Carotenoids Market Predicted to Cross $2,098 Million by 2025 - Global Trends and Growth Drivers
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Carotenoids, as preventive healthcare and nutraceuticals, have led to its higher consumption in human food and dietary supplement. They offers several health benefits, which include cancer prevention, anti-inflammatory, and immune system benefits and are sometimes associated with cardiovascular disease prevention. Carotenoids are powerful antioxidant substances, which play an essential role in the neutralization reaction of free radicals. Thus, the antioxidant properties of carotenoids increase their application in cosmetics.
Increase in demand for natural colors in food processing, beverages, and cosmetic industry is anticipated to open new avenues for carotenoids manufacturers. However, stringent regulation on use of carotenoids in human food, threats of adulteration, and higher cost of naturally sourced carotenoids as compared to synthetic carotenoids are expected to hamper the market growth.
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In 2017, Europe accounted for the highest market share and is anticipated to dominate the market during the forecast period. Asia-Pacific is projected to grow at the highest CAGR from 2018 to 2025 owing to higher adoption of carotenoids in Indian and Indonesian food and beverage industry.
The global carotenoids market is segmented based on product, source, application, and region. Based on product, the market is divided into astaxanthin, capsanthin, lutein, beta-carotene, lycopene, and others. Based on source, the market is bifurcated into natural and synthetic. Based on application, the market is classified into animal feed, human food, dietary supplement, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Asia-Pacific to grow the fastest by 2025:
Geographical regions analyzed in the research include North America, Europe, Asia-Pacific, and Latin America, the Middle East and Africa (LAMEA). The European region dominated the global carotenoids market in 2017, with a market share of about 42%. However, the Asia-Pacific region would become the fastest growing region, registering 4.3% CAGR from 2018 to 2025, owing to the significant increase in consumption of carotenoids in the Chinese, Indian, and Indonesian food and beverage sector.
Dominant players in the industry:
•Chr. Hansen A/S
•Koninklijke DSM N.V.
•DDW The Colour House
•Kemin Industries Inc.
•Allied Biotech Corporation
•Döhler Group and
The growth strategies adopted by market players include new product launches, partnerships, collaborations, mergers & acquisition, joint ventures, and others to strengthen their position in the industry.
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