Carotenoids market: Growing Demand for Natural Products with the Higher Market Share 2024 | DSM, Naturex, FMC Corporation, DEINOVE, Lycored, Kemin Industries

Carotenoids market will collect significant revenue over the years ahead, owing to growing health consciousness among people. The occurrence of obesity, diabetes, and blood pressure has been escalating across the globe subject to a sedentary lifestyle and unhealthy eating habits. However, recognizing the need for healthy nutrition and sound health, people have begun to alter their diet by including dietary supplements that have carotenoids as their chief constituent. These products are also the main components of medicines, various food products, and cosmetics, the growing usage of which will subsequently favor carotenoids industry growth. According to Global Market Insights, Inc., “Worldwide Carotenoids Market collected a revenue of USD 200 million in 2015 and will surpass a revenue collection of USD 300 million by 2024 with an annual growth rate of more than 4% over 2016 to 2024.”

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Cosmetic applications are predicted to collect a revenue of more than USD 25 million by 2024. The attributing factor toward the industry growth is surging requirement of natural and organic cosmetics products mainly across France, UK, Italy, Germany, and U.S. The product has anti-aging properties and is also used as a color additive in lip care products, which will propel carotenoids market share significantly. In 2015, Germany led Europe carotenoids industry by contributing a revenue of USD 20 million. Surging need of food coloring agents along with the growing food industry will augment the product demand considerably over the years ahead. In addition, Germany contributed a revenue of more than USD 4 million to beta-carotene product segment in 2015.

Beta-carotene product in carotenoids market generated a revenue of USD 40 million in 2015 and will exhibit an annual growth rate of more than 4% over 2016 to 2024. The prominent usage of this product in medical applications for healthy skin, treating cardiovascular diseases, and improving eyesight will influence the industry growth notably. Additionally, growing consumption of dietary supplements will also stimulate carotenoids market.

Key insights from the report include:

• Germany beta carotene market size was over USD 4 million in 2015. Positive indicators from medical industry for curing macular degeneration, cataracts, and preventing heart diseases fueled beta carotene demand. Healthcare industry expansion along with rise in consumer affordability have positively influenced regional growth in this segment.

• Asia Pacific market share will witness significant gains in cosmetics application increasing at 5% CAGR. Technological advancement, increasing application scope in nutraceuticals and cosmetics is driving overall regional demand.

• Lycopene market was worth over USD 15 million in 2015. Strong application scope in pharmaceuticals and cosmetics owing to properties including preventing diabetes, age-related macular degeneration and protection from sunburn has enhanced product demand.

• Middle East & Africa nutraceuticals market has witnessed notable growth. GCC countries dominates the industry, increase in the geriatric population will propelled the product demand for health supplements.
• Global market is fragmented in nature and dominated by DSM and BASF holding about 50% of global capacity.

• In terms of geographic presence other major companies include, Allied Biotech, Chr. Hansen, Brenntag, Carotech, Cyanotech, Divis Laboratories, Naturex SA, D.D. Williamson, and LycoRed.

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Carotenoids are available from synthetic and natural sources. Consumers have been giving a high preference to natural sources, mainly across North America and Europe. These regions also depict high demand for animal feed, subject to which carotenoids market share from animal feed application will exhibit noticeable CAGR over the coming years of 2016 to 2024, after exhibiting a contribution of more than 30% in 2015. The ability of the product to provide more nutrition and enhance taste will boost carotenoids industry share notably.

Novel product development is one of the main growth strategies adopted by the industry giants to collect profitable revenue over the years ahead. The key participants in carotenoids market are DSM, Chr. Hansen Holding A/S, Lycored, Kemin Industries, DöhlerGroup, DIVIS LABORATORIES, Naturex, VIDYA EUROPE SAS, Brenntag North America, DEINOVE, Cognis.

About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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