Carotenoids Market Analysis

Carotenoids Market Analysis

Beta carotene is expected to hold over 25% market share by 2024 owing to the growing demand for natural food colors from the food processing industry. Factors including improving the nutritional efficiency of food along with benefits such as healthy skin, eye, and prevention of cardiovascular diseases will boost the carotenoids market share.
 

Lutein registered sales of over USD 40 million in 2015. Increasing prevalence of eye diseases such as cataracts, glaucoma, diabetic retinopathy, and AMD is expected to fuel the market growth. The product helps to maintain macular pigment optical density and support vision health. Increasing demand from health care industry for the treatment of diseases related to heart, eye, bone, and weight will support carotenoids market trends.
 

Synthetic carotenoids dominated the industry share in 2015. This type of carotenoid is used as internal standards for HPLC analyses of lipid phase plasma micronutrients thereby supporting market growth. The synthetic variant costs higher than its synthetic counterpart and is used in trace quantities in during the formulation of aquafeed. Additionally, increasing R&D in collaboration with science & technology, genetic materials, biological system, and engineering to design & redesign will boost the segment share.
 

Natural carotenoids are anticipated to witness significant gains at over 4.5% by 2024. Shifting preference for naturally derived carotenoids owing to increasing demand for natural ingredients will support business growth. Natural sources of carotenoids are plants, algae, bacteria, and several fungi. Factors, such as abundant availability of natural resources, low production cost, and fewer regulations will provide an impetus the market growth.
 

Dietary supplements are expected to witness gains at over 5% up to 2024 owing to the shift in trend towards weight loss and calorie reduction mainly in China, Italy and the U.S. to promote health & wellness. Consumer awareness about the benefits of dietary supplements and easy access to products are key factors driving regional growth. Also, high demand from the healthcare sector for the treatment of cardiovascular diseases will provide a positive outlook for business expansion.
 

Animal feed dominated the industry share in 2015 owing to the growing demand for high-quality meat and seafood products. Pork, aquaculture, and poultry industry expansion owing to increasing consumer consumption have driven the carotenoids market growth. Moreover, factors such as increasing ovulation rates, improved embryo quality & fertility, and high hatchability are key benefits offered by carotenoids-based feeds.
 

Asia Pacific carotenoids market is expected to witness the growth of more than 4.5% by 2024 owing to the increasing prevalence of chronic disease and rising awareness regarding benefits of carotenoids. Changing climatic scenario owing to global warming will drive cosmetic application growth. The surge in the consumption of animal meat and dairy products will further provide a positive outlook for segment growth. Also, favourable policies regarding synthetically derived products will further influence regional growth for the forecast period.

Europe carotenoids market accounted for over 40% market share in 2015. Presence of key manufacturers of cosmetic products such as Loreal, Unilever, Henkel, and Beiersdorf is anticipated to support segment growth. Extensive R&D investment for new product development will further fuel market expansion in this region. For instance, BASF launched the next generation of carotenoid formulations Lucantin NXT in the European Union. Also, increasing demand for health supplements among the geriatric population will promote business expansion.