The food industry is expected to spur the market growth of the global carotenoids market in the forthcoming years owing to the use of carotenoids to restore natural colors in food items says a report by RationalStat.
The report titled “Global Carotenoids Market” assesses the carotenoids market globally based on the basis of source, type, end use, and region. A comprehensive report provides a detailed historical and future market size with a trend analysis. RationalStat provides market share analysis, carotenoids production analysis, demand analysis, production capabilities of the top players, new chemistries, Covid-19 impact analysis, competition overview, market strategies, and potential growth areas for the target players.
Market Overview and Dynamics: The versatile application of carotenoids across various industries is expected to boost the growth of the global carotenoids market in the upcoming years
The global carotenoids market is expected to grow at a CAGR of around 4% during the forecast period of 2022-2028. The increase in awareness about the beneficial health properties of carotenoids, along with their need for normal biological activities, are the major factors contributing to the increasing demand for carotenoids across the globe.
The intake of carotenoids blocks or reduces the production of Reactive Oxygen Species (ROS), prevents the deterioration of lipids, DNA, and cells, and prevents carcinogenesis incidence. The intake of carotenoids blocks or reduces the production of the Reactive Oxygen Species (ROS), prevents the deterioration of lipids, DNA, and cells, and prevents carcinogenesis incidence.
Furthermore, a surge in demand for supplements and nutritional products among children and infants is boosting growth opportunities for carotenoids. The growing use of pharmaceuticals in disease prevention, such as cancer, presents lucrative opportunities for global manufacturers.
However, there are a few factors that are likely to stymie market growth. High processing and extraction costs, as well as strict regulatory approvals for carotenoids, are expected to stymie the growth of the carotenoids market in the coming years. Furthermore, specific characteristics such as low water solubility, the carotenoids' oxygen, heat sensitivity, and large particle size are a few factors that limit their applications in pharmaceuticals.
Furthermore, the use of carotenoids in animal nutrition for pigmenting of egg yolks, broiler skin, fish, and crustaceans is expected to spur the growth of the global carotenoids market in the upcoming years.
- Based on the source, synthetic carotenoids hold a dominant share of the global carotenoids market, however, natural carotenoids are slowly gaining traction in the global carotenoids market.
- Based on end use, cosmetics & personal care and food & beverage segments collectively hold a dominant share in the global carotenoids market however, the use of carotenoids for other uses is rapidly growing traction in the global carotenoids market.
- Based on region, Europe holds a prominent share of the global carotenoids market due to the increasing health consciousness among the population coupled with the presence of key market players presence in major economies like Germany, Denmark, and the Netherlands among others are expected to further create a pool of opportunities in the market.
Competition Analysis: The growing demand for natural skincare cosmetics and food products are anticipated to favor the growth of the global carotenoids market in the upcoming years
Due to the presence of many well-established companies in the global carotenoids market, there is intense competition in the global carotenoids market. The versatile application of carotenoids is expected to augment its demand across various industries in the forthcoming years.
Acquisitions, product launches, and partnerships are the identified industry trend in the global carotenoids market. Key market players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market.
- In September 2021, Divis Laboratories launched CaroNat, a food ingredient naturally intended for the dark yellow to orange coloration for several food and beverage products, including dairy products.
- In March 2019, Kemin Animal Nutrition and Health announced the addition of Organic KEM GLO to its comprehensive line of carotenoids, commonly known as pigments. Organic KEM GLO is a USDA-certified organic additive that helps organic egg producers intensify the color of egg yolks.
Some of the prominent players that contribute significantly to the market growth include Chr. Hansen Holding A/S, Koninklijke DSM N.V., Döhler GmbH, Allied Biotech Corp., Lycored Corp., BASF SE, Kemin Industries Inc., Cyanotech Corp., Divis Laboratories Ltd., FMC Corp., Novus International Inc., and Sensient Colors LLC among others.
RationalStat has segmented the global carotenoids market on the basis of source, type, end-use, and region.
- By Source
- By Type
- Others (Canthaxanthin etc.)
- By End Use
- Food & Beverage
- Cosmetics & Personal Care
- Animal Feed & Nutrition
- Others (Pharmaceuticals etc.)
- By Region
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- South Korea
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- North America
For more information about this report: https://store.rationalstat.com/store/global-carotenoids-market-analysis-forecast/
About RationalStat LLC
RationalStat is an end-to-end US-based market intelligence and consulting company that provides comprehensive market research reports along with customized strategy and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
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