New Jersey, NJ, Oct. 15, 2019 (GLOBE NEWSWIRE) -- The rising number in the cases of eye diseases and cancer and consumers inclination over organic and natural food ingredients is propelling the growth of the market. The global carotenoids market is expected to grow from USD 2.34 Billion in 2017 to USD 3.59 Billion by 2025 at a CAGR of 5.5% during the forecast period from 2018-2025, according to the new report published by Fior Markets.
Carotenoids are defined as a type of accessory pigment which is created by plants to help them absorb light energy and change it to chemical energy. There are two types of carotenoids, xanthophylls and carotenes, which differ only in their oxygen content. They help plants absorb light energy so that they can use it in the process of photosynthesis. They also possess the antioxidant property of deactivating free radicals — single oxygen atoms that can damage cells by reacting with other molecules. According to the Physicians Committee for Responsible Medicine, they have tough cancer-fighting properties. When consumed by human beings, they are converted to vitamin A by the body which helps to make better vision and normal growth and development. Carotenoids also have anti-inflammatory and immune system benefits. The growth of the carotenoid market is attributed to their increasing applications in pharmaceuticals, cosmetics, food, and animal feed.
Consumer preference over organic and natural food ingredients is a major factor driving the market. Also, consumption of high levels of blood carotenoids reduces cellular ageing and provides Vitamin A to the body, these are the two factors fuelling the growth of the market. But due to lack of R&D activities in African and Middle-East Countries, the growth of this market might be obstructed. However, advancements in vision technology and industrial expansion may boost the market in the coming years.
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Key players operating in the global carotenoids market include Algatechnologies, Allied Biotech, AquaCarotene, BASF, Chr. Hansen, Cyanotech Corporation, DDW The Color House, Doehler Group, EID Parry, ExcelVite, Farbest Brands, FMC Corporation, Guangzhou Leader Bio-Technology, Kemin Industries and Royal DSM N.V. To enhance their market position in the global carotenoids market, key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
- For instance, KnipBio has developed SCP strain to produce astaxanthin for aquafeed. The company announced that it has developed a way to produce a commercial amount of its single-cell protein-based meal that also contains bio-astaxanthin.
- For instance, in 2018, BASF launched its next generation of carotenoid formulation named Lucantin® NXT in the European market. This next generation of carotenoids is stabilized by propyl gallate (PG) and butylhydroxytoluene (BHT) or tocopherol.
The synthetic segment dominated the market with a share of 64.50% in 2017
The source segment is classified into natural and synthetic. The synthetic segment is dominating the carotenoids market in 2017. Synthetic source of carotenoids is the most prevalent type owing to low-cost natural source of carotenoids. Synthetic carotenoids price ranges between USD 250/kg and USD 2,000/kg, whereas natural carotenoids price ranges in between USD 350/kg and USD 7,500/kg. This difference in the prices is also the major reason for the growth of the synthetic segment.
Astaxanthin segment dominated the market with a share of 25.70% in 2017
The product segment includes astaxanthin, capsanthin, lutein, beta-carotene, lycopene and others. Astaxanthin segment dominated the market in 2017. Astaxanthin, which was earlier used only for providing a rich pink color has recently gained due consideration in the dietary supplement for joint, skin, and eye health. Also, astaxanthin has many health benefits such as helps to reduce high blood pressure, improves heart health, prevents diabetes, and decreases the risk of brain damage from stroke.
Beadlets segment valued around USD 830 Million in 2017
The formulation type segment is divided into segments such as oil suspensions, beadlets, powders and emulsions. Beadlets segment dominated the market in 2017. Beadlet type of formulation technology enables to add weak ingredients to supplements while protecting these ingredients from the formulation stresses of mixing or tablet compression. The beadlets formulation helps to enhance the shelf-life of the finished food product.
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Animal feed segment accounted for the highest value of around USD 770 Million in 2017
The application segment includes animal feed, human food, dietary supplement, others. The animal feed segment dominated the market with USD 770 Million in 2017. The animal feed is dominating the market because of various factors such as growing livestock population and the increasing demand for meat, meat products, and fish which are highly mobilising the market for carotenoids in the feed segment.
Regional Segment Analysis of the Carotenoids Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
Europe region dominated the global carotenoids market with USD 1.01 Billion in 2017 whereas the Asia-pacific region is growing substantially in the market. The Europe region is growing in terms of share because of the top leading manufacturers present in the region. The European region follows stringent policies and regulations related to the use of synthetic carotenoids which drives the growth of the natural carotenoids market in the region. Asia-pacific is growing rapidly because of increased consumer’s awareness in turn leading to adoption preventive measures in the form of health supplements to prevent diseases. Also, changes in lifestyle and better food habits among consumers have led to the growth of the carotenoid market in the Asia-Pacific region.
About the report:
The global carotenoids market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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