The carotenoids market is projected to grow from USD 1.5 billion in 2019 to USD 2.0 billion by 2026, recording a CAGR of 4.2% during the forecast period. This is attributed to the increasing use of natural carotenoids as food colorants and innovations in the technologies used for extraction of carotenoids.
- Determining and projecting the size of the carotenoids market, with respect to type, application, source, formulation, and regional markets, over the period of seven years, ranging from 2019 to 2026
- Identifying the attractive opportunities in the market by determining the largest and fastest-growing segments across regions
- Providing detailed information about the key factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
- Analyzing the micromarkets, with respect to individual growth trends, future prospects, and their contribution to the total market
- Identifying and profiling the key market players in the carotenoids market
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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.
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 include 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), E.I.D 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).
Key questions addressed by the report:
- Who are the major market players in the carotenoids market?
- What are the regional growth trends and the largest revenue-generating regions for the carotenoids market?
- Which are the key regions that are projected to witness significant growth in the carotenoids market?
- What are the major types of carotenoids that are projected to gain maximum market revenue and share during the forecast period?
- Which are the major applications and formulations of carotenoids that are projected to dominate during the forecast period?