Carotenoids Market Development, Trends, Key Driven Factors, Segmentation And Forecast to 2021-2028 | ASF SE, Koninklijke DSM N.V., Chr. Hansen A/S, FMC Corporation, Cyanotech

Carotenoids have gained popularity as the demand for natural and plant-based products in the food, beverage, and functional product industries has increased. Carotenoids have been branded nature similar, and several firms have invested in clean label certifications such as vegan, halal, and kosher, among others, though synthetically available in multiple markets. Carotenoids have been increasingly used in functional foods and beverages in recent years, and this trend is expected to continue during the forecast period.

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Consumer preferences for ingredients that help health functions like bone density and immunity are shifting, opening up new product opportunities. Antioxidants, micronutrients, and vitamins are in high demand, which will drive product acceptance across a wide range of industries. Furthermore, rising demand for natural food colors like lycopene and beta-carotene would increase overall market share.

Consumer understanding of the health benefits of carotenoid use is expected to fuel market demand. Customers are more likely to eat naturally derived food products as the incidence of lifestyle and early age disorders in the current generation rises. Furthermore, advances in biotechnological processes that aid the industrial development of natural carotenoids would help the industry.

Growth Drivers that Support the Global Carotenoids Market:

• In 2015, beta-carotenes dominated the market and accounted for a large portion of global volume. Beta-carotenes are used as a colourant, antioxidant, and a rich source of vitamin A in fruit, feed, nutritional supplements, cosmetics, and medicines, all of which would increase the market size for carotenoids.

• In 2015, synthetic sources dominated the market as a whole. Due to rising customer preference for naturally sourced goods, the segment is expected to rise slowly over the forecast period.

• Because of the increasing use of these additives in feed, supplement, food, pharmaceutical, and cosmetic applications, Asia Pacific is expected to see significant growth. Technological advances, industrial development, economic growth, and low production costs in countries like China, Japan, and India are expected to push the industry forward.

• Market understanding of the health benefits of dietary supplements has risen in the area as a result of the region's increasing middle-class population, educational growth, and increased disposable incomes.

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Companies Keen to Launch new products and enter Alliances

• DDW The Color House acquired Du Pont Natural Colors (Denmark) in June 2019 to expand the company's market presence. This acquisition will also enable it to add new products to its portfolio.

• Döhler Group acquired a majority stake in Zumos Catalano Aragoneses S.A. (ZUCASA), a Spanish company, in April 2019. This will help the company's expansion into the fruits and carotenoids market.

• ExcelVite Sdn Bhd. partnered with US Pharmacopeia (US) to release a new plant carotenes monograph in April 2019. EVTene, a mixed carotene complex, was used to build it. The publication of this monograph would re-establish the company's commitment to maintaining high ingredient standards.

• LJ Ingredients and Zhejiang NHU Co. Ltd formed a collaboration in April 2019. (Denmark). LJ Ingredients became the company's exclusive sales agent for beta-carotene products in the European market as a result of this relationship.

• Organic KEM GLO, a USDA approved organic carotenoid that helps organic egg producers intensify the colours of egg yolks, was launched in March 2019 by Kemin Industries. This will assist the company in gaining a competitive advantage in the feed carotenoids industry.

Major companies functioning in the global Carotenoids Market are Koninklijke DSM N.V., ASF SE, Chr. Hansen A/S, Cyanotech Corporation, FMC Corporation, Kemin Industries Inc., Dhler Group, DDW The Colour House, Allied Biotech Corporation, Sensient Technologies Corporation, Excelvite, and Novus International, Inc.

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Market Segmentation:

By Source:
• Natural
• Synthetic

By Product:
• Beta-carotene
• Lutein
• Astaxanthin
• Canthaxanthin
• Lycopene

By Application:
• Food & Beverages
• Pharmaceutical
• Cosmetics
• Animal Feed
• Dietary supplements

By Region:
• North America
◦ North America, by Country
▪ US
▪ Canada
▪ Mexico
◦ North America, by Source
◦ North America, by Product
◦ North America, by Application

• Western Europe
◦ Western Europe, by Country
▪ Germany
▪ UK
▪ France
▪ Italy
▪ Spain
▪ The Netherlands
▪ Rest of Western Europe
◦ Western Europe, by Source
◦ Western Europe, by Product
◦ Western Europe, by Application

• Asia Pacific
◦ Asia Pacific, by Country
▪ China
▪ India
▪ Japan
▪ South Korea
▪ Australia
▪ Indonesia
▪ Rest of Asia Pacific
◦ Asia Pacific, by Source
◦ Asia Pacific, by Product
◦ Asia Pacific, by Application

• Eastern Europe
◦ Eastern Europe, by Country
▪ Russia
▪ Turkey
▪ Rest of Eastern Europe
◦ Eastern Europe, by Source
◦ Eastern Europe, by Product
◦ Eastern Europe, by Application

• Middle East
◦ Middle East, by Country
▪ UAE
▪ Saudi Arabia
▪ Qatar
▪ Iran
▪ Rest of Middle East
◦ Middle East, by Source
◦ Middle East, by Product
◦ Middle East, by Application

• Rest of the World
◦ Rest of the World, by Country
▪ South America
▪ Africa
◦ Rest of the World, by Source
◦ Rest of the World, by Product
◦ Rest of the World, by Application

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