Carotenoids are the organic pigments naturally occurring in plants and have been used for food colorings with beta- carotene for a long time. However, with continuous research and development, carotenoids have found relevance in feeds and food supplements. The market is expected to exhibit a marginal growth compared to previous years. The majority of sales of the global carotenoids market come from the mature markets such as North America and Europe. Markets such as Asia Pacific and the rest of the world are expected to exhibit sizeable growth in the coming years and Europe significantly dominates the market.
Some of the major factors driving this market are growing consumer preference for naturally healthy products and the commercial scope of carotenoids in feeds and supplements. The antioxidative feature and discovery of new health benefits of carotenoids makes it medically more viable giving a boost to the demand for carotenoids in medical sectors as well. The easy availability of carotenoid also facilitates the growth of this market.
However, the market growth is restricted due to the limited number of suppliers in the market, lack of R&D in developing countries, and the lack of newly discovered health benefits of carotenoids in various regions. Even today, carotenoid is only known as a natural color agent in many countries despite the discovery of its various product types like astaxanthin, canthaxanthin, and lycopene among many others.
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As mentioned, the carotenoid market has a lot of scope in medical field due to its newly discovered health benefits. It has the potential of curing age related macular degeneration diseases besides preventing prostate cancer and providing ocular health benefits. So far no substitute has been found for carotenoid which makes it rare and valued in the industry.
More than 50% of the market is dominated by DSM which acquired Vitatene in 2010 and BASF which acquired Cognis in 2011.
This research report analyzes this market depending on its market segments, major geographies, and current market trends.
Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
This report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
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