Carotenoids Market to Showcase Continued Growth in the Coming Years

14/set/2020 15:34:02 MarketsandMarkets Contatta l'autore

The report " Carotenoids Market by Type (Astaxanthin, Beta-Carotene, Lutein, Lycopene, Canthaxanthin, and Zeaxanthin), Application (Feed, Food & Beverages, Dietary Supplements, Cosmetics, and Pharmaceuticals), Source, Formulation, and Region - Global Forecast to 2026 ", The carotenoids market is projected to grow from USD 1.5 billion in 2019 to USD 2.0 billion by 2026, recording a compound annual growth rate (CAGR) of 4.2% during the forecast period. The major factors driving the growth of the carotenoids market includes the growing use of carotenoids in preventive healthcare and as a food colorant in the feed industry.      

Carotenoids Market

By application, the feed segment is estimated to account for the largest market share in 2019 in the carotenoids market

Carotenoids are extensively used in animal nutrition products due to their coloring properties and are incorporated in feed to pigment the egg yolks, broiler skin, fishes, and crustaceans. These also help in increasing the immunity and improving the health of livestock by enhancing the quality of nutrition. The fertility of cattle, swine, and horses can be improved by feeding beta-carotene, whereas astaxanthin and canthaxanthin help in improving the growth of salmons and larval fishes.

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The beadlet segment in the carotenoids market is estimated to dominate the market in 2019 

On the basis of formulation, the beadlet segment is estimated to dominate the carotenoids market in 2019. Carotenoid beadlets are free-flowing spherical particles developed from spray drying technology. They are usually packed in an aluminum foil bag and stored in a cool and dry place away from direct light, oxygen, and heat. Some of the other major benefits of using beadlet formulations include increased stability, cold water dispersion, and enhanced of shelf life.

The Asia Pacific region is projected to grow at the highest CAGR during the forecast period. 

The Asia Pacific region is projected to grow at the highest CAGR in the carotenoids market during the forecast period. This is due to the growing application of carotenoids in the health supplements, as they are rich in protein, vitamin, iron, manganese, and antioxidants, which help in preventing cardiovascular diseases and maintaining weight. Asia Pacific offers profitable growth opportunities to manufacturers and suppliers of carotenoids as the processing of carotenoids is cheaper in this region and witnesses a high demand in this region.

The prominent vendors in the carotenoids market includes Koninklijke DSM (Netherlands), BASF (Germany), Chr. Hansen (Denmark), Kemin Industries (US), Lycored Limited (Israel), Cyanotech Corporation (US), Fuji Chemical Industry Co Ltd. (Japan), Novus International (US), DDW The Color House (US), Dohler Group (Germany), Allied Biotech Corporation (Taiwan), EID Parry (India), Farbest Brands (US), Excelvite Sdn. Bhd. (Malaysia), AlgaTechnologies Ltd. (Israel), Zhejiang NHU Co. Ltd (China), Dynadis SARL (France), Deinove SAS (France), Vidya Europe SAS (France), and Divi's Laboratories (India).

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Recent Developments:

  • In June 2019, DDW The Color House acquired Du Pont Natural Colors (Denmark) to enhance the presence of the company in the global market. This acquisition would also help it expand its portfolio with new products.
  • In April 2019, Döhler Group acquired a majority of shares in Zumos Catalano Aragoneses SA (ZUCASA), which is based in Spain. This would help the company to increase its presence in the fruits and carotenoids segment.
  • In April 2019, ExcelVite Sdn. Bhd. collaborated with US Pharmacopeia (US) to publish a new plant carotenes monograph. It was developed based on mixed carotene complex, EVTene. The publication of this monograph would reinstate the efforts of the company to meet the high ingredient standards.
  • In April 2019, Zhejiang NHU Co. Ltd formed a partnership with LJ Ingredients (Denmark). Through this partnership, LJ Ingredients became an exclusive sales agent for beta-carotene products for the company in the European market.
  • In March 2019, Kemin Industries launched Organic KEM GLO, which is a USDA certified organic carotenoid that helps organic egg producers to intensify the colors of egg yolks. This would help the company to attain a leading position in the feed carotenoids market.
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