Market Definition:
The report includes an extensivestudy of the segments and factors that can better the market prospect, along with market inputs for a holistic understanding of the sector. The carotenoids market is having a great run in tandem with the rise in supplement consumption. Changing economy triggering a demographic shift in the consumer behavior has helped carotenoids market gain a strong foothold. Urbanization and industrialization have impacted well and set life on a faster track which is boosting the demand for healthy and natural food. Its prolific use doesn’t just stop in the food& beverage segment; it has also percolated top other industries such as animal feed, dietary supplements, pharmaceuticals, and cosmetics. Mostly found in plants and organisms, these products are antioxidants and protectthe body from cellular damage, chronic diseases, and aging. The global carotenoids market is expecting a significant rise in CAGR during the forecast period (2016-2027), explains Market Research Future (MRFR) in a detailed study. The report includes an extensivestudy of the segments and factors that can better the market prospect, along with market inputs for a holistic understanding of the sector.
Market Scenario and Key Restraints:
Among the major drivers, rising cases of cancer and eye-related diseases can trigger the carotenoids market growth. Carotenoids are believed to have anti-carcinogenic properties. Lycopene and canthaxanthin have positive impacts on prostate, lung cancer, and colon cancer. Whereas, lutein, astaxanthin, and zeaxanthin can assist with better eyecare. At the same time, these carotenoids work well as to reduce diabetes threat which can provide the carotenoids market significant thrust.
Despite such advantages, these organic pigments can expect some irritants in the form of strict regulations and approval norms. In addition, unregulated high utilization can adversely impact the body which can put a leash on the expected carotenoids market growth.
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Competitive Landscape:
Leading players impacting the global carotenoids market are BASF, Allied Biotech, Kemin Industries, Koninklijke DSM, Lycored, ExcelVite, D.D. Williamson, Farbest Brands, FMC, Guangzhou Leader Bio-Technology, Alga technologies, PAT Vitamins, and Valensa. These companies often employ moves such as merger, acquisition, collaboration, product launch, and others to further their own growth, and in the process, they assist a holistic betterment of the carotenoids market.
In Jun 2018, researchers from the Brain and Behavioral Sciences at the University of Georgia announced that lutein, a carotenoid that was effective in bettering eyesight, can improve the auditory system as well. The research found that lutein and zeaxanthin interact to maintain an optimal level of the auditory function.
In November 2018, Deinove announced that they are developing their second bio-based carotenoid for the cosmetics sector. The news came out after their successful launch of Phyt-N-Resist earlier that year. The first phase of laboratory tests has shown positive results.
Segmentation:
The Carotenoids Market can be segmented by type, form, and application.
Based on the form, the carotenoids market can be segmented into powder, capsules, and tablets.
Based on the application the carotenoids market comprises food & beverages, personal care products, pharmaceuticals, animal feed, & other applications.
Based on the type, the global carotenoids market includes lutein, beta-carotene, alpha-carotene, lycopene, zeaxanthin, astaxanthin, canthaxanthin and others.
Regional Analysis:
North America is in a dominant position. Growing health-related awareness and availability of such carotenoids are promoting the regional market with great dexterity. At the same time, the research and development sector is benefitting much from the impacts of such concerns and investment in the sector is going sky-high.
Europe is enjoying significant traction as several of the manufacturers are based out of the region. In addition, people in the region share the same concern for health just like the population of North America. This can drive the regional market ahead.
The APAC region is giving steep competition to the other two regions in terms of generating revenue. Market behemoths are eyeing for growth in this region as it offers infrastructural benefits at a much cheaper rate.
Region-specific analysis of the carotenoids market has its finger on namely North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
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