FELTON, California, October 3, 2017 /PRNewswire/ --
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.
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.
In terms of volume, beta-carotenes was the largest product segment, which constituted 24% share of the total market in the year 2015. These tetraterpenoids are used as colorants, and antioxidants and possess high vitamin A content. These key attributes are expected to boost the utilization of the product in nutritional foods, personal care and medical applications, which in turn is likely to propel the market growth in the future.
Astaxanthin is another important product type of carotenoids that is expected to illustrate significant development during the forecast period, owing to its rising usage in human antioxidants, animal feed ingredients and in seafood processing including shrimps, trout and salmon. Furthermore, astaxanthin is favorably used in human stamina enhancement and quick wound recovery.
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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.
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.
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.
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.
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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Source Outlook (Volume, Tons; Revenue, USD Million; 2014 - 2025)
Product Outlook (Volume, Tons; Revenue, USD Million; 2014 - 2025)
Application Outlook (Volume, Tons; Revenue, USD Million; 2014 - 2025)
Regional Outlook (Volume, Tons; Revenue, USD Million; 2014 - 2025)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
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