Increasing use of carotenoids as food colorants, growing consumption of dietary carotenoids due to their health benefits, and increasing R&D to develop high-quality carotenoids are some key factors expected to drive market growth
NEW YORK, Dec. 8, 2021 /PRNewswire/ -- Reports and Data has published its latest report titled "Carotenoids Market by Type (Beta-Carotene, Alpha-Carotene, Alpha-Carotene, Lycopene, Lutein, Zeaxanthin, Beta-Cryptoxanthin, Astaxanthin, Others), By Source (Natural, Synthetic), By Application (Food & Beverages, Animal Feed, Dietary Supplements, Personal Care, Pharmaceuticals, Others), and By Region Forecast to 2028."
According to the latest report, the global carotenoids market size was USD 1.89 billion in 2020 and is expected to reach USD 2.19 billion in 2028 and register a revenue CAGR of 3.5% during the forecast period, 2021-2028.
Carotenoids are a class of over 750 naturally occurring pigments synthesized by plants, algae, and photosynthetic bacteria. Approximately 600 unique carotenoids have been identified in nature that can modulate broad spectrum of functions. Carotenoids are chiefly involved in a wide range of functions such as from optical enhancement in eyes to antioxidant and immunomodulatory functions. Increasing research and development activities to investigate the role of carotenoids in human health, rising awareness regarding natural food colorants, and increasing use of carotenoids in animal feed and nutraceuticals are some major factors expected to drive market revenue growth over the forecast period. In addition, growing awareness regarding beneficial effects of carotenoids on cognitive function and cardiovascular health and in prevention of some types of cancers are other factors boosting applications of carotenoids and is expected to contribute to revenue growth of the market going ahead.
Carotenoids are responsible for pigmentation in microorganisms, animals, and plants. They also serve crucial roles in biological systems and over the recent past, numerous clinical studies have been carried out to understand their function – particularly as antioxidants. Carotenoids are found largely in green leafy vegetables such as kale, spinach, and mustard greens, and in fruits such as kiwi, tomatoes, and others. Carotenoids can be consumed in the form of supplements or added to food as humans cannot synthesize carotenoids. Carotenoids exert robust antioxidant effects and individual carotenoids have different mechanisms. β-carotene has a pro-vitamin A function and is often supplemented to individuals with low risk of vitamin A toxicity. Genetically modified rice having a higher content of β-carotene in endosperm of the grain is used to prevent and reduce vitamin A deficiencies in many developing countries. Lutein and zeaxanthin are protective in eye disease and can readily absorb the damaging blue light that enters the eyes. Carotenoids are highly effective physical and chemical singlet oxygen quencher and a robust scavenger of Reactive Oxygen Species (ROS). Consumption of carotenoids can reduce or block the production of ROS and prevent damage to cells, lipids, and DNA, and prevent the onset of carcinogenesis. Increasing awareness regarding health benefits of carotenoids and their importance in normal biological functions is another key factor contributing to revenue growth of the market.
Increasing demand for functional foods and clean-label foods comprising carotenoids and rising use of carotenoids in cosmetics and personal care products are some other factors expected to contribute to market growth. However, high costs associated with extraction and production of carotenoids and implementation of stringent regulatory policies on use and consumption of carotenoids are some key factors expected to hamper market growth to a certain extent over the forecast period.
COVID-19 Impact Analysis
Social distancing and restrictions severely disrupted businesses and operations
Lockdowns caused disruptions in transportation and logistics
impacted manufacturing activities and mining operations globally
Took a toll on economy of various countries
Caused sudden and drastic downturn in economic activity
Disrupted agriculture, fisheries, dairy, and other sectors
Caused loss of employment and financial crisis
Supply impacts were further compounded owing to reduced disposable income
Emergence of variants continue to cause concerns and impact normal routines
Beta-carotene Segment to Account for Largest Revenue Share:
Beta-carotene segment is expected to account for largest revenue share over the forecast period, attributable to increasing use of beta-carotene as a natural food colorant and in food products owing to critical roles in maintaining eye health, preventing deficiency of vitamin A, and boosting immune health.
Natural segment is expected to register significantly steady revenue growth rate over the forecast period, attributable to growing preference for clean-label products, increasing demand for natural colorants, and rising need for transparency about claims and origin of natural colors.
Animal Feed Segment to Register Rapid Revenue Growth Rate:
Animal feed segment is expected to register robust revenue CAGR over the forecast period, attributable to increasing use of carotenoids in animal feed to enhance fertility and overall health of livestock. Feed fortified with carotenoids enhance production, improve quality of meat and eggs, and reduce risks of diseases in animals.
North America to Account for Largest Revenue Share:
North America is expected to account for largest revenue share over the forecast period, attributable to increasing demand for functional foods, extensive R&D activities to expand application scope of carotenoids, and presence of key companies in countries in the region.
Asia Pacific to Lead in Terms of Revenue Growth:
Asia Pacific market revenue is expected to expand significantly over the forecast period, attributable to rapid technological advancements in extraction processes, low-cost production of carotenoid-fortified food and pharmaceutical products, and increasing use of carotenoids to fortify animal feed. Demand for beta-carotene is high in the region owing to increasing incidence of vitamin A deficiency and this is another factor expected to contribute to revenue growth of the market going ahead.
Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
Rest of Europe
Rest of APAC
Rest of LATAM
Middle East & Africa
Rest of MEA
Some points on how the report benefits stakeholders:
The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
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Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
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