Global Market for Carotenoids is Projected to Reach US$1.3 Billion by 2020

Feed, Food & Pharmaceutical Applications Drive Demand for Carotenoids, According to New Report by Global Industry Analysts, Inc.

GIA announces the release of a comprehensive global report on Carotenoids markets. Global market for Carotenoids is projected to reach US$1.3 billion by 2020, driven by growing demand from end-use applications such as food, animal feed and pharmaceuticals.

Predominantly used as food colorants, carotenoids find extensive use in cosmetics, pharmaceutical and animal feed industries. With recent studies highlighting the health benefits of carotenoids in reducing the risk of cancer, vision loss, cardiovascular, and neurodegenerative diseases, demand from the food and pharmaceutical industries is increasing rapidly. Aging population and increase in lifestyle related chronic diseases are helping fuel the popularity of food and health supplements containing carotenoids. With a large number of doctors and healthcare professionals prescribing carotenoid-rich dietary regimens to the elderly, demand is expected to increase further in the coming years. Use of carotenoids as a key ingredient in high-performance functional beverages is also helping drive growth in food applications. Growing demand for wellness drinks against a backdrop of rapid socio-economic growth, rising standard of living, increase in discretionary spending, and stronger emphasis on health and well-being, is therefore expected to benefit growth in the market.  

Personal care and cosmeceuticals also provide lucrative opportunities for growth. The antioxidant property represents the prime benefit of carotenoids driving its use in anti-aging cosmetics and supplements. As an antioxidant, carotenoids have the ability to quench free radicals and protect cells from oxidative damage or stress caused by pollution, ultraviolet radiation or other environmental factors that destabilize normal molecules. A range of colorless carotenoids including Phytoene and phytofluene, are known to boost properties of key active ingredients used in the production of cosmetics and personal care products. In addition to its use as a natural nutritional additive in cosmetic formulations, carotenoids are also valued in the animal feed industry for its numerous benefits such as antioxidant properties, health and reproductive benefits.

The market is expected to witness a shift towards natural carotenoids, as a result of growing consumer awareness about the benefits of all-natural products. With consumers increasingly paying attention to ingredients used in the production of foods, drugs, and cosmetic products, synthetic carotenoid derivatives are expected to be replaced by natural carotenoids Algae-derived beta-carotene is forecast to witness robust demand in the food and supplements end-use sector. With proven benefits in eye health, carotenoids such as lutein, zeaxanthin, and astaxanthin are increasingly being consumed, especially by the elderly.

As stated by the new market research report on Carotenoids, Europe represents the largest market worldwide. Asia-Pacific is forecast to spearhead growth with the fastest CAGR of 3.6% over the analysis period. The presence of large pharmaceutical production units in India and China typically serving outsourced drug manufacturing activity for leading global pharma giants provides robust opportunities for carotenoids used in drug manufacturing in the region. Beta-carotene represents the largest product market supported by extensive use as a coloring agent in various applications including food, pharmaceuticals and cosmeceuticals. Lutein is forecast to emerge as the fastest growing product category driven by growing applications in eye health supplements.

Key players covered in the report include Algatechnologies Ltd., BASF SE, Carotech Bhd, Chr. Hansen A/S, Cyanotech Corporation, FMC Corporation, FMC Biopolymer, Kemin Industries Inc., LycoRed Ltd., Royal DSM N.V., DSM Nutritional Products Ltd., Sensient Technologies Corporation, and Valensa International LLC, among others.

The research report titled “Carotenoids: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of the market trends, growth drivers, product launches and recent industry activity of major companies worldwide. The report provides market estimates and projections in US Dollars and Tons by Product type including Beta-Carotene, Lutein, Astaxanthin, Canthaxanthin, Annatto, Capsanthin and Others. End-use markets analysed include Animal Feed, Food and Pharmaceuticals. Key geographic markets analyzed in the report include the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (Australia, China, India and Rest of Asia-Pacific), Latin America (Brazil, Mexico and Rest of Latin America) and Rest of World.

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