carotenoids-market-industry
Published

August 2016

Global Carotenoids Market - Growth, Trends, and Forecasts (2016 - 2021)

Purchase Report
$4250
Single user license
$4500
Team license
$8750
Corporate license

Market Insights

The carotenoids market is expected to grow at a CAGR of XX% from 2016 to 2020. This market is valued at USD XX million in 2016 and is projected to reach a value of USD XX million by 2021.

There are over 600 carotenoids, which are found in natural sources, but only a few can be commercially synthesized for human or animal use. Carotenoids are normally found in microorganisms, algae, and higher plants as well as some animal species. They provide bright yellow, red and orange color and protect these species from the harmful effects of light, air, and sensitizer pigments. Carotenoids are majorly used as food coloring agents, however, with the advancements in biotechnology, and recombinant DNA technology, the extraction of the carotenoids is more commercially viable now than before. This has led to an increase in the production of carotenoid-based products. Even the consumers are more informed about health benefits of carotenoid-based supplements and fortified foods. They are inclined to use them as a preventive measure against ailments like arthritis, diabetes, heart disease, obesity, cancer, cataracts, macular degeneration, and skin damage.

Although there are hundreds of carotenoids, only a few are used for commercial purposes. Carotenoids market had grown significantly in the past few years due to its increasing end-use applications in animal feed, dietary supplements, pharmaceuticals, food and beverages, cosmetics, etc.

Market Dynamics

The key drivers that have led to the growth of the carotenoid market are strong growth in the end-use industries like animal feed, food and beverages, dietary supplements, and pharmaceuticals. Other factors include rising health ailments like obesity and nutrient deficiency and changing consumer preferences towards natural nutritional supplements.  

There is an increasing demand among consumers for clean and natural products, which include natural supplements and colors. This has forced manufacturers to work on the extraction of carotenoid via natural means. For example, DSM has launched CaroCare® solutions, which offer a range of natural-sourced beta-carotene formulations.

Market Segmentation

The carotenoid market is segmented by type, source, and application. By type, carotenoids are further sub-segmented into beta-carotene, astaxanthin, lutein, annatto, apo-carotenal, apo-ester, canthaxanthin, capsanthin and paprika extracts, lycopene, zeaxanthin, and others. Among these, beta-carotene is estimated to have the fastest-growth during the forecast period. It is widely used for food coloring and as a natural supplement.

By application, carotenoids are used in animal feed, food and beverages, dietary supplements, cosmetics, pharmaceuticals, and other applications. Carotenoids are used as color enhancers in natural foods like egg yolk, chicken meat or fish. This improves the aesthetic look of the product and therefore, looks more appealing to the customer.

By source, carotenoids are classified into natural or synthetic. They are found naturally in vegetables like spinach, pumpkin, tomato, and carrot. Many carotenoids like beta-carotene, lycopene, lutein, and zeaxanthin, can be synthetically extracted.

Regional Analysis

North America and Europe have the largest carotenoid market. Asia-Pacific is an emerging market, as an increasing number of consumers are adopting preventive measures in the form of health supplements, to prevent diseases. Change in lifestyle and food consumption among consumers has also led to the growth of carotenoids market in the Asia-Pacific region. South America has also shown significant growth, as there is a rise in the pharmaceutical and energy industries.

Some of the major players capturing the Carotenoids market include –

  • BASF SE
  • Koninklijke DSM N.V.
  • Sensient Technologies Corporation
  • Novus International, Inc.

BASF and DSM dominate the market in beta-carotene, astaxanthin, and canthaxanthin while small players are more active in lutein and lycopene market, which has high growth potential.

Future Spotlight

Carotenoids have significant growth opportunities as an alternative to antibiotics and as a natural source of supplements to prevent diseases. Despite having a knowhow of various benefits of carotenoids, it was very expensive to extract carotenoids, in the past, especially from natural sources. However, currently, there is a significant advancement in biotechnology and recombinant DNA technology. As per the latest research, linseed oil nano-emulsions act as a means to increase carotenoid’s bioavailability and stability, thus increasing its benefits of more supplements and functional foods. Despite the huge growth potential in carotenoid, new players may face entry barriers due to the lack of technological knowhow. On the consumer's end, the only concern is the increased toxicity due to the high dose of carotenoids, as they are fat-soluble. Therefore manufacturers need to focus on overcoming this drawback.

At present companies are also looking at carotenoids as an alternative to antibiotics. Antibiotics are widely used in animal feed, but they are now causing disease resistance in both animals as well as humans. Therefore, companies are presently focusing on carotenoids like beta-carotene, which will not act as a therapeutic alternative to antibiotics, but will help animals to grow optimally and boosts their immune systems.

Another significant growth potential for the carotenoid market is in the energy sector. Researchers have found that carotenoids can act as feed stock for biofuel. Microalgae-derived from carotenoids can act as a low-value energy source to make biofuel production economically feasible.

Recent Industry Insight

“DDW buys KleurCraft to expand vertically, globally."

"Study shows 3-carotenoid formula boosts visual performance for non-impaired subjects."

Key Deliverables in the Study

  • Market analysis for global carotenoids market, with region specific assessments and competition analysis on the global and regional scale.
  • Market definition along with the identification of key drivers and restraints.
  • Identification of factors instrumental in changing the market scenario, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale.
  • Extensively researched competitive landscape section with profiles of major companies along with their market share.
  • Identification and analysis of the macro and micro factors that affect the global wearable medical devices market on both global and regional scale.
  • A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
  • A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market.
  • Insights on the major countries/regions where this industry is growing and also to identify the regions that are still untapped.
RELATED REPORTS

Confused about which report to get?

Download a full report to understand our capabilities
Purchase Report
$4250
Single user license
$4500
Team license
$8750
Corporate license
Our Clients Include View All

Looking to Customize Report?