Carotenoids Market Worth 1.53 Billion USD by 2021
PUNE, India, July 6, 2016 /PRNewswire/ --
The report 'Carotenoids Market by Type (Astaxanthin, Beta-Carotene, Canthaxanthin, Lutein, Lycopene, & Zeaxanthin), Source (Synthetic and Natural), Application (Supplements, Food, Feed, and Cosmetics), & by Region - Global Trends & Forecasts to 2021', The global carotenoids market is estimated to be valued at USD 1.24 Billion in 2016 and projected to reach USD 1.53 Billion by 2021, at a CAGR of 3.78% from 2016 to 2021.
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Browse 75 market data Tables and 55 Figures spread through 193 Pages and in-depth TOC on "Carotenoids Market"
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Large numbers of end-use applications, usage in preventive healthcare and nutraceuticals, and the growing importance of food quality and appearance have been of importance to the growth of the global carotenoids market. Carotenoids have high nutritious properties which help prevent fatal diseases such as cancer, diabetes, cataract, and tumor. Along with this, carotenoids contain a coloration pigment named carotene which is responsible for imparting red, yellow, and orange color in plants and animals thus increasing the need and usage of carotenoids especially for meat, meat products, and fish. The coloration of all animal products play a significant role in deciding their commercial value and thus the use of carotenoids for enhancing the appearance of the meat and fish products adds to the profitability of their suppliers. Hence, carotenoids will be viewed as a business opportunity in the next five years. As a result, many multinational players have entered into the production of varied types of carotenoids which can be used in different applications.
Significant growth expected in the supplements segment
Carotenoids find a wide range of end use applications. It can be used in feed, food, supplements, cosmetics, and pharmaceuticals. Due to rising health consciousness of consumers and changing lifestyles, the consumers demand high quality health supplements comprising health benefits such as immunity boosters, and richness in proteins and vitamins. Carotenoids are major additives used in health supplements due to their various medicinal properties. Thus, the use of carotenoids in supplements is expected to rise in the next few years.
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Beta-carotene is expected to be the fastest-growing segment during the forecast period
The major types of carotenoids are astaxanthin, beta-carotene, lutein, canthaxanthin, lycopene, and zeaxanthin. The beta-carotene segment is projected to be the fastest-growing market from 2016 to 2021. Rising demand for natural beta-carotene due to its high effectiveness and medicinal properties is triggering the market for beta-carotene.
Increasing health consciousness, high investment in R&D, and cost-effective solutions key to success in the European region
Europe is one of the largest contributors to the global carotenoids due to the increase in usage of carotenoids through health supplements and in animal feed. Germany and France constituted the largest country-level markets in the European region in 2015. The well-established economies allowing investments in research & development, government involvement towards the healthcare facilities and promotion of preventive measures, and the well-established cosmetics industry demanding natural coloration are the major factors influencing the growth of the carotenoids market in Europe.
This report includes a study of marketing and development strategies, along with the product portfolio of leading companies. It includes the profiles of leading companies such as BASF SE (Germany), Royal DSM N.V. (The Netherlands), Chr. Hansen A/S (Denmark), FMC Corporation (U.S.), Kemin Industries, Inc. (U.S.), and Cyanotech Corporation (U.S.).
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