Carotenoids Market: Key Players and Production Information analysis with Forecast 2024
Currently, the rising preference of consumers for natural and organic products and the increasing commercial scope of carotenoids in animal feeds and supplements are acting as the key growth driver of this market. The antioxidative feature of carotenoids makes it more viable medically and is influencing its demand in the healthcare industry substantially. However, the limited number of carotenoids in the market and the lack of research and development in emerging economies may hamper the market’s growth to some extent in the near future.
The main objective of this market report is to offer a clear picture and a deep insight into the worldwide market for carotenoids, examining its historical performance and present status. The prominent trends, growth drivers, obstructions, challenges, opportunities, and future potential of this market have also been analyzed thoroughly in this research study.
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Global Carotenoids Market: Trends and Opportunities
Beta-carotene, canthaxanthin, astaxanthin, and annatto are the main carotenoids commercially available across the world. Among these, the demand for beta-carotene is greater as is closely followed by astaxanthin. With the considerable increase in the number of algae-derived and synthetic beta-carotenes, the competition in this market has intensified and consequently, has led to a reduction in beta-carotene prices.
Food, animal feed, cosmetics, supplements, and pharmaceuticals have emerged as the key application areas for carotenoids, globally. Thanks to the high nutritive value of carotenoid and the pigmentation present in it that raises the palatability of the feed and enhance the appearance of fish, meat, and meat products, its usage in animal feed is likely to increase substantially in the near future.
Global Carotenoids Market: Geographical Analysis
Among all the regional markets for carotenoids, Europe has a strong presence due to the growing demand for animal feed and health supplements. A robust cosmetics industry, supported by the presence of the leading cosmetic producers, such as Unilever, L'Oréal, Henkel, and Beiersdorf, is expected to impact the growth of Europe market for carotenoids positively in the near future.
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On the other hand, Asia Pacific is anticipated to witness lucrative growth opportunities in the near future on account of the increasing utilization of these additives in animal feed and food supplement. The technological advancements, economic rise, industrial growth, and low production costs in several countries, such as Japan, China, and India are also projected to stimulate the Asia Pacific market for carotenoids in the years to come.
Companies Mentioned in the Research Report
With the presence of a large number of players, the global market for carotenoids is demonstrating a highly fragmented and a competitive landscape. BASF SE, Lycored, Royal DSM N.V., Naturex SA, Chr. Hansen A/S, Divis Laboratories, FMC Corp., DSM Nutritional Products, Cyanotech Corp., Brenntag, Kemin Industries Inc., ExcelVite SDN. BHD., D.D. Williamson & Co. Inc., Allied Biotech Corp., and Döhler Group, are the leading vendors of carotenoids across the world.
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