LONDON, Nov. 4, 2015 /PRNewswire/ -- The carotenoids market has grown exponentially in the last few years and this trend is projected to continue. The market was valued at $1,161.78 million in 2013. It is projected to grow at a CAGR of 3.5% from 2014 to reach $1,428.12 million by 2019. The market is primarily driven by factors such as, tremendous health benefits, increasing its end-use application, and its easy availability.
The carotenoids market is led by Europe followed by North America. The U.S. carotenoids market not only dominates North America but also the global market. Asia-Pacific is projected to be the fastest-growing carotenoids market globally for the period under consideration. The market is projected to grow significantly at a CAGR of 3.69% during 2014 to 2019. Brazil is the major market in the Latin American region owing to increasing population, health awareness, and increasing expenditure on the cosmetics.
In this report, the carotenoids market has broadly been segmented on the basis of type, application, source, and region. New product launch was the most preferred growth strategy in the carotenoids market. The purpose of adopting this strategic expansion is that it results in better increasing geographic presence and clientele. Major players such as DSM N.V. (the Netherlands) and BASF SE (Germany) collectively accounted for more than half of the global carotenoids market and are mainly focusing to strengthen their product range. Other major players in the market are FMC Corporation (U.S.), Döhler Group (Germany), Chr. Hansen (Denmark), Kemin Industries (U.S.), Allied Biotech Corporation (Taiwan R.O.C), Carotech Bhd. (Malaysia) and DDW The Color House (U.S.), which have quite a major presence in the global carotenoids market.
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