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Carotenoids Market Size to reach $1209.2 Million by 2027

07-12-2021 08:26 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: Valuates Reports

Carotenoids Market Size to reach $1209.2 Million by 2027

The global Carotenoids market size is projected to reach US$ 1209.2 million by 2027, from US$ 1145.9 million in 2020, at a CAGR of 0.9% during 2021-2027. Major factors driving the growth of carotenoids market size are, increasing use of natural carotenoids as food colourants and innovations in the technologies used for extraction of carotenoids, increasing demand for healthy & natural food along with supplement consumption on account of rising health issues.

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Government efforts to support a balanced diet to minimize the adverse effects of obesity-induced diseases would stimulate the expansion of the industry. It is expected that growing R&D for the production of high-value natural carotenoids would create new opportunities for the growth of carotenoids market size.

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Growing demand for natural skincare cosmetics is expected to fuel the growth of Carotenoids market size. The perception of beauty and attractiveness among consumers has increased remarkably, along with the rise in health and wellness concerns. This has increased the market for natural skincare and beauty products. Carotenoids have been described as effective antioxidants that can be used to enhance skin tone, preserve skin firmness, and protect against UV light exposure in skincare product formulations.

Based on type, the lutein segment is expected to witness the highest growth in the carotenoid market during the forecast period. For both human nutrition and animal nutrition items, lutein is used. A key factor driving its demand is its wide usage to treat age-related eye disorders, including cataracts and macular degeneration.

Based on application, the feed segment is expected to hold the largest carotenoids market share during the forecast period. Because of their coloring properties, carotenoids are commonly used in animal nutrition products and are mixed into the feed to pigment the egg yolks, broiler skin, fishes, and crustaceans. They also help to increase immunity and enhance animal health by improving the quality of nutrition.

Based on the region, The largest consumption of Carotenoids areas is Europe and it occupied 37%. North America is the second-largest consumption areas and occupied 27%. China ranked the third position and occupied 22%. This is attributed to the growing usage of these additives in feed, supplement, food, pharmaceutical, and cosmetic applications. In countries like China, Japan, and India, the industry is expected to be powered by technological advances, industrial development, economic growth, and low production costs.

At present, the major manufacturers of Carotenoids are DSM, BASF, Allied Biotech, Chenguang Biotech, FMC, Dohler, Chr. Hansen, Carotech, DDW, Excelvite, AnHui Wisdom, Tian Yin and Kemin etc. DSM, BASF and Allied Biotech are the top 3, with about 68% market shares.

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