Carotenoids Market garnered $1.57 billion in 2017 and is expected to reach $2.09 billion by 2025, growing at a CAGR of 3.6% from 2018 to 2025.
Factors such as upsurge in the health issues of the geriatric population such as vision damage and increase in adoption of carotenoids in emerging economies propel the growth of the global carotenoids industry. However, stringent standards and regulations on the usage of carotenoids in human food, high chances of adulteration, and high cost of naturally occurring carotenoids as compared to synthetic counterparts would hinder the market growth. Furthermore, rise in demand for natural colorants in beverages, food processing, and cosmetics is expected to open new opportunities for the industry.
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Astaxanthin segment to remain dominant by 2025
The report bifurcates the product segment into astaxanthin, lutein, capsanthin, lycopene, beta-carotene, and others. The astaxanthin segment contributed nearly one-fourth share of the total market revenue in 2017, and is projected to maintain its dominance by 2025. However, the beta-carotene segment would grow at the fastest CAGR of 5.2% from 2018 to 2025.
Natural carotenoids to grow at CAGR of 4.2% from 2018 to 2025
The study classifies the carotenoids sources into natural and synthetic. The latter contributed nearly two-thirds share of the market revenue in 2017. However, the natural segment would grow at the fastest CAGR of 4.2% during the forecast period.
Dietary supplements to witness substantial demand in future
The applications areas analyzed in the research are animal feed, dietary supplement, human food, and others. The animal feed segment generated the highest revenue of $685.1 million in 2017, accounting for 43% of the total market share. However, the dietary supplement segment would register the highest CAGR of 4.5% from 2018 to 2025.
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Asia-Pacific to grow the fastest by 2025
Geographical regions analyzed in the research include North America, Europe, Asia-Pacific, and Latin America, Middle East and Africa (LAMEA). The European region dominated the global carotenoids market in 2017, with a market share of about 42%. However, the Asia-Pacific region would become the fastest growing region, registering 4.3% CAGR from 2018 to 2025, owing to significant increase in consumption of carotenoids in the Chinese, Indian, and Indonesian food and beverage sector.
Dominant players in the industry
The major players discussed in the report are Chr. Hansen A/S, BASF SE, Koninklijke DSM N.V., Cyanotech Corporation, FMC Corporation, DDW The Colour House, Kemin Industries Inc., Allied Biotech Corporation, Döhler Group, and Excelvite. The growth strategies adopted by market players include new product launches, partnerships, collaborations, mergers & acquisition, joint ventures, and others to strengthen their position in the industry.
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