The global carotenoids market size is expected to hit USD 1.84 billion by 2027 while exhibiting a CAGR of 3.4% between 2020 and 2027. This is attributable to the surging demand for natural cosmetics and the increasing consumption of food products that include natural carotenoids across the globe. Fortune Business Insights, in its latest report, titled, “Carotenoids Market Size, Share & COVID-19 Impact Analysis, By Type (Astaxanthin, Beta-carotene, Lutein, Zeaxanthin, Lycopene, Canthaxanthin, and others), Source (Synthetic and Natural), Application (Animal Feed, Food & Beverages, Dietary Supplements, Personal Care & Cosmetics, and Pharmaceuticals), and Regional Forecast, 2020-2027.”, mentions that the market stood at USD 1.44 billion in 2019.
COVID-19 Leads to Supply Chain Disruption in Food & Beverage Industry
The global pandemic has led to a massive disruption in supply chain owing to reduced availability of raw materials and the rising delivery costs across food and beverage industries. In addition to this, limited work operations owing to lockdown imposed by the governments globally has hampered the market growth largely. However, the growing demand for natural food products to boost immunity during the COVID-19 situation is expected to positively impact the growth of the market in the forthcoming years.
Carotenoids are naturally occurring pigments that are mostly found in algae, plants, and other photosynthetic bacteria. These pigments result in the red, yellow, and orange colors observed in vegetables, plants, and fruits. With over 600 different types, they primarily act as a type of antioxidants when consumed by humans. They further aid in improving the immune system and ensure good vision when included in diet.
What does the Report Include?
The market for report includes a detailed assessment of various growth drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides a comprehensive research into the regional developments of the market that would affect its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2020 and 2027.
Increasing Demand for Natural Cosmetics to Favor Growth
Synthetic cosmetic products are laced with several toxic substances that often lead to skin anomalies such as skin discoloration, redness, uneven skin tone, and freckles. Owing to the adverse effects of such products, there is a surging demand for natural cosmetic products across the globe. This is compelling the companies and scientists to create new advanced formulations that include natural carotenoids. Additionally, the increasing consumption of food and beverages that include natural substances owing to growing their health benefits is expected to drive the global market during the forecast period.
Animal Feed Held 46.05% Market Share in 2019
The animal feed segment, based on application, is expected to experience a significant growth backed by increasing adoption of carotenoids to manufacture animal feed products for poultry consumption. Additionally, they aid in imparting coloring properties to food products such as shrimp and fish. The segment held a market share of about 46.05% in 2019.
Europe to Remain Dominant; Presence of Established Cosmetics Industry to Spur Demand
Among all the regions, Europe is expected to remain at the forefront and hold the highest position in the global carotenoids market in the forthcoming years. The market in Europe generated USD 598.6 million in 2019 in terms of revenue and is anticipated to showcase an exponential growth. This dominance is attributable to the presence of an established cosmetics industry that is boosting the adoption for natural carotenoids to develop new skincare products in the region.
The North America market is expected to grow at a decent pace during the forecast period. This is ascribable to factors such as the growing adoption of natural food products owing to the several health benefits in countries such as the U.S. in the region between 2020 and 2027.
Major Companies Focus on Launching Innovative Products to Amplify Their Market Positions
The global carotenoids market is consolidated by the presence of major companies such as BASF, Allied Biotech, and Algatech. These companies are focusing on R&D activities to develop innovative carotenoids products and further consolidate their positions in the highly competitive global marketplace. The adoption of strategies such as merger and acquisition, partnership, and collaboration is anticipated to bode well for the market growth in the forthcoming years.
- September 2020 – LycoRed announces the launch of Lycocomfort, a non-GMO extract for men that efficiently promotes better sleep and urinary comfort. According to the company, the extract consists of beta-carotene, phtoene, lycopene, and vitamin E sourced from carotenoids-rich oleoresin in tomatoes.
List of the Companies Profiled in the Market:
- Allied Biotech Corporation (Karlsruhe, Germany)
- Algatech Ltd. (Ketura, Israel)
- BASF SE (Ludwigshafen, Germany)
- Kemin Industries (Delaware, United States)
- Hansen Holdings A/S (Horsholm, Denmark)
- DDW The Color House (Louisville, United States)
- DOHLER GmbH (Darmstadt, Germany)
- FMC Corporation (Pennsylvania, United States)
- Novus International Inc. (Missouri, United States)
- Sensient Technologies (Wisconsin, United States)
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