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Carotenoids Market value to hit $300mn by 2024

Carotenoids Market value to hit $300mn by 2024

Germany, which dominates Europe carotenoids market size, was valued at over USD 20 million in 2015. Processed food industry expansion was among the key contributor in regional industry growth. France and Germany exhibit the strongest demand as a food colouring agent.
“Carotenoids Market Size By Source (Natural, Synthetic), By Product (Beta-carotene, Lutein, Astaxanthin, Canthaxanthin, Lycopene), By Application (Food & beverages, Pharmaceutical, Cosmetics, Animal Feed, Dietary supplements), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024”

Rampant application of carotenoids across food & beverages, cosmetics, pharmaceuticals, and animal feed industries has fueled carotenoids market size. According to Global Market Insights, Inc., “Global carotenoids market share is projected to surpass USD 300 million by 2024.” Heavy use of carotenoids in the nutraceutical industry, owing to its positive effect on immune & cardiovascular system are expected to boost the carotenoids industry trends over the coming years. Higher spending on medical & healthcare insurance services along with the growing life expectancy of aging population is further expected to stimulate the global industry size over the next few years. Carotenoids act as a main precursor for amino acids in animal feeds and possess anti-oxidative characteristics, further enhancing its demand across animal feed additives market.

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Major carotenoids products comprise lycopene, beta-carotene, astaxanthin, lutein, and canthaxanthin. Beta-carotene industry size worth USD 40 million in 2015, is forecast to register an annual growth rate of 4% over the coming seven years. Heavy product demand can be attributed to its increasing usage as an essential ingredient in diets, to avoid ailments pertaining to the eyes, heart, and skin. Canthaxanthin, which contributed towards nearly 10% of the global carotenoids market share in 2015, is projected to witness a high surge over the next few years due to rising consumer preference for bakery items, snacks, breakfast cereals, fruits, and baby ingredients. Moreover, its extensive usage across cosmetics industry due to its anti-tanning properties will further stimulate the product demand over the coming years.

                           U.S. Carotenoids Market size, by product, 2015 & 2024 (USD Million)

U.S. Carotenoids Market size, by product, 2015 & 2024 (USD Million)

Lutein is another major carotenoid product, forecast to witness a substantial growth in the near future. The growth will primarily be driven by its high demand across pharmaceuticals, food, dietary supplements, nutraceuticals, and animal feed applications. Lycopene industry worth USD 15 million in 2015, is expected to grow considerably over the next few years due to its high application in cosmetics and pharmaceuticals sectors.

Shifting focus of consumers towards natural products has pushed growth of natural carotenoids market. Natural carotenoids industry size is expected to register a CAGR of 4% over the period of 2016-2024. The other prominent extraction of carotenoids is from the synthetic sources. Synthetic carotenoids market dominated the source landscape with a market value of USD 190 million in 2015. Low production cost and easy availability of synthetic resources will boost its industry share over the forecast timeframe.

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Carotenoids market size in food & beverage sector is anticipated to grow substantially over the forecast period, owing to its large-scale application as food additives globally. Animal feed sector, which accounted for nearly 30% of the overall carotenoids market share in terms of volume, is projected to grow considerably over the coming years. The growth can be credited to its high nutrient content and improved taste. Growing consumer preference towards healthy meat appearance is expected to boost the carotenoids industry growth.

LATAM carotenoids market is expected to witness a considerable growth over 2016-2024, owing to changing lifestyles, rise in per capita income, and high consumer awareness about the benefits of product use. Argentina, Peru, Brazil, and Chile are expected to be the key growth drivers of the region.

Europe carotenoids industry will witness a substantial surge over the coming years due to the rapidly expanding food sector along with heavy product use as food coloring agent. Russia, Germany, Italy, and France are likely to be the key revenue pockets of the region.

Middle East & Africa carotenoids market is projected to witness a significant growth over the next few years, owing to rise in the aging population as well as high demand for the product across health supplements sector.

Market players will try to enhance their share by adopting business strategies such as product differentiation and high R& D investments. Key carotenoids industry players include Cyanotech Corporation, Allied Biotech Corporation, Chr. Hansen, Divis Laboratories Limited, D.D. Williamson, and Naturex Company.

Browse key industry insights spread across 260 pages with 258 market data tables & 22 figures & charts from the report Carotenoids Market in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/carotenoids-market

Carotenoids market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in tons & revenue in USD million from 2013 to 2024, for the following segments:

Carotenoids market by source

  • Natural
  • Synthetic

Carotenoids market by product

  • Beta Carotene
  • Lutein
  • Astaxanthin
  • Canthaxanthin
  • Lycopene
  • Others

Carotenoids market by application

  • Food and Beverages
  • Pharmaceuticals
  • Cosmetics
  • Animal Feed
  • Dietary Supplements

The above information is provided on a regional and country basis for the following:

  • North America
    • U.S.
    • Canada
  • EU
    • UK
    • Germany
    • France
    • Italy
    • Russia
    • Poland
    • The Netherlands
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • Indonesia
    • Singapore
    • Malaysia
    • Thailand
  • Latin America (LATAM)
    • Brazil
    • Argentina
  • Middle East
    • Saudi Arabia
    • UAE
    • South Africa

 

Browse Related Reports:

  • Beta Carotene Market Size, Industry Analysis Report, Regional Outlook (U.S., Germany, UK, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2016 – 2023

       https://www.gminsights.com/industry-analysis/beta-carotene-market

 

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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