Carotenoids market predicted to reach $2,098 million by 2025: Growth drivers and trends - Competitive Analysis of Leading Manufacturers Chr. Hansen A/S, BASF SE, Koninklijke DSM N.V., Cyanotech Corporation, FMC Corporation, DDW The Colour House, Kemin Ind

Factors such as an upsurge in the health issues of the geriatric population such as vision damage and increase in adoption of carotenoids in emerging economies propel the growth of the global carotenoids industry. However, stringent standards and regulations on the usage of carotenoids in human food, high chances of adulteration, and the high cost of naturally occurring carotenoids as compared to synthetic counterparts would hinder the market growth. Furthermore, a rise in demand for natural colorants in beverages, food processing, and cosmetics is expected to open new opportunities for the industry.

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The global carotenoids market garnered $1.57 billion in 2017 and is expected to reach $2.09 billion by 2025, growing at a CAGR of 3.6% from 2018 to 2025.

Astaxanthin segment to remain dominant by 2025:

The report bifurcates the product segment into astaxanthin, lutein, capsanthin, lycopene, beta-carotene, and others. The astaxanthin segment contributed nearly one-fourth share of the total market revenue in 2017, and is projected to maintain its dominance by 2025. However, the beta-carotene segment would grow at the fastest CAGR of 5.2% from 2018 to 2025.

Natural carotenoids to grow at a CAGR of 4.2% from 2018 to 2025:

The study classifies the carotenoids sources into natural and synthetic. The latter contributed a nearly two-thirds share of the market revenue in 2017. However, the natural segment would grow at the fastest CAGR of 4.2% during the forecast period.

Dietary supplements to witness substantial demand in future:

The applications areas analyzed in the research are animal feed, dietary supplement, human food, and others. The animal feed segment generated the highest revenue of $685.1 million in 2017, accounting for 43% of the total market share. However, the dietary supplement segment would register the highest CAGR of 4.5% from 2018 to 2025.

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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
•BASF SE
•Koninklijke DSM N.V.
•Cyanotech Corporation
•FMC Corporation
•DDW The Colour House
•Kemin Industries Inc.
•Allied Biotech Corporation
•Döhler Group and
•Excelvite

In 2017, Europe was estimated to be the largest market for carotenoids and is projected to witness steady revenue growth from 2018 to 2025 owing to the large animal feed industry and rise in demand for health supplements. Moreover, highly established cosmetics industry owing to the presence of key manufacturers such as Unilever, Beiersdorf, L'Oral, and Henkel is anticipated to supplement the growth of carotenoids market in the region.

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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Analyst Review:

Carotenoids are a class of compounds that have coloring power. They are widely used in the food industry. They occur widely in nature and all colored fruits and vegetables are good sources of carotenoids. The carotenoids, which are used industrially are majorly synthesized chemically, whereas a small portion is obtained through natural sources such as extraction from plants or algae.

Health benefits associated with carotenoids increase their applications in animal feed, human food, dietary supplement, cosmetics, pharmaceuticals, and aquaculture industry. For instance, carotenoids, as preventive healthcare and nutraceuticals, have led to its higher consumption in human food and dietary supplement. Changes in lifestyle, food preferences, and increase in awareness have led to the growth in demand for natural colors in food processing, beverages, and cosmetics industry, which are projected to open new avenues for carotenoid manufacturers. Owing to the emergence of massive Chinese manufacturers with high-quality carotenoid products, the products across all types of formulation and origin have seen a big drop in price. Rapid economic growth, technological advancements, industrial growth, and low costs of production in countries such as China and India are further anticipated to drive the market growth.

However, stringent regulations on use of carotenoids in human food, threats of adulteration, and higher cost of naturally sourced carotenoids as compared to synthetic carotenoids are projected to hamper the market growth.

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