Carotenoid market is expected to witness strong growth owing to increasing demand from food processing industry. Increasing application scope of carotenoids including supplements, feed and food processing is expected to drive the market over the forecast period. Rising demand for healthy and natural foods is expected to be the key drivers for market. Increasing use of carotenoid in cosmetics and pharmaceutical industries is expected to augment the growth in the market. Strong growth in these industries is expected to boost carotenoid demand over next seven years. Furthermore, rising health issues including obesity and nutrient deficiency which in turn increases the consumption of dietary supplements is anticipated to drive the market growth. Carotenoids are available in a wide product portfolio including beta-carotene, capsorubin, lycoene and apo-carotenic ester. These carotenoids are primarily extracted from various sources including plant leaves, feathers, flowers and fruits.
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Beta-carotene accounted for largest product segment in the carotenoids market owing to its extensive use as coloring agent in pharmaceutical, cosmetics and food & beverage industries. Growing use of carotenoid in food & beverage industry as coloring agent, vitamin source and antioxidants, is expected to augment market growth. Furthermore, increasing use of carotenoid in skin & hair care products is also expected to drive the market. Limited number of suppliers and lack of R&D facilities in the emerging economies is expected to pose a major challenge for the growth of global carotenoidmarket . In addition, lack of consumer awareness regarding newly discovered health benefits of carotenoids in developing countries would also pose a major challenge to global carotenoid market growth.
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Key market players include DSM, BASF SE, Allied Biotech, Cyanotech Corp., D.D.Williamson, Chr. Hansen, Divis Laboratories, Naturex SA. and LycoRed.. BASF SE is actively involved in production of vital vitamins and carotenoids and dietary supplements. Allied biotech is also actively involved in production of carotenoids, cosmetics and dietary supplements. Nature SA is actively involved in production of carotenoid serving the food, health and beauty sectors. D.D.Williamson is actively involved in the production of carotenoids owing to its use as food color preserving agent in various food & beverage products.
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