The global Carotenoidsmarket was estimated at USD 1.21 billion in the year 2015 and is likely to witness significant growth, due to its increasing usage in numerous applications such as food, dietary supplements, animal feed, cosmetics and pharmaceuticals. Growing health awareness among consumers has led to increased usage of natural food products and nutritive supplements. This scenario is considered to drive the consumption of carotenoids over the years ahead.
Carotenoids
also known as tetraterpenoids are color imparting organic pigments, that
naturally occur in fruits, leafy vegetables, and roots. These products play the
role of antioxidants and provide protection to the human health against chronic
diseases, cellular damage, and aging. These organic pigments have found a
rising usage in dietary supplements, due to growing health issues among the
younger and older working populace groups that are aged in the range of 18 to
64 years.
Tetraterpenoids
are commercially available in orange, yellow and red colors. The orange colored
products include alpha-, beta-, and gamma-carotene, while the red and yellow
ones include lycopene and lutein respectively. Animal feed, cosmetics and
pharmaceuticals are the next major uses of the market.
Treatment
of diabetes, eye disorders and cancer is likely to drive the demand of
tetraterpenoids during the forecast period. Increasing research activities for
developing high value natural carotenoids is expected to offer considerable
growth opportunities in the industry during the forecast period. However, the
stringent regulatory framework in developed regions is likely to hamper the
industry growth.
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Product Insights
In
terms of volume, beta-carotenes was the largest product segment, which
constituted 24% share of the total market in the year 2015. These
tetraterpenoids are used as colorants, and antioxidants and possess high
vitamin A content. These key attributes are expected to boost the utilization
of the product in nutritional foods, personal care and medical applications,
which in turn is likely to propel the market growth in the future.
astaxanthin
is another important product type of carotenoids that is expected to illustrate
significant development during the forecast period, owing to its rising usage
in human antioxidants, animal feed ingredients and in seafood processing
including shrimps, trout and salmon. Furthermore, astaxanthin is favorably used
in human stamina enhancement and quick wound recovery.
Source Insights
Carotenoids
are derived via natural or synthetic sources. Synthetic accounted for the
largest volume share in 2015. Furthermore, this source type generated a revenue
of USD 903.6 million in 2015. However, due to rising consumer inclination
towards naturally derived ingredients, this segment is expected to depict a
diminished growth during the forecast period.
The
natural source type is expected to witness significant volume as well as
revenue growth during the forecast period. The sources under this category
include plant leaves, crustacean shells, flowers, bird feathers, fruits and
fish flesh. Growing consumer awareness about health benefits of natural
products is likely to propel the demand in the industry during the forecast
period.
Application Insights
Animal
feed is the prominent application of carotenoids, which held a revenue share of
41% of the total industry. Tetraterpenoids are consumed in animal nutrition for
boosting immunity.
Dietary
supplements is another key application, which is likely to offer significant
growth prospects in the future, on account of rising consciousness among
consumers regarding healthy diet intake and for treating vitamin deficiency
related disorders.
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Regional Insights
Asia
Pacific is likely to witness tremendous growth, due to the increasing usage of
the product in food, pharmaceuticals and personal care sectors. This scenario
is projected to reflect in countries such as India, Japan and China owing to
economic growth, technological advancements, low production costs and presence
of a broad industrial base.
The
awareness regarding the health benefits of dietary supplements has notably
increased in the Asia Pacific region, as a consequence of various factors such
as rising disposable incomes, increasing middle class population and
educational development. Furthermore, the existence of major pharmaceutical
companies in the region such as Sun Pharmaceutical, Dr. Reddy’s Laboratories,
GSK, Cipla, Novo Nordisk and Roche are likely to contribute towards the
industry growth.
In
terms of revenue, Europe held the largest share in 2015 and is likely to expand
at a CAGR of 3.8% during the forecast period. Product consumption in the region
is anticipated to rise as a result of significant demand from animal feed and
health supplement sectors. Presence of a well-established cosmetics industry
with key players such as L’Oreal, Henkel, Unilever and Beiersdorf is another
growth driving factor.
Competitive Insights
BASF
SE, Brenntag, Kemin Industries, Allied Biotech, ExcelVite Sdn. Bhd., DSM
Nutritional Products, Cyanotech Corp., Divis Laboratories, Chr. Hansen, D.D.
Williamson, Lycored, and Naturex SA are the major players in the industry.
The
manufacturers are implementing various strategies that include product
innovation and collaborations with other participants across the value chain,
in order to increase their presence worldwide.
Market Segment:
Source
Outlook (Volume, Tons; Revenue, USD Million; 2014 - 2025)
• Natural
• Synthetic
Product
Outlook (Volume, Tons; Revenue, USD Million; 2014 - 2025)
• Beta-carotene
• Lutein
• Lycopene
• Astaxanthin
• Zeaxanthin
• Canthaxanthin
• Others
Application
Outlook (Volume, Tons; Revenue, USD Million; 2014 - 2025)
• Food
• Supplements
• Feed
• Pharmaceuticals
• Cosmetics
Regional
Outlook (Volume, Tons; Revenue, USD Million; 2014 - 2025)
• North America
• U.S.
• Europe
• Germany
• UK
• Asia Pacific
• China
• India
• Central & South America
• Brazil
• Middle East & Africa
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