The global Carotenoids Market 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.
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Key Players:
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.
Growth Drivers:
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.
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.
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