The global Carotenoids Market was worth USD 1.5 billion in 2019, and it is estimated that it will reach USD 2 billion 2025 at a CAGR of 4.2% during the outlook period.
Carotenoids are plant pigments that exhibit a red, yellow, and orange color in many fruits and vegetables. People who consumes food which contains carotenoids have good immunity in them. This pigment plays an important role in plant health. Carotenoids act as antioxidants in the body, preventing cell damage, the effects of aging, and some chronic diseases.
- In June 2019, DDW The Color House strengthened its position in the global market by acquiring Du Pont Natural Colors (Denmark). This acquisition will help expand its portfolio with new products.
- April 2019 ExcelVite Sdn. Bhd., in collaboration with the United States Pharmacopeia, published a new article on plant carotene. It was developed based on a mixed carotene complex, EVTene.
Market Drivers and Restraints:
Due to the spread of eye disease and cancer, the demand for carotenoids in the food and beverage industry has skyrocketed. To provide healthy foods with biologically active food ingredients, manufacturers have witnessed significant demand for carotenoids worldwide. As the need to prevent various diseases increases, sales of functional foods continue to be high. These factors are expected to influence the growth of the global carotenoids market during the outlook period. Carotenoids also continue to see significant demand in the cosmetic industry due to increased properties of vitamin A. The prevalence of various cardiovascular diseases, such as heart disease, has increased the preference for functional foods in the food industry. As health problems related to immunity, brain and digestive systems increase, the preference for fortified and functional foods increases. The demand for functional foods is increasing as the need for prevention of other diseases such as cataracts and muscle degeneration in the elderly increases. As the need for food dyes, food supplements, functional foods, and food pigments continues to increase, the demand for carotenoids is expected to be high. However, strict regulatory and approval standards are expected to disrupt demand for products in the coming years.
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Report is segmented as:
The global carotenoids market is classified by application in human nutrition, animal nutrition, and cosmetics and pharmaceuticals. Based on oxygen content, carotenoids are subdivided into oxygen-containing carotenoids and digested, dispersed anaerobic carotenoids. According to the source, the global market is divided into synthetic carotenoids and natural carotenoids. Among applications, human nutrition has become the largest application on the carotenoid market, followed by cosmetics and pharmaceuticals.
Awareness of the health benefits of carotenoids is having a positive impact primarily on the carotenoids market in Europe and North America. Most of the sales in the market come from North America and Europe. Europe is dominating the world market significantly due to the high demand in this region. Low-cost competition with some Asian countries is one of the promoters of the global carotenoids market. Furthermore, Asia Pacific and other countries are expected to see significant growth in the near future.
Key market players:
The main players in the global carotenoids market are BASF SE, Algatechnologies Ltd., DDW The Color House, Dohler Group, FMC Corporation, Kemin Industries, Inc., ExeclViteSdn. Bhd. And Chr. Hansen Holding A / S.
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