Market Overview: —
Naturally occurring substances such as carotenoids have gained increased traction in the past few years owing to renewed consumer interest in health products. Market focused reports linked to the agriculture industry among others of late have been made accessible by Market Research Future which issues reports on this industry.
Awareness surrounding carotenoids has risen in the past few years due to increased demand for healthy products that complement healthy lifestyle practices. Carotenoids nutritionally enrich foods and beverages which has permitted their incorporation in various health products and supplements. As carotenoids are extracts from natural product remains relatively unchanged in terms of efficacy, which has led to many food manufacturers venturing into the production of the product rather aggressively. Animals or humans cannot create these useful compounds, they are used intensively to protect against cellular damage, create antioxidants within the body, reduce the effects of aging and even treat a few chronic diseases. Changing lifestyles and increasing level of disposable income is expected to transform the expansion of the market in the forecast period.
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Jan 2018 Eurofins food division in North America has acquired Craft Technologies, Inc., which is a contract laboratory that focusses on analysis of carotenoids, nutrients, vitamins, bioflavonoids and phytochemicals and has previously awarded a Bill and Melinda Gates Foundation grant for formulating analytical methods. Craft Technologies will get an extensive scope of analytical services to Eurofins for products extending from human and animal foods to biological samples, dietary supplements, and tissues. The company has stated that the acquisition will prepare Eurofins for new vitamin analyses, comprising assays for hydroxylated vitamin D and vitamin D metabolites in biological samples, and vitamin K tests for menaquinones comprising of MK-4, MK-7, and MK-9.
Firms are persistently attempting to create financial leverage, to be better positioned to exploit on market gains. The focus of the firms in the market to grow their shareholder's value while enhancing the capability to power their competitive edge has enabled the company’s growth to a great extent. The intensifying interest in diversification within the business has indirectly allowed the businesses to utilize several situations obtainable in the market. Competitors are also spending a certain amount in innovation to provide a certain degree of innovation in the market and expand the avenues for growth especially in the duration of the forecast period. The market trends have also created the need to ensure financial sustainability to invest in growth prospects as and when they arise. The chances for increasing revenue inflow in the business are expected to multiply through the forecast period.
Allied Biotech, BASF, Kemin Industries, Koninklijke DSM, Alga technologies, D.D. Williamson, ExcelVite, Farbest Brands, FMC, Guangzhou Leader Bio-Technology, Lycored, PAT Vitamins, and Valensa are the key players that are a part of the Carotenoids Market Globally.
The market for Carotenoids has been segmented on the basis of type, by form and by application. The global carotenoids market by type is segmented into beta-carotene, canthaxanthin, alpha-carotene, lutein, zeaxanthin, lycopene, astaxanthin, and others. The basis of form segments the carotenoids market is segmented into capsules, powder, and tablets. The basis of application segments the carotenoid market into food & beverages, pharmaceuticals, animal feed, personal care products & other applications.
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The regional market for carotenoids globally includes Europe, North America, Asia Pacific and rest of the world. Europe and U.S. are dominating the market for carotenoids globally with the main market share, accounting for millions in revenue and is anticipated to develop over considerably by 2027. The Asia-Pacific and RoW are the rising markets for Carotenoids globally. The market is anticipated to develop with an incremental CAGR respectively from 2016 to 2027.
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