Carotenoids Market Size, Share | Growth Rate & Future Developments | Forecast To 2028

Carotenoids Market is expected to witness a massive growth with a staggering CAGR in the forecast period. Carotenoids are basically organic pigments that are majorly found in numerous microorganisms, algae, some animal species and plants. They generally give out some bright colors like red, orange and yellow to protect all these species from all the external harmful properties of air and light. These days, carotenoids are more commercially feasible now due to the recombinant DNA technology and rich advancements in biotechnology.

It is observed that there has been a tremendous rise in the demand for natural and organic food as health inferences and its sustainability has suddenly started increasing. Health-conscious people have started consuming carotenoid supplements. These two major factors are aiding the carotenoids market to grow massively.

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But there are some health risks that are associated with the carotenoid products. Excessive unregulated utilization of these products can lead to health destructions and this is eventually impeding the market’s development. But these days, carotenoids are being used to treat various diseases such as diabetes, cancer, aging and eye disorders, and this is why consumers have started preferring carotenoids. This factor will help the carotenoids market to grow significantly in the forthcoming years.

The market is segmented on the basis of source (natural, synthetic), product (beta-carotene, lutein, lycopene, astaxanthin, zeaxanthin and canthaxanthin), application (food, supplements, feed, pharmaceuticals, cosmetics) and region (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa)

Considering the product insights, beta-carotene has been dominating the overall industry and will continue to grow in the near future as well. The market size will stimulate in future as beta-carotenes are used as antioxidants and colorants. It also acts a rich source of vitamin A in food, cosmetics and medicines.

Looking at the insights of the sources, synthetic sources have been generating a lot of dominance on the overall industry. But the market has taken a drastic twist and now the natural sources are anticipated to witness a tremendous growth in the near future as there is huge awareness among consumers regarding health benefits and advantages of natural products.

Europe and North America hold most of the carotenoids industry yet Asia Pacific is an emerging market and is predicted to show significant growth in the forthcoming years as well. Due to the change in lifestyle and food consumption among consumers, the carotenoids market in Asia Pacific has been experiencing major growth. Followed with this, South America, is also likely to be a part of growing industry.

Some of the major key players of the carotenoids market are Royal DSM N.V., FMC Corporation, Doehler Group, EID Parry, ExcelVite, Allied Biotech, BASF, Cyanotech Corporation, Farbest Brands, Guangzhou Leader Bio-Technology, Chr. Hansen, Algatechnologies, Kemin Industries, DDW The Color House and AquaCarotene. All the leading companies are including mergers and acquisitions, partnerships and joint ventures to enhance the growth of the market efficiently.

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Market split by Type, can be divided into:

  • Astaxanthin
  • Beta-Carotene
  • Canthaxanthin
  • Lycopene
  • Lutein

Market split by Application, can be divided into:

  • Food
  • Feed
  • Pharmaceuticals
  • Cosmetics

Market split by Sales Channel, can be divided into:

  • Direct Channel
  • Distribution Channel

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