Rising demand for carotenoid supplements in treating Vitamin-A deficiency is estimated to stimulate market demand.
Market Size – USD 1.65 billion in 2018, Market Growth - CAGR of 3.5%, Market Trends – Increased investment in R&D to develop high-quality natural carotenoid
NEW YORK, April 11, 2019 (GLOBE NEWSWIRE) -- The global carotenoids market is expected to reach USD 2.19 Billion by 2026, according to a new report by Reports and Data. Carotenoids are the type of phytonutrients found in the cells of a wide variety of plants, algae, and bacteria. These phytonutrients help plants absorb light energy for use in photosynthesis. Carotenoids are essential anti-oxidants that play a significant role in animal health and reproduction. Carotenoid-containing foods are generally red, yellow or orange.
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Carotenoids are extensively used as coloring agents in food and beverages industry. Nevertheless, with biotechnological advancements coupled with innovations in recombinant DNA technology, the extraction of carotenoids is now commercially feasible. Owing to this, there is an increase in the production of carotenoid-based products. The rise in consumer awareness regarding the health benefits of carotenoid-based supplements and fortified foods has led to the use of such products as a preventive measure against various health conditions including arthritis, diabetes, obesity, cancer, macular degeneration, and skin damage among others.
The growth in the market demand for functional foods is also estimated to propel the market demand for carotenoids. The carotenoid market is projected to rise significantly in the forecast period owing to high demand in end-use applications comprising food & beverages, animal feed, dietary supplements, personal care, and pharmaceuticals among others.
Eating carotenoid-rich foods can protect healthy cells in the eye and inhibit the growth of cancerous cells. One of the principal reasons for blindness is macular degeneration. Presence of the long system of alternating double and single bonds in carotenoids allows them to absorb light rays in the visible range of the spectrum. This characteristic is particularly beneficial to eyes, where lutein, zeaxanthin, and meso-zeaxanthin efficiently absorb blue light. Based on the density of the carotenoid pigment present in the macula, about 90% of blue light can be absorbed by these pigments. Reduction in the amount of short wavelength that reaches the vital parts of the eye may protect them from oxidative damage caused by light.
Studies show that including at least 6 mg of lutein in your diet regularly can reduce the risk associated with the macular degeneration by 43%. Increasing the amount of lutein and zeaxanthin in diet can also assist in preventing current eye damage.
The carotenoid market in the Asia Pacific region is forecasted to observe significant growth rate of 3.8% in the forecast period owing to the rising demand of carotenoid amongst the end-user industry. Technological advancements, industrial growth, economic growth, and low costs of production in countries such as China, Japan, and India are expected to stimulate the market demand in this region.
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Further key findings from the report suggest
- Beta-carotene accounted for more than 20% of the market share in the year 2018 and is projected to have a growth rate of 3.6% during the forecast period. The application of beta-carotene as a colorant, antioxidant, and as a rich source of vitamin A in food & beverages, animal feed, dietary supplements, personal care products, and pharmaceuticals is expected to propel the market growth.
- Natural sources of production of carotenoids are forecasted to observe the highest growth rate of 3.8% in the forecast period. Rising consumer awareness about the health benefits and the gains associated with natural products is projected to boost market demand throughout the forecast period.
- At present, carotenoids are mostly used as additives and dyes in human and animal foods. Animal feed segment dominated the market and held more than 40% of the carotenoids market with a growth rate of 3.5% in the forecast period.
- Europe contributed to the largest market share in the forecast period with USD 0.63 billion in 2018 due to the increasing demand for health supplements and animal feed.
- Key participants include BASF, Allied Biotech, AquaCarotene, Algatechnologies, Kemin Industries, Cyanotech Corp., Brenntag, Divis Laboratories, Naturex SA, DSM Nutritional Products, D.D. Williamson, Lycored, FMC Corporation, and EID Parry.
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For the purpose of this report, Reports and Data have segmented global carotenoid market on the basis of type, source, extraction, application, and region:
Type Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- Beta-Carotene
- Alpha-Carotene
- Lycopene
- Lutein
- Zeaxanthin
- Beta-Cryptoxanthin
- Astaxanthin
- Others
Source Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- Natural
- Synthetic
Extraction Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- Conventional Process (using organic solvents or vegetable oils)
- Supercritical Fluid Extraction
Application Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- Food & Beverages
- Animal Feed
- Dietary Supplements
- Personal Care
- Pharmaceuticals
- Others
Regional Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- North America
- U.S.
- U.S.
- Europe
- Germany
- UK
- Germany
- Asia Pacific
- China
- India
- South-east Asia
- China
- Latin America
- Brazil
- Brazil
- MEA
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