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Carotenoids Market on Target to Reach $2,098 Million by 2025

02-11-2020 02:03 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Allied Market Research

Carotenoids Market

Carotenoids Market

Carotenoids Market by Product (Astaxanthin, Capsanthin, Lutein, Beta-carotene, Lycopene, and Others), Source (Natural and Synthetic), and Application (Animal Feed, Human Food, Dietary Supplement, and Others): Global Opportunity Analysis and Industry Forecast, 2018-2025 offers a comprehensive analysis of the market size and forecast, competitive landscape, drivers & challenges along with their impact analysis, top investment pockets, and key strategic moves, and developments by prominent market players.

According to the report, 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.

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Factors such as 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 high cost of naturally occurring carotenoids as compared to synthetic counterparts would hinder the market growth. Furthermore, rise in demand for natural colorants in beverages, food processing, and cosmetics is expected to open new opportunities for the industry.

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.

The study classifies the carotenoids sources into natural and synthetic. The latter contributed 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.

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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Geographical regions analyzed in the research include North America, Europe, Asia-Pacific, and Latin America, 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 significant increase in consumption of carotenoids in the Chinese, Indian, and Indonesian food and beverage sector.

Major Players: Chr. Hansen A/S, BASF SE, Koninklijke DSM N.V., Cyanotech Corporation, FMC Corporation, DDW The Colour House, Kemin Industries Inc., Allied Biotech Corporation, Dhler Group, and Excelvite.

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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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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