Market Research Report
Global Carotenoids Market - 2020-2027
|Published by||DataM Intelligence||Product code||962187|
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|Global Carotenoids Market - 2020-2027|
|Published: September 25, 2020||Content info:||
Market Overview: Natural carotenoids are on the verge of surpassing synthetic variants in global market
Carotenoids are plant pigments that are responsible for the red, yellow and orange colour of the plants. These compounds play major role in the plant growth. Beyond fruit and vegetables, carotenoids are also present in several strains of algae and photosynthetic bacteria. Carotenoids also provide several health benefits to humans and animals owing to the antioxidant and anti-inflammatory nature of these compounds. Thus, carotenoids evolved as a vital ingredient in food and feed industries. Plant sources such as tomatoes, carrots, squash, melons, apricots and asparagus among others are ripen and processed to extract carotenoid powders. Utilization of carotenoids as natural colorant in food has been significantly rising with the growth of special foods and food service industry. The global carotenoids market valued USD 1.5 billion in 2019 and is estimated to reach USD XX billion by 2027, at a CAGR of 3.4% during the forecast period.
Market Dynamics: Poultry and Aqua feed made it big
Extensive use of carotenoids as natural colorant in food and cosmetics industry is the primary and promising factor driving the growth of global carotenoids market. The demand from these industries has been ever-increasing owing to its antioxidant, previtamin and colorant benefits. The growth of the carotenoids market can also be attributable to the rising demand form animal nutrition market. Carotenoids are used in poultry, fish and shrimp feed to enhance the color of farm produce.
The declining price of carotenoids, synthetic variants in particular is a constraint to the market. The entry of large number of Chinese manufacturers resulted in oversupply of carotenes, lutein and lycopene, thus causing a price drop in the local and export markets
Market Segmentation: Natural carotenoids to shape the consumption pattern
The global carotenoids market has been segmented by type into carotenes and Xanthophyll. Beta Carotene, a class of carotenes is the most widely used carotenoid globally.
By source, natural carotenoids are the point-of-interest segment globally, witnessing higher growth rate over its synthetic counterparts. The rising consumer awareness towards natural ingredients is promoting the utilization of natural plant and algal derived carotenoids. Astaxanthin derived from algal sources is gaining significant demand from both food and food supplements industries.
Geographical Penetration: Europe is the leading consumer while China dominating the production
By geography, Europe is leading the global market with a share of nearly 40% in dollar sales as of 2019. The wide range of food and drink categories that integrate carotenoids for its health and aesthetic benefits is responsible for this well-established market. Also, cosmetics industry in countries such as France, Italy, U.K. and Germany were boosting the demand for carotenoids in this region. The Netherlands, Germany and Denmark are some of the leading producers of carotenoids in the world.
Asia Pacific, the world's largest poultry and aquaculture market evolved as the fastest growing region witnessing a growth of over 5% in the recent past. The consumption of Astaxanthin has been rapidly growing in the region owing to its preference in pigmenting fish.
Competitive Landscape: Product Launches are vital in consolidated carotenoids market
The global carotenoids market is highly consolidated with two companies DSM and BASF holding nearly half of the global dollar sales in 2019. Kemin Industries, Chr. Hansen A/S, LycoRed Ltd., Divis Nutraceuticals and Deinove SAS are some of the key players operating the market. Product launches is the most certain growth strategy in the market with key focus on development of natural formulations. With the scent of market saturation in food industry in North America and Europe region, the companies are focusing towards animal nutrition and cosmetics industry to hold their business. BASF is expected to dominate the market over the forecast period owing to new product launches, particularly in cosmetics and animal nutrition sectors