Pune, May 12, 2020 (GLOBE NEWSWIRE) -- The global carotenoids market size is predicted to reach USD 1.85 billion by 2026, exhibiting a CAGR of 3.57% during the forecast period. The growing prevalence of diabetes and eye disorders will spur opportunities for the market during the forecast period. Moreover, the growing inclination towards functional foods and supplements will enable speedy expansion of the market, states Fortune Business Insights in a report, titled “Carotenoids Market Size, Share and Industry Analysis By Type (Beta-Carotene, Lutein, Lycopene, Astaxanthin, Zeaxanthin, Canthaxanthin, and Others), By Application (Animal feed, Foods & Beverages, Dietary Supplements, Personal Care & Cosmetic, and Pharmaceuticals), By Source (Synthetic and Natural), and Regional Forecast 2019 – 2026” the market size stood at USD 1.40 billion in 2018. The rising utilization of carotenoids in the treatment of diabetes and other lifestyle disorders will have a positive impact on the market.
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List of Key Companies Operating in the Carotenoids Market are;
- Allied Biotech Corporation
- Algatechologies
- BASF SE
- Hansen Holding A/S
- Cyanotech Corporation
- DDW The Color House
- DÖHLER GmbH
- ExcelVite Sdn. Bhd.
- Fuji Chemical Industries Co., Ltd.
- Kemin Industries, Inc.
- Koninklijke DSM N.V.
- LycoRed
- Novus International Inc.
- Sensient Technologies
- Synthite Industries Ltd
Market Driver:
Preeminent Use of Carotenoids in Industrial Application to Promote Growth
The high utilization of beta-carotene, astaxanthin, canthaxanthin, lycopene, and lutein in various industry applications will foster healthy growth of the market. The high demand for carotenoids from the food & beverage and cosmetics industry will boost the carotenoids market growth. The growing approval of innovative pigments by regulatory bodies will favor the growth of the market. For instance, Phycocyanin from Arthrospira extracts was approved for use in candy, chewing gum, and other types for confection in the U.S. in 2013 and 2014 by the U.S.
Food and Drug Administration. The rising application of carotenoids in the food and beverage industry for the processing of dietary supplements and food products such as dairy, bakery, beverages, and others. The growing inclination towards organic food will impel manufactures to adopt carotenoids in the production, which, in turn, will accelerate the carotenoids market share. The rising awareness regarding the benefits of natural food among consumers will contribute positively to the growth of the market. In addition, the prospering food and beverage industry along with ever-increasing food demand will consequently spur business opportunities for the market in the forthcoming years.
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Regional Analysis:
Stellar Demand for Organic Food Products to Boost Market in Europe
The market in Europe generated a revenue of USD 579.90 million in 2018 and is likely to remain dominant during the forecast period owing to the well-established cosmetics industry. The growing demand for carotenoids in the food and beverage industry will support the growth in the region. The high demand for organic and natural food will spur opportunities for the market in Europe. The emphasis on food quality, safety, social convenience, and sustainability will augment the growth of the market in Europe. Vitamin A deficiency in people will incite the use of carotenoids in food, which in turn will aid the expansion of the market. Asia Pacific is expected to rise tremendously during the forecast period due to the rising awareness about the benefits of carotenoids. The escalating demand for natural food products will promote the healthy growth of the market in Asia Pacific.
Key Development:
March 2019: GacLife, a leading nature beverage brand announced that it has introduced five new daily health beverages, which include the highest amount of antioxidant carotenoids to provide powerful antioxidant protection for the whole body.
August 2018: BASF, a global supplier of innovative feed additives for livestock announced the launch of Lucantin NXT carotenoid formulations. This product is designed with high homogeneity, outstanding stability, and long shelf life while maintaining egg yolk and broiler skin coloring efficacy.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview of the Parent/ Related Markets
- Colorants Market
- Dietary Supplements Market
- Analysis on Feed and Aquaculture Industry
- Supply Chain Analysis
- Industry SWOT Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Overview of the Parent/ Related Markets
- Global Carotenoids Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Beta-carotene
- Lutein
- Lycopene
- Astaxanthin
- Zeaxanthin
- Canthaxanthin
- Others
- Market Analysis, Insights and Forecast – By Source
- Synthetic
- Natural
- Market Analysis, Insights and Forecast – By Application
- Animal Feed
- Foods & Beverages
- Dietary Supplements
- Personal Care & Cosmetics
- Pharmaceuticals
- Market Analysis, Insights and Forecast – By Geography
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- North America Carotenoids Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Beta-carotene
- Lutein
- Lycopene
- Astaxanthin
- Zeaxanthin
- Canthaxanthin
- Others
- Market Analysis, Insights and Forecast – By Source
- Synthetic
- Natural
- Market Analysis, Insights and Forecast – By Application
- Animal Feed
- Foods & Beverages
- Dietary Supplements
- Personal Care & Cosmetics
- Pharmaceuticals
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
- Mexico
TOC Continued…!
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