Carotenoids Market Size

Carotenoids Market Size

Global Carotenoids Market size was valued at over USD 200 million in 2015 and is anticipated to witness over 4% CAGR up to 2024. Increasing prevalence of cancer, obesity, and diabetes has triggered a paradigm shift towards the use of carotenoids owing to its nutraceutical benefits against the treatment of such diseases./p>

Positive application outlook across various end-use industries such as food & beverage, pharmaceutical, cosmetics, animal feed, and dietary supplements will drive the carotenoids market share. Further, government initiatives to promote a healthy diet to reduce the adverse effects of diseases caused due to obesity will promote industry expansion./p>

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Shifting consumer preference for ingredients that support health functions such as bone density and immunity will provide new avenues for product penetration. Increasing demand for antioxidants, micronutrients, and vitamins will fuel the product adoption across myriad end-use sectors. Additionally, increasing demand for natural food colors such as lycopene and beta-carotene will further boost the overall carotenoids market./p>

Rising consumer awareness about health benefits from the carotenoid intake is likely to drive the carotenoids market value. Increase the prevalence of lifestyle and early age problems in the present generation is encouraging customers to consume naturally derived food ingredients. Moreover, the market also stands to benefit from the advancements of biotechnological processes that aid the industrial production of natural carotenoids./p>

Increasing demand for animal protein and dairy products will support carotenoid market growth for the forecast period. As per FAO, animal meat production is projected to surpass 376 million tons by 2030. Carotenoids are incorporated in animal feeds to enhance the color of broiler skin, fish, egg yolks and crustaceans as poultry, fish, and shrimp. Also, the ability of carotenoids to improve fertility and support healthy body functions will further increase its penetration across animal feed segment.
 

Rising demand for skincare products due to varying climatic conditions will encourage the use of carotenoids such as phytoene and phytofluene owing to its UV ray absorbing property. Exposure to UV rays is the main factor that causes skin cells to become cancer cells. Growing awareness regarding the negative impact of UV rays will support the demand for carotenoid enriched skincare products.