Carotenoids Market size was over USD 200 million in 2015 and is forecast to witness 4% CAGR by 2024 says this industry forecast report based on Sources (Natural, Synthetic), Products (Beta-carotene, Lutein, Astaxanthin, Canthaxanthin, Lycopene), Applications (Food & beverages, Pharmaceutical, Cosmetics, Animal Feed, Dietary supplements) and more.
Sellbyville, DE -- (SBWIRE) -- 02/21/2019 -- The Carotenoids Market is set to exceed USD 300 million by 2024; according to a new research report by Global Market Insights, Inc. Rising application scope in dietary supplements and food & beverages industry due to its benefits associated with immune system and cardiovascular health will stimulate global market size growth. Offering antioxidation in the body by deactivating free radicals is among the key trending factors fueling product penetration in consumer diet.
Easy availability and comparatively less production cost makes the synthetic carotenoids market size a dominant industry segment. However, rising health consciousness pertaining to synthetic ingredients in food and personal care products will continue strengthening the drive for natural ingredients.
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Animal feed applications accounted for over 30% of the global demand in 2015. Increasing palatability, high nutrient content, and animal sense organs enhancement has fueled product demand in this segment. Growing consumer demand for healthy appearance meat and standardized coloring in chicken, eggs, and salmons will foster industry growth.
Latin America, led by Argentina and Brazil carotenoid market will witness significant gains. LATAM accounted for over 4% of the global industry share in 2015. Income upliftment in middle class population, changing lifestyle, well-informed & more demanding consumers are driving products demand in Peru and Chile as well. Brazil is foreseen to be an attractive market in terms of raw material availability and strong supply chain network in the U.S.
Beta-carotene market size generated over USD 40 million in sales for 2015, and the product is foreseen to witness 4% growth. