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Carotenoids Market, Business Will Grow in 2025, Prominent Players: BASF SE, Koninklijke DSM N.V., Chr. Hansen A/S, FMC Corporation, Cyanotech Corporation, Kemin Industries Inc
Carotenoids Market
Carotenoids market was pegged $1.57 billion in 2017 and is expected to reach $2.09 billion by 2025, registering a CAGR of 3.6% from 2018 to 2025.
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Surge in health issues of geriatric population such as vision damage coupled with rise in adoption of carotenoids in the developing countries has boosted the growth of the global carotenoids market. However, strict standards and regulations regarding use of carotenoids in human food, high cost of naturally occurring carotenoids as compared to synthetic counterparts, and high chances of adulteration hamper the market growth. On the contrary, rise in demand for natural colorants in beverages, cosmetics, and food processing is expected to create lucrative opportunities in the near future.
The global carotenoids market is divided on the basis of product, source, application, and geography. Based on product, the market is divided into astaxanthin, capsanthin, lutein, beta-carotene, lycopene, and others. The astaxanthin segment dominated the market in 2017, contributing one-fourth of the market. However, the beta-carotene segment is projected to register the fastest CAGR of 5.2% during the forecast period.
Based on application, the market is segmented into animal feed, human food, dietary supplement, and others. The animal feed segment held the lion's share in 2017, contributing more than two-fifths of the market. However, the dietary supplement segment is projected to portray the fastest CAGR of 4.5% during the study period.
On the basis of source, the market is bifurcated into natural and synthetic. The synthetic segment held the largest share in 2017, accounting for nearly two-thirds of the market. However, the natural segment is anticipated to register the fastest CAGR of 4.2% during the forecast period.
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The global carotenoids market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Europe held the largest share in 2017, contributing more than two-fifths of the market. However, the Asia-Pacific region is expected to register the fastest CAGR of 4.3% during the forecast period.
Top Key Players: BASF SE, Chr. Hansen A/S, Cyanotech Corporation, Koninklijke DSM N.V., DDW The Colour House, FMC Corporation, Allied Biotech Corporation, Kemin Industries Inc., Döhler Group, and Excelvite.
Key Findings of the Carotenoids Market:
o In 2017, Europe accounted for the highest market share, growing at a CAGR of 3.7% from 2018 to 2025.
o In 2017, animal feed application segment accounted for the highest market share and is expected to growth at the highest CAGR of 3.7%.
o Astaxanthin accounted for the highest market share in 2017 in terms of value and is projected to grow at a significant CAGR of 3.5%.
o In 2017, synthetic source of carotenoids accounted for the highest market share growing at a CAGR of 3.2%.
o In 2017, the U.S. accounted for a prominent market share and is anticipated to grow at a significant CAGR of 3.2%.
o India is anticipated to grow at the highest CAGR of 5.6% from 2018 to 2025.
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