Dublin, March 05, 2020 (GLOBE NEWSWIRE) -- The "Carotenoids Market by Type (Astaxanthin, Beta-Carotene, Lutein, Lycopene, Canthaxanthin, and Zeaxanthin), Application (Feed, Food & Beverages, Dietary Supplements, Cosmetics, and Pharmaceuticals), Source, Formulation, and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global carotenoids market size is projected to grow from USD 1.5 billion in 2019 to USD 2.0 billion by 2026, in terms of value, recording a compound annual growth rate (CAGR) of 4.2% during the forecast period.
Key factors encouraging the growth of the carotenoids market include the increasing demand in the pharmaceutical industry, particularly for naturally sourced carotenoids, and opportunities to expand in the high-growth potential markets.
The feed segment is projected to dominate the carotenoids market throughout the forecast period
The feed segment is projected to dominate the carotenoids market, on the basis of application, in terms of value. This is attributed to the extensive use of carotenoids in animal nutrition products. Carotenoids are incorporated in feed products to pigment the egg yolks, broiler skin, fishes, and crustaceans. Furthermore, due to the increasing demand for pork, poultry, and aquaculture products, key manufacturers are focusing on enhancing the appearance with the use of carotenoids. Thus, to gain high commercial value, the use of carotenoids for color enhancement and increasing the palatability of feed products remains high in this industry.
The beadlet segment is projected to grow at the highest growth rate during the forecast period
The beadlet segment is projected to grow at the highest growth rate due to its increasing use in dietary supplements and pharmaceutical applications. Carotenoid beadlets are free-flowing spherical particles developed from spray drying technology. This technology helps to add fragile ingredients to supplements and protects them from the formulation stress of tablet compression. Some of the other major benefits of using beadlet formulation include increased stability, cold water dispersion, and enhancement of shelf life. With the increasing consumption of carotenoids in the dietary supplements and pharmaceutical segments, the demand for carotenoids in the form of beadlets is projected to remain high during the forecast period.
Asia Pacific is projected to record the highest growth during the forecast period
The Asia Pacific region is projected to record the highest growth during the forecast period. The rising demand for food and animal product consumption has led to the increased incorporation of carotenoids in the feed. The pharmaceutical sector is also witnessing significant growth in countries, such as China, India, and Japan, which in turn, is projected to contribute to the growth of the carotenoids market. Some of the leading players operating in the region include EID Parry (India), Zhejiang NHU Co Ltd. (China), ExcelVite Sdn. Bhd. (Malaysia), and Fuji Chemical Industry Co Ltd. (Japan). Apart from regional manufacturers, major foreign players, such as BASF (Germany), Koninklijke DSM (Netherlands), and DDW The Color House, already have their production and research & development facilities in countries in the Asia Pacific region.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Overview of the Carotenoids Market
4.2 Carotenoids Market, By Country, 2019 vs. 2026
4.3 Europe: Carotenoids Market, By Application and Country
4.4 Carotenoids Market, By Type and Region, 2019
4.5 Market for Carotenoids, By Formulation, 2019 vs. 2026 (USD Million)
4.6 Market for Carotenoids, By Source, 2019 vs. 2026 (USD Million)
4.7 Market for Carotenoids, By Application and Region, 2019
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Carotenoids are Beneficial in Preventive Healthcare
5.2.1.2 Increasing Use of Natural Carotenoids as Food Colorants
5.2.1.3 The Growth of the End-User Industries is Projected to Drive the Demand for Carotenoids
5.2.1.4 Innovative Technologies for the Extraction of Carotenoids
5.2.2 Restraints
5.2.2.1 Stringent Regulatory Norms are Projected to Hamper the Market Growth
5.2.2.2 Risks Associated With High Doses of Carotenoids
5.2.2.3 Lack of R&D Activities in Underdeveloped Countries
5.2.3 Opportunities
5.2.3.1 Growing Demand in the Pharmaceutical Industry
5.2.3.2 Opportunity to Expand in the High-Growth Potential Markets Such as Asia Pacific and South America
5.2.3.3 Growing Demand for Naturally Sourced Carotenoids
5.2.4 Challenges
5.2.4.1 Difficulty in Meeting the Requisite Quality Standards
5.2.4.2 High Production Costs Restrict the Entry of Smaller Players
5.3 Value Chain Analysis
5.4 YC & YCC Shift
5.5 Regulations
5.5.1 Regulations for the Use of Carotenoids
6 Carotenoids Market, By Type
