What are the growth drivers of Carotenoids Market 2024 | Competitive landscape of DSM, FMC Corporation, Cyanotech Corporation Lycored, Kemin Industries, ExcelVite Sdn Bhd, Naturex, DEINOVE, Cognis

China Carotenoids Market is set to increase at 4.5% CAGR up to 2024. Technological advancement, increasing application scope in nutraceuticals and cosmetics, and growing consumer affordability are driving regional industry growth. The demand for dietary supplements and functional food is projected to witness notable growth.

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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.”

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.

Companies Profiled based on Business Overview, Strategic Outlook & SWOT Analysis:
1. DSM
2. BASF
3. Chr. Hansen Holding A/S
4. FMC Corporation
5. Cyanotech Corporation
6. Lycored
7. Kemin Industries
8. DöhlerGroup
9. DIVIS LABORATORIES
10. ExcelVite Sdn Bhd
11. Naturex
12. VIDYA EUROPE SAS
13. DEINOVE
14. Cognis

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.

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.

Report Content
Chapter 1 Methodology & Scope
1.1 Research Methodology
1.1.1 Initial data exploration
1.1.2 Statistical model and forecast
1.1.3 Industry insights and validation
1.1.4 Research scope & assumptions
1.2 Data Sources
1.2.1 Primary
1.2.2 Secondary
Chapter 2 Executive Summary
2.1 Carotenoids industry 3600 synopsis, 2013 - 2024
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Source trends
2.1.4 Product trends
2.1.5 Application trends
Chapter 3 Carotenoids Industry Insights
3.1 Industry segmentation
3.2 Industry Size and forecast, 2013 - 2024
3.3 Industry ecosystem analysis
3.3.1 Distribution Channel Analysis
3.3.2 Vendor matrix
3.4 Regulatory landscape
3.4.1 Regulation of Color Additives

About Global Market Insights:
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