Carotenoids Market Forecast Report 2019-2024 | Chr. Hansen, BASF, Royal DSM, FMC Corporation, Kemin Industries, Dohler Group, Allied Biotech
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.
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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.
• Food & beverage
• Animal Feed
• Dietary supplements
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.
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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 size.
Due to anti-aging properties, the product is extensively used in the skincare products. Germany, Russia, and Italy fuel the majority of the product demand across Europe. The significantly increasing geriatric population across Russia will propel the need of nutraceuticals majorly. As per the study, overall spending on nutraceuticals will exceed USD 340 billion by 2024 with an annual growth rate of more than 7% over the coming years of 2016 to 2024. North America contributed majorly toward the nutraceuticals industry share in 2015. Europe and APAC are other significant contributors.
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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 BASF, DSM, Chr. Hansen, Allied Biotech Corporation, DIVI'S Laboratories Ltd., Cyanotech, Brenntag, DDW The Color House, Naturex SA, and LycoRed.
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