The upcoming report by Persistence Market Research anticipates the global market for carotenoids to showcase sluggish growth, registering CAGR of 2.7% during 2017-2026. By the end of 2026, the global carotenoids market is also projected to bring in US$ 6,902.4 million revenue.
Carotenoids are naturally occurring pigments found in vegetables and fruits and also in certain shellfish. Carotenoids are the major source of antioxidants that help in preventing cancer and heart diseases. Hence, with the increase in awareness among people about benefits of carotenoids, the demand for segments such as cosmetics and supplements is also rising. Carotenoids are also finding large application in food, pharmaceutical and cosmetic industry owing to its various benefits.
Increasing focus towards a healthy lifestyle and rising incidences of various diseases across the globe is also driving the demand for carotenoids to be used in various food supplements.
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Increasing Demand for Functional and Fortified Food to Drive the Global Market for Carotenoids
The demand for fortified and functional food is rising as customers are looking for ingredients that address specific health issues such as improving immunity, improving digestive health and boosting memory. Hence, the rise in demand for functional food is also fueling the global carotenoids market.
Moreover, consumers are also looking for foods that can provide vitamins and help in cell reinforcement. Natural food colors are also being adopted on a large scale in the food processing industry. For instance, lycopene, a carotenoid and beta-carotene are the favored choice for pink, yellow, orange, red tones in manufacturing supplements.
The most common health problem faced by the older adult population is vision damage. Hence, the increase in demand for dietary supplements is also resulting in the increasing demand for carotenoids such as astaxanthin, as it is beneficial for eyes. Astaxanthin is also gaining traction in the cosmetics industry due to its UV and anti-aging properties. Also, the use of carotenoids in treating various skin diseases has increased recently. The increase in demand for organic cosmetic products is driving the demand for carotenoids. Ongoing research on identifying new health benefits of carotenoids is also broadening the scope of carotenoids in the pharmaceutical sector.
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Demand to Remain High in the Food Industry
Besides food industry, demand for carotenoids is expected to remain high in the pharmaceutical and cosmetic industry globally. As carotenoids are rich in vitamin A, demand continues to remain high in the cosmetic industry.
Growing need for ingredients that are rich in antioxidants and other benefiting attributes such as vitamin A, C, E and D has led to surge in demand for carotenoids in the cosmetic industry. Attributed to various health benefitting attributes, manufacturers are increasingly opting for carotenoids for production of various cosmetic products. Surge in demand for carotenoids in the cosmetic industry will continue to contribute towards growth of the global carotenoids market during the forecast period.
Competition Tracking
Leading market players operating in the global carotenoids market include Algatechnologies, Allied Biotech, AquaCarotene, BASF, Chr. Hansen, Cyanotech Corporation, DDW The Color House, Doehler Group, EID Parry, ExcelVite, Farbest Brands, FMC Corporation, Guangzhou Leader Bio-Technology, Kemin Industries and Royal DSM N.V.
Segmentation
- Beta-Carotene
- Lutein
- Astaxanthin
- Canthaxanthin
- Lycopene
- Others
Application
- Food & Beverage Industry
- Feed Industry
- Dietary Supplements
- Pharmaceutical products
- Cosmetic & Personal care
- Other Applications
Source
- Synthetic
- Natural
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