The Global Market for Carotenoids is Projected to Reach US$1.7 Billion by 2022

Growing Demand for Foods that Neutralize Free Radicals & Provide Protection Against Oxidative Stress to Drive the Carotenoids Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Carotenoids market. The global market for Carotenoids is projected to reach US$1.7 billion by 2022, driven by the growing nutritional significance of carotenoids as antioxidants and the resulting rise in demand from end-use applications such as animal feed, food, supplements, and pharmaceuticals.

Carotenoids are organic, naturally occurring pigments found in fruits and vegetables, and also in certain shellfish. Carotenoids are considered to be a major a source of antioxidants for humans, with potential applications in preventing heart diseases and cancer. Over the years, demand for carotenoids posted strong growth led by expanding end-use applications, widespread availability of the compound, substantial health benefits promised by various types of carotenoids, and the general trend in favor of natural colorants. Few of the commercially available carotenoids include beta carotene, lutein, lycopene, astaxanthin, capsorubin, apo-carotenic ester, and capsanthin. While carotenoids have traditionally found use as food colorants, of late these compounds are being increasingly used in newer applications such as food supplements, cosmetics, pharmaceutical and animal feed.

Carotenoids are increasingly finding use in food supplements due to the increasing incidence of diseases such as vision loss due to aging, cardiovascular diseases and cancer. An aging global population, particularly in Europe and North America, and rising awareness about the health benefits of carotenoids are driving growth in the market. The anti-oxidative capabilities of carotenoids along with discovery of new health benefits present considerable scope for carotenoids in the pharmaceutical and nutraceutical sectors. Among the potential benefits of carotenoids include the treatment of age-related macular degeneration, prevention of prostate cancer, and ocular health benefits. In the cosmetics sector, carotenoids are increasingly being used in skin and hair care products and also in the production of anti-aging cosmetics. While synthetic carotenoids account for a major share of the market, demand for natural carotenoids continues to grow rapidly driven by the growing health awareness and the subsequent increase in demand for natural products. Rising concerns over ill-effects of synthetic products, growing demand for fortified and natural food products and regulations prohibiting the use of toxic and harmful additives in food and feed industries are spurring demand for natural carotenoids.

As stated by the new market research report on Carotenoids, Europe represents the largest market worldwide, supported by widespread use of carotenoids such as lutein, beta carotene and zeaxanthin in food supplements. Asia-Pacific is forecast to record the fastest CAGR of 3.6% over the analysis period led by growing population, rising awareness and increased willingness to spend on preventive healthcare products such as nutraceuticals and functional foods, and increasing use in animal feed against the backdrop of increased focus on farm productivity and food security,  

Major players covered in the report include Algatechnologies Ltd., Allied Biotech Corporation, BASF SE, DDW The Colour House, Döhler Group, ExcelVite Sdn. Bhd, Chr. Hansen Holding A/S, Cyanotech Corporation, FMC Corporation, Kemin Industries Inc., Lycored Ltd., Royal DSM N.V., 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 market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections in value terms for all major geographic markets such as the US, 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. In volume terms, the Carotenoids market is analyzed by the geographic markets – US, Europe, Asia-Pacific, and Rest of World. The market is analyzed, in both value and volume terms, by the product segments – Beta-Carotene, Lutein, Astaxanthin, Canthaxanthin, Annatto, Capsanthin and Others. Carotenoids market is analyzed by the following End-Use Applications – Animal Feed, Food and Others, only in value terms.

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