The upcoming report by Persistence Market Research anticipates the global market for carotenoids to showcase sluggish growth, registering CAGR of 2.7% during 2017-2026. By the end of 2026, the global carotenoids market is also projected to bring in US$ 6,902.4 million revenue.
Carotenoids are naturally occurring pigments found in vegetables and fruits and also in certain shellfish. Carotenoids are the major source of antioxidants that help in preventing cancer and heart diseases. Hence, with the increase in awareness among people about benefits of carotenoids, the demand for segments such as cosmetics and supplements is also rising. Carotenoids are also finding large application in food, pharmaceutical and cosmetic industry owing to its various benefits. Increasing focus towards a healthy lifestyle and rising incidences of various diseases across the globe is also driving the demand for carotenoids to be used in various food supplements.
Increasing Demand for Functional and Fortified Food to Drive the Global Market for Carotenoids
The demand for fortified and functional food is rising as customers are looking for ingredients that address specific health issues such as improving immunity, improving digestive health and boosting memory. Hence, the rise in demand for functional food is also fueling the global carotenoids market. Moreover, consumers are also looking for foods that can provide vitamins and help in cell reinforcement. Natural food colors are also being adopted on a large scale in the food processing industry. For instance, lycopene, a carotenoid and beta-carotene are the favored choice for pink, yellow, orange, red tones in manufacturing supplements.
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The most common health problem faced by the older adult population is vision damage. Hence, the increase in demand for dietary supplements is also resulting in the increasing demand for carotenoids such as astaxanthin, as it is beneficial for eyes. Astaxanthin is also gaining traction in the cosmetics industry due to its UV and anti-aging properties. Also, the use of carotenoids in treating various skin diseases has increased recently. The increase in demand for organic cosmetic products is driving the demand for carotenoids. Ongoing research on identifying new health benefits of carotenoids is also broadening the scope of carotenoids in the pharmaceutical sector.
Global Carotenoids Market- Segmentation Analysis
The global market for carotenoids is segmented on the basis of product type, application, source, and region. Based on the product type, beta-carotene is likely to emerge as one of the top-selling product between 2017 and 2026. By 2026 end, beta-carotene is projected to exceed US$ 2,000 million revenue.
On the basis of application, carotenoids are likely to find the largest application in food & beverage industry. Towards the end of 2026, food & beverage industry is estimated to surpass US$ 2,400 million revenue.
By source, the market is further segmented into synthetic and natural. Among these, synthetic carotenoids are estimated to gain maximum traction in the global market for carotenoids. By 2026 end, synthetic carotenoids are projected to exceed US$ 4,700 million revenue.
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Geographically, the global market for carotenoids is segmented into Asia Pacific Excluding Japan (APEJ), North America, Japan, Europe, Latin America, and the Middle East and Africa (MEA). Europe is likely to remain dominant in the global market for carotenoids between 2017 and 2026.
Global Carotenoids Market- Competitive Landscape
The report offers a detailed profile of some of the prominent players in the market such as :
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