the availability of cheap labor and low cost raw materials.
This study provides a particularized anatomy according to the L.E.A.P mechanism
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The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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