Carotenoids Market to surpass $300 Million at a 4% CAGR by 2024

Carotenoids Market is fragmented and highly competitive with top two industrial players BASF and DSM accounting for over 50% of the total capacity in 2015 and extensively involved in the R&D.

Carotenoids Market is expected to cross USD 300 million by 2024; according to a new research report by Global Market Insights, Inc. The global carotenoids market stands to benefit with the developments in biotechnology and the growing application scope of the industry in food, medical, cosmetic, and pharmaceutical industries.

Benefits associated with carotenoids pertaining to cardiovascular health and immune system have propelled its demand in dietary supplements & food industry. The product is methodically approved for usage, as it offers antioxidation in the body by deactivating free radicals. This has extensively fueled growth of carotenoids in nutricosmetics and nutraceutical sectors.

A substantial rise in aging population and growing health concerns are driving the carotenoids industry growth across various regions. North America accounting for 35% of global revenue, represented the largest market for nutraceuticals in 2015, followed by Asia Pacific and Europe holding 30% and 24% respectively. Increasing commercial scope of carotenoids in nutraceutical sector has thus positively impacted the overall regional landscape. Expansion of cosmetics, food, and pharmaceutical industries in Asia Pacific has significantly driven the regional demand. Over the period of 2016-2024, Asia Pacific carotenoids market share in cosmetic applications is projected to register an annual growth rate of 5%.

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Carotenoids market from the food & beverage application collected revenue worth USD 50 million in 2015 and is expected to attain significant revenue over the coming years. These pigments act as vitamin A precursors and are used in animal feed to intensify the milk color, egg yolk, salmon, and chicken skin. Limited supply and high prices of animal based carotenoids have substantially driven the plant based carotenoids ingredients demand. Rising demand and preference for naturally sourced carotenoids over its synthetic counterparts is expected to fuel the growth of natural carotenoids market. However, less production cost and easy availability of synthetic carotenoids, makes it a dominant industry segment.

Browse key industry insights spread across 260 pages with 258 market data tables & 22 figures & charts from the report, “Carotenoids Market" in detail along with the table of contents:

On the product front, carotenoids market is segmented into lutein, astaxanthin, beta-carotene, canthaxanthin and lycopene. Amongst these, canthaxanthin finds wide application in cosmetics and food industries. Growing demand for food products such as bakery & confectionery, breakfast cereals, baby ingredients, snacks, dairy, and fruits & vegetables has stimulated rising product demand. Beta-carotene market is anticipated to witness a 4% growth rate over 2016-2024, owing to the prominent product usage in dietary and health supplements. These products are in heavy demand driven by their associated benefits such as healthy skin, prevention of cardiovascular disease, eye health. Expansion of healthcare industry in Germany and growing demand of beta carotene for curing macular degeneration and cataracts will further fuel the regional carotenoids industry share.

The global carotenoids industry is characterized by its fragmented and fiercely competitive landscape. In 2015, for dietary supplements, Germany, Italy, and Russia were among the top 10 marketplaces. BASF and DSM are the top two industrial players having held more than half of the overall industry share in 2015. Other prominent industry players include Cyanotech, D.D. Williamson, Divis Laboratories, Allied Biotech, and Naturex SA.

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Canthaxanthin Market Size 2016 - 2024

Canthaxanthin Market size is expected to grow at lucrative CAGR up to 2024 owing to increasing application scope in food and cosmetics industries.

Beta Carotene Market Size 2016 - 2023

Global beta carotene market size was valued at over USD 425 million in 2015 and is likely to exceed USD 500 million in 2023, growing at a CAGR of more than 3% from 2016 to 2023.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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