Global Carotenoids Market Outlook, Industry Analysis and Prospect 2024
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.
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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.
Segmentation:
The carotenoids market can be segmented
by type, form, and application.
Based on the type, the global
carotenoids market includes lutein, beta-carotene, alpha-carotene, lycopene,
zeaxanthin, astaxanthin, canthaxanthin and others.
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.
Regional Analysis:
Region-specific analysis of the
carotenoids market has its finger on namely North America, Europe, Asia Pacific
(APAC), and Rest-of-the-World (RoW).
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.
Key Players
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.
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