Carotenoids Market By Product (Astaxanthin, Capsanthin, Lutein, Beta-carotene, Lycopene, Others), By Source (Natural, Synthetic), By Application (Animal Feed, Human Food, Dietary Supplement, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
Carotenoids, also called as tetraterpenoids are plant pigments composed of 40 carbon atoms per molecule. They can also be obtained from algae, bacteria, fungi, and animal fat, or can be produced synthetically. Animals are generally incapable of synthesizing carotenoids and need a dietary intake of plant products to meet their daily requirements. In animal nutrition, colors come from the animal diet and are mostly linked with the presence of carotenoids. With the ongoing optimization of animal nutrition, they are included in the feed as a part of the nutrients, which support animal health and product quality. Owing to their large presence, carotenoids are some of the earliest studied phytochemicals, which have a wide range of functions from optical enhancement within the eye to immunomodulatory and antioxidant functions. Various health benefits associated with carotenoids have led to their increased applications, which include animal feed, human food, dietary supplement, and others such as cosmetics, pharmaceuticals, and aquaculture.
The growth of the Asia-Pacific market is majorly attributed to rising disposable income, population growth that is accelerating, rising food consumption, and the development of food products based on carotenoids. The market is growing as a result of an increase in the use of components made from carotenoids in functional food and pharmaceutical industries. C carotenoids are also a more affordable source of the basic materials necessary to create animal feedstock, which is a major market-driving factor. The Asia-Pacific market is expected to expand more slowly as consumers become more aware of the advantages of products made from carotenoids.
Carotenoids, as preventive healthcare and nutraceuticals, have led to their higher consumption of human food and dietary supplement. They offer several health benefits, which include cancer prevention, anti-inflammatory, and immune system benefits, and are sometimes associated with cardiovascular disease prevention. Carotenoids are powerful antioxidant substances, which play an essential role in the neutralization reaction of free radicals. Thus, the antioxidant properties of carotenoids increase their application in cosmetics. Moreover, an increase in demand for natural colors in food processing, beverages, and the cosmetic industry is anticipated to open new avenues for carotenoid manufacturers.
However, stringent regulation on the use of carotenoids in human food, threats of adulteration, and higher cost of naturally sourced carotenoids as compared to synthetic carotenoids are expected to hamper the market growth.
The global carotenoids market is segmented on the basis of product, source, application, and region. By product, the market is divided into astaxanthin, capsanthin, lutein, beta-carotene, lycopene, and others. Based on the source, the market is bifurcated into natural and synthetic. Based on application, the market is classified into animal feed, human food, dietary supplement, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
In 2021, Europe accounted for the highest market share and is anticipated to dominate the market during the forecast period. This is majorly attributed to the presence of top producers such as Koninklijke DSM, BASF, Chr. Hansen, and Dohler Group in the European market. Lutein, Lycopene, and Beta-Carotene are in high demand due to the region's aging population as a treatment for cataracts and as a preventative measure against diabetes, cancer, and other heart-related problems. Although synthetic carotenoids account for a high share in the market. The preference of consumers for natural and clean-label products is anticipated to fuel the expansion of the naturally-sourced carotenoids market in the area.
Some of the major players analyzed in this report are BASF SE, Koninklijke DSM N.V., Chr. Hansen A/S, FMC Corporation, Cyanotech Corporation, Kemin Industries Inc., DDW The Colour House, Döhler Group, Allied Biotech Corporation, and Excelvite.
Key Benefits For StakeholdersThis report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the carotenoids market analysis from 2021 to 2031 to identify the prevailing carotenoids market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the carotenoids market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global carotenoids market trends, key players, market segments, application areas, and market growth strategies.
Key Market SegmentsBy ProductLutein
Beta-carotene
Lycopene
Others
Astaxanthin
Capsanthin
By SourceNatural
Synthetic
By ApplicationAnimal Feed
Human Food
Dietary Supplement
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
India
Japan
Indonesia
South Korea
Rest of Asia-Pacific
LAMEA
Brazil
Argentina
South Africa
Saudi Arabia
Rest of LAMEA
Key Market Players
BASF SE
Divis Laboratories Limited
Koninklijke DSM N.V.
Chr. Hansen Holding A/S
Kemin Industries, Inc.
DDW, Inc.
Dohler Group
Allied Biotech Corporation
Cyanotech Corporation
ExcelVite Sdn. Bhd.
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