According to the new market research report, The “Carotenoids Market by Type (Astaxanthin, Beta-Carotene, Lutein, Lycopene, Canthaxanthin, and Zeaxanthin), Application (Feed, Food & Beverages, Dietary Supplements, Cosmetics, and Pharmaceuticals), Source, Formulation, and Region – Global Forecast to 2026″, Published by MarketsandMarkets™. The global carotenoids market is projected to grow from USD 1.5 billion in 2019 to USD 2.0 billion by 2026, in terms of value, recording a compound annual growth rate (CAGR) of 4.2% during the forecast period. The beneficial effects of carotenoids on health and innovative technologies developed to extract carotenoids are some of the major factors driving the market growth for carotenoids. Carotenoids are a group of phytonutrients that are found in the cells of various plants, algae, and bacteria. These pigments play an important role in maintaining plant health and have oxidative properties, which makes them beneficial for human and animal nutrition.
The natural segment, on the basis of source, is estimated to record the fastest growth in the carotenoids market during the forecast period. Natural carotenoids are mainly extracted from carotenoid-containing plants and biosynthesized mainly by living microalgae or yeast production. Some of the micro-algae used for extraction include Chlorococcum sp., red yeast, Haematococcus pluvialis, Chlorella zofingiensis, and marine Agrobacterium aurantiacum. The increasing health consciousness and awareness regarding the use of natural carotenoids, particularly in the European and the North American regions, are projected to drive the growth of the natural segment.
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The beta-carotene segment, on the basis of type, is projected to dominate the market, in terms of volume, during the forecast period. Beta-carotene is a type of carotene that is majorly used in supplements and food & beverage applications. It is an antioxidant that converts to vitamin A and improves the cognitive functions, enhances skin health, reduces macular degeneration, and prevents cancer. It is obtained from both natural and synthetic sources. Synthetic beta-carotenes are less effective as compared to natural beta-carotene. However, due to their low cost, synthetic beta-carotene is the most preferred choice for manufacturers.
On the basis of region, the carotenoids market is segmented into five regions, namely, North America, Europe, Asia Pacific, South America, and Rest of the World (RoW). Asia Pacific is projected to be the fastest-growing market during the forecast period. The increasing preference of consumers for health-enriching food products and high demand for meat and seafood products are the key factors encouraging its use in feed applications in the region. Asia Pacific offers growth opportunities to manufacturers and suppliers of carotenoids due to the increasing availability of natural sources of carotenoids and its high demand in this region. China is a leading market for carotenoids in the Asia Pacific region, followed by Japan and India.
There has been a rise in demand for naturally-sourced carotenoids due to its benefits as compared to synthetic carotenoids, which include high purity levels. Key factors for the low penetration of natural carotenoids include high manufacturing costs. However, with the advancements in technology, the manufacturing cost of natural carotenoids is likely to reduce in the coming years, which is projected to encourage the production of natural carotenoids mainly from algae and other microorganisms. The increasing number of patents are being registered for new techniques to produce natural carotenoids with more precision and fewer expenses. For example, the National Center for Agricultural Utilization Research, USDA, has developed a new general cloning method to make recombinant fungal strains that produce beta-carotene and lycopene. The development of new technologies provides growth opportunities for manufacturers to increase production levels.
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Key carotenoids market players include Koninklijke DSM (Netherlands), BASF (Germany), Chr. Hansen (Denmark), Kemin Industries (US), Lycored Limited (Israel), Cyanotech Corporation (US), Fuji Chemical Industry Co Ltd. (Japan), Novus International (US), DDW The Color House (US), Dohler Group (Germany), Allied Biotech Corporation (Taiwan), E.I.D Parry (India), Farbest Brands (US), Excelvite Sdn. Bhd. (Malaysia), AlgaTechnologies Ltd. (Israel), Zhejiang NHU Co. Ltd (China), Dynadis SARL (France), Deinove SAS (France), Vidya Europe SAS (France), and Divi’s Laboratories (India). Product launches, expansions & investments, mergers & acquisitions, agreements, joint ventures, and partnerships were the dominant strategies adopted by major players. These strategies have helped them increase their presence in different regions.
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