Carotenoids Market Size is Projected to Reach USD 1168.7 Million by 2026 at CAGR 0.6% | Valuates Reports

BANGALORE, India, Feb. 19, 2021 /PRNewswire/ -- The Carotenoids Market is Segmented by Type (Astaxanthin, Beta-Carotene, Canthaxanthin, Lycopene, Lutein, Others), Application (Food, Feed, Pharmaceuticals, Cosmetics, Others): Global Opportunity Analysis and Industry Forecast, 2021-2026. This report is published on Valuates Reports in the Vitamins & Supplements Category.

The global Carotenoids market size is projected to reach USD 1168.7 Million by 2026, from USD 1127.5 Million in 2019, at a CAGR of 0.6% during the forecast period 2021-2026.

Major factors driving the growth of carotenoids market size are, increasing use of natural carotenoids as food colorants and innovations in the technologies used for extraction of carotenoids, increasing demand for healthy & natural food along with supplement consumption on account of rising health issues. 

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TRENDS INFLUENCING THE CAROTENOIDS MARKET SIZE

Increasing Adoption of Nutraceutical Products is expected to propel carotenoids market size. In addition to allelopathic drugs for diabetes, eye disorders, and other lifestyle conditions, alternative treatment approaches are experiencing robust popularity. Preventive medicine has inspired nutraceuticals, such as dietary supplements and functional foods that use natural ingredients. Due to its nutraceutical benefits against the treatment of such diseases, a growing prevalence of cancer, obesity, and diabetes has caused a paradigm shift to the use of carotenoids.

Government efforts to support a balanced diet to minimize the adverse effects of obesity-induced diseases would stimulate the expansion of the industry. It is expected that growing R&D for the production of high-value natural carotenoids would create new opportunities for the growth of carotenoids market size.

In many types, including beta-carotene, lutein, lycopene, astaxanthin, zeaxanthin, annatto, and canthaxanthin, carotenoids are commercially available. These products are commonly used in human food, animal feed, dietary supplements, pharmaceuticals, and cosmetics because they provide outstanding health benefits, which, in turn, is expected to increase the growth of carotenoids market size.

Growing demand for natural skincare cosmetics is expected to fuel the growth of Carotenoids market size.

The perception of beauty and attractiveness among consumers has increased remarkably, along with the rise in health and wellness concerns. This has increased the market for natural skincare and beauty products. Carotenoids have been described as effective antioxidants that can be used to enhance skin tone, preserve skin firmness, and protect against UV light exposure in skin care product formulations.

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CAROTENOIDS MARKET SHARE ANALYSIS

Based on type, the lutein segment is expected to witness the highest growth in the carotenoid market during the forecast period.

For both human nutrition and animal nutrition items, lutein is used. A key factor driving its demand is its wide usage to treat age-related eye disorders, including cataracts and macular degeneration.

Based on application, the feed segment is expected to hold the largest carotenoids market share during the forecast period.

Because of their coloring properties, carotenoids are commonly used in animal nutrition products and are mixed into the feed to pigment the egg yolks, broiler skin, fishes, and crustaceans. They also help to increase immunity and enhance animal health by improving the quality of nutrition.

Based on the region, the Asia Pacific region is expected to witness the highest growth during the forecast period.

This is attributed to the growing usage of these additives in feed, supplement, food, pharmaceutical, and cosmetic applications. In countries like China, Japan, and India, the industry is expected to be powered by technological advances, industrial development, economic growth, and low production costs.

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CAROTENOIDS MARKET SEGMENTATION

Segment by Type, the Carotenoids market is segmented into

• Astaxanthin
• Beta-Carotene
• Canthaxanthin
• Lycopene
• Lutein
• Others

Segment by Application

• Food
• Feed
• Pharmaceuticals
• Cosmetics
• Others

The major players in global Carotenoids market include:

• DSM
• BASF
• Allied Biotech
• Chenguang Biotech
• FMC
• Dohler
• Chr. Hansen
• Carotech
• DDW
• Excelvite
• Anhui Wisdom
• Tian Yin
• Kemin

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Kemin is the dominant producer of Lutein, the sales volume was 12755 KG in 2016, accounting for about 16.25% of the total amount, followed by BASF, with the sales market share of 10.36%. Leading players in the USA Lutein industry are Kemin, BASF, and Omniactive. The top three companies occupied about 34.73% share of the USA market in 2016.

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