The global carotenoids market will exhibit a CAGR of 5% over the estimated period (2020-2030). Increasing consumer awareness related with health benefits will be driving market demand. Surging prevalence of early age and lifestyle problems in current generation is supporting consumers to devour naturally sourced food ingredients. Furthermore, the market also benefit from the progressions of biotechnological procedures that assist the industrial manufacturing of natural carotenoids.
"Algae-based carotenoids are yet in their bourgeoning development stages, and are projected to attain an early expansion phase amid the mid-term forecast." says a Fact.MR analyst.
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Carotenoids Market - Key Takeaways
- Asia Pacific will be portraying surging growth rate due to increasing consumption and high attention of carotenoids.
- Natural carotenoids source segment is likely to hold majority of market share during the assessment period.
- Beta-carotene & asthaxanthin product types will be accounting for higher market shares and will portray moderate expansion.
- Cosmetic & personal care additives category will remain key beneficiary in contrast to other end uses.
Carotenoids Market - Drivers
- Upsurge in demand for plant-based and natural products in the food & beverages as well as functional products industry is boosting demand for carotenoids.
- Considerable uptake in cosmetics, animal feed, pharmaceuticals, dietary supplements, and human food, as they provide excellent health benefits, boosts demand over the forecast period.
- Increasing demand for carotenoids in neutraceuticals, higher consumer uptake of dietary supplements, along with innovative applications in the cosmetics sector is driving sales in the global market.
Carotenoids Market - Constraints
- Strict regulatory as well as approval norms are anticipated to delay product demand throughout the forecast years.
- Higher raw materials cost as well as premium prices are likely to be deterrents for the market.
Anticipated Market Impact by COVID-19 Outbreak
The COVID-19 pandemic has had an insignificant impact on the carotenoids market. With rise in consumer stockpiling, the market is foreseeing an exponential increase in demand for nutritional and supplements products, along with steadiness in demand. Although fluctuations in costs and low trade in second quarter of 2020 were witnessed, the market reflected rapid recovery amid third quarter, and is likely to completely recover by quarter four of 2020.
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Key market players in the global carotenoids market are Allied Biotech Corporation, BASF S.E., Dohler, Divi's Laboratories Ltd., DDW The Colour House, Koninklijke DSM N.V., Kemin Industries Inc, Chr. Hansen Holding A/S, Givaudan Group, and Cyanotech Corporation, amid others. Key players are focusing on their fortified portfolios and investments in R&D for distinguished products to attain a competitive edge in market.
More on the Report
The Fact.MR's market research report provides in-depth insights into the carotenoids market. The market is scrutinized on the basis of product (beta-carotene, lutein, asthaxanthin, canthaxanthin, lycopene, and others), source (synthetic and natural), and end use (food & beverage colorants, animal feed additives, dietary supplements & nutraceutical ingredients, pharmaceutical additives, and cosmetic & personal care additives), across seven major regions (North America, Europe, East Asia, South Asia, Oceania, Latin America, and Middle East & Africa (MEA).