6.1 Introduction
6.2 Beta-Carotene
6.2.1 Increasing Use of Beta-Carotene in the Food & Beverage Industry
6.3 Astaxanthin
6.3.1 High Demand for Astaxanthin to Impart Color in Meat Products
6.4 Lutein
6.4.1 Wide Acceptability to Treat Eye Diseases
6.5 Lycopene
6.5.1 Increasing Usage to Prevent Cancer
6.6 Zeaxanthin
6.6.1 Growing Demand in Poultry Feed
6.7 Canthaxanthin
6.7.1 Increasing Usage of Canthaxanthin Due to High-Quality Results With No Chemical Toxicity
6.8 Other Types
7 Carotenoids Market, By Application
7.1 Introduction
7.2 Feed
7.2.1 To Enhance the Quality of Feed and Livestock Health
7.3 Dietary Supplements
7.3.1 Rising Awareness Among Consumers for Natural Health Supplements
7.4 Food & Beverages
7.4.1 High Demand for Natural Food Colorants
7.5 Cosmetics
7.5.1 Benefits to Prevent Age-Related Skin Disorders
7.6 Pharmaceuticals
7.6.1 Growing Popularity to Prevent Various Diseases and Boost Immunity
8 Carotenoids Market, By Formulation
8.1 Introduction
8.2 Beadlet
8.2.1 Growing Application in Pharmaceuticals
8.3 Powder
8.3.1 Wide Application of Power Formulation
8.4 Oil Suspension
8.4.1 Low Price of Oil Suspension is Driving Their Market Demand
8.5 Emulsion
8.5.1 Low Product Availability is Expected to Hamper Market Growth
9 Carotenoids Market, By Source
9.1 Introduction
9.2 Synthetic Carotenoids
9.2.1 Lower Manufacturing Cost of Synthetic Carotenoids
9.3 Natural Carotenoids
9.3.1 Consumer Preference for Natural Products
9.3.2 Extraction From Botanical Materials
9.3.3 Fermentation
9.3.4 Algae Route
10 Carotenoids Market, By Region
10.1 Introduction
10.2 North America
10.2.1 US
10.2.1.1 Rising Awareness Regarding the Health Benefits of Carotenoids Driving the Market Growth in the US
10.2.2 Canada
10.2.2.1 Increasing Demand for Dietary-Based Carotenoid Supplements
10.2.3 Mexico
10.2.3.1 Feed is the Major Application Area for Carotenoids
10.3 Europe
10.3.1 France
10.3.1.1 Feed Applications are Driving the Global Market
10.3.2 Germany
10.3.2.1 Dairy and Pork Feed Consumption Driving the Demand for Carotenoids
10.3.3 Netherlands
10.3.3.1 Entry of New Players Expected to Fuel the Market Demand
10.3.4 Russia
10.3.4.1 Increased Focus on Health Issues Driving Demand
10.3.5 Spain
10.3.5.1 Carotenoids are Majorly Used as Natural Colorants
10.3.6 Italy
10.3.6.1 High Industrial Applications in the Feed and Cosmetic Industries
10.3.7 Rest of Europe
10.3.7.1 Natural Carotenoids are Expected to Witness Fast Growth in This Region
10.4 Asia Pacific
10.4.1 China
10.4.1.1 Initiatives By Central and Local Governments Promoting the Use of Carotenoids
10.4.2 India
10.4.2.1 Increased Health Awareness and Rise in Livestock Population are Driving Growth
10.4.3 Thailand
10.4.3.1 Seafood and Aquafeed Applications of Carotenoids Driving Growth
10.4.4 Japan
10.4.4.1 Increased Preference for Processed Food and Rising Meat and Dairy Consumption Fuels the Consumption of Carotenoids
10.4.5 Malaysia
10.4.5.1 Growing Demand for Fish and Fisheries Leading to the High Demand for Carotenoids in Feed Applications
10.4.6 Indonesia
10.4.6.1 Low Labor Cost for the Extraction of Carotenoids has Led to an Increase in Production
10.4.7 Rest of Asia Pacific
10.4.7.1 Increasing Use of Carotenoids as Natural Colorants Expected to Drive Demand
10.5 South America
10.5.1 Brazil
10.5.1.1 Growing Demand for Livestock Feed
10.5.2 Argentina
10.5.2.1 Increasing Industrialization of the Meat and Dairy Industries
10.5.3 Rest of South America
10.6 Rest of the World (RoW)
10.6.1 Middle East
10.6.1.1 Growth in the Natural Carotenoids Production Due to the Presence of Key Players in the Region
10.6.2 Africa
10.6.2.1 Large Livestock Population is Driving the Market for Carotenoids
11 Competitive Landscape
11.1 Overview
11.2 Competitive Leadership Mapping
11.2.1 Visionary Leaders
11.2.2 Innovators
11.2.3 Dynamic Differentiators
11.2.4 Emerging Companies
11.3 Microquadrants of Small Players
11.3.1 Progressive Companies
11.3.2 Starting Blocks
11.3.3 Responsive Companies
11.3.4 Dynamic Companies
11.4 Market Share Analysis of Key Players, 2019
11.5 Competitive Scenario
11.5.1 New Product Launches
11.5.2 Expansions & Investments
11.5.3 Mergers & Acquisitions
11.5.4 Agreements, Joint Ventures, and Partnerships
12 Company Profiles
12.1 Koninklijke DSM
12.2 BASF
12.3 Chr. Hansen
12.4 Cyanotech Corporation
12.5 Allied Biotech Corporation
12.6 Lycored Limited
12.7 Kemin Industries
12.8 Fuji Chemical Industry Co Ltd.
12.9 Novus International
12.10 Dhler Group
12.11 Excelvite Sdn. Bhd.
12.12 DDW the Color House
12.13 Farbest Brands
12.14 Algatechnologies Ltd.
12.15 Zhejiang NHU Co. Ltd.
12.16 E.I.D. Parry
12.17 Divi's Laboratories
12.18 Dynadis SARL
12.19 Vidya Europe SAS
12.20 Deinove SAS
13 Appendix
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