Industry Insights
The global carotenoids market was estimated at USD 1.21 billion in the year 2015 and is likely to witness significant growth, due to its increasing usage in numerous applications such as food, dietary supplements, animal feed, cosmetics and pharmaceuticals. Growing health awareness among consumers has led to increased usage of natural food products and nutritive supplements. This scenario is considered to drive the consumption of carotenoids over the years ahead.
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Key Questions Answered
- What are the sales or revenue produced by Carotenoids products beyond all sectors during the forecast period?
- What are the key trends in the Carotenoids market?
- What are the leading drivers, limitations, and probabilities in the industry?
- Which segment will gain the highest revenue worldwide and which product segment will expand at the fastest CAGR during the forecast period?
- In which region the Carotenoids market to project lucrative CAGR during the forecast period?
Carotenoids also known as tetraterpenoids are color imparting organic pigments, that naturally occur in fruits, leafy vegetables, and roots. These products play the role of antioxidants and provide protection to the human health against chronic diseases, cellular damage, and aging. These organic pigments have found a rising usage in dietary supplements, due to growing health issues among the younger and older working populace groups that are aged in the range of 18 to 64 years.
Tetraterpenoids are commercially available in orange, yellow and red colors. The orange colored products include alpha-, beta-, and gamma-carotene, while the red and yellow ones include lycopene and lutein respectively. Animal feed, cosmetics and pharmaceuticals are the next major uses of the market.
Source Insights
Carotenoids are derived via natural or synthetic sources. Synthetic accounted for the largest volume share in 2015. Furthermore, this source type generated a revenue of USD 903.6 million in 2015. However, due to rising consumer inclination towards naturally derived ingredients, this segment is expected to depict a diminished growth during the forecast period.
The natural source type is expected to witness significant volume as well as revenue growth during the forecast period. The sources under this category include plant leaves, crustacean shells, flowers, bird feathers, fruits and fish flesh. Growing consumer awareness about health benefits of natural products is likely to propel the demand in the industry during the forecast period.
Application Insights
Animal feed is the prominent application of carotenoids, which held a revenue share of 41% of the total industry. Tetraterpenoids are consumed in animal nutrition for boosting immunity.
Dietary supplements is another key application, which is likely to offer significant growth prospects in the future, on account of rising consciousness among consumers regarding healthy diet intake and for treating vitamin deficiency related disorders.
Regional Insights
Asia Pacific is likely to witness tremendous growth, due to the increasing usage of the product in food, pharmaceuticals and personal care sectors. This scenario is projected to reflect in countries such as India, Japan and China owing to economic growth, technological advancements, low production costs and presence of a broad industrial base.
The awareness regarding the health benefits of dietary supplements has notably increased in the Asia Pacific region, as a consequence of various factors such as rising disposable incomes, increasing middle class population and educational development. Furthermore, the existence of major pharmaceutical companies in the region such as Sun Pharmaceutical, Dr. Reddy’s Laboratories, GSK, Cipla, Novo Nordisk and Roche are likely to contribute towards the industry growth.
In terms of revenue, Europe held the largest share in 2015 and is likely to expand at a CAGR of 3.8% during the forecast period. Product consumption in the region is anticipated to rise as a result of significant demand from animal feed and health supplement sectors. Presence of a well-established cosmetics industry with key players such as L’Oreal, Henkel, Unilever and Beiersdorf is another growth driving factor.
Competitive Insights
BASF SE, Brenntag, Kemin Industries, Allied Biotech, ExcelVite Sdn. Bhd., DSM Nutritional Products, Cyanotech Corp., Divis Laboratories, Chr. Hansen, D.D. Williamson, Lycored, and Naturex SA are the major players in the industry.
The manufacturers are implementing various strategies that include product innovation and collaborations with other participants across the value chain, in order to increase their presence worldwide.
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