The Global carotenoids market was valued at USD 1.3 billion in 2015 and is projected to grow at a CAGR between 3.2% to 4.2% from 2018 to 2023. Carotenoids are any class of fat soluble pigments containing carotene which give mainly orange, yellow, or red color to the plants or animals. Carotenoids can be produced naturally by plants but need to be externally supplied to the human beings. Along with the coloration property, carotenoids are highly nutritious and are used to prevent various diseases like diabetes, obesity, and cancer. Growing occurrences of chronic diseases like cancer, diabetes, obesity and high blood pressure is increasing the health consciousness of the consumers resulting into increased demand for healthy food and supplements. Along with this, there is an increasing importance to the appearance of the food which decides the commercial value of fruits, vegetables as well as meat and meat products. These factors are driving the market for carotenoids in the world.
The Global carotenoids market report is segmented on the basis of its types, source, application and region which comprises of North America, Europe, Asia-Pacific, Latin America and rest of the world. The most important types of carotenoids are astaxanthin, beta carotene, lutein, canthaxanthin, lycopene, and zeaxanthin. These carotenoids are available in natural as well as synthetic sources.
The major usage of carotenoids is done in health supplements, human food, animal feed, cosmetics and pharmaceuticals. The usage of carotenoids is highest in animal feed followed by health supplements and human food. Addition of carotenoids in animal feed increases the palatability of the feed as well as makes the feed nutritious to make the animals healthy and immune to certain diseases. It is also used for coloration of meat and meat products to make them attractive to the buyers.
Europe leads the global carotenoids market followed by North America and Asia-Pacific. France and Germany are then leading country-level markets for carotenoids wherein high usage of carotenoids is done in health supplements and animal feed. The market for Asia-Pacific is the fastest growing market due to rising health conscious population as well as increasing meat industry.
The leading players include BASF SE, Royal DSM N.V., Chr. Hansen A/S, FMC Corporation, Kemin Industries Inc., Allied Biotech Corporation, Cynotech Corporation, D.D. Williamson & Co. Inc., ZMC DIVIS Laboratories, Carotech and LycoRed. These players are expanding their presence in the market by innovating new and unique types of carotenoids as well as its applications.