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 significance of carotenoids
as pigmentation and antioxidant compounds 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 proven capability in improving human health, widespread availability of
these compounds from various sources and growing inclination towards natural
colorants. 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. Beta carotene,
lutein, lycopene, astaxanthin, capsorubin, apo-carotenic ester, and capsanthin
are the primary types of carotenoids, being utilized in various traditional and
new applications.
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.
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.
As
stated by the new market research report on Carotenoids, Europe represents the
largest market worldwide. Asia-Pacific is forecast to record the fastest CAGR
of 3.6% over the analysis period. Factors such as 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 to
support widespread animal husbandry activities favor growth of carotenoids
market in the Asia-Pacific region.
Major
players in the market include Algatechnologies Ltd., Allied Biotech
Corporation, BASF SE, Chr. Hansen Holding A/S, Cyanotech Corporation, DDW The
Colour House, Döhler Group, DowDuPont Inc., ExcelVite Sdn Bhd, 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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enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
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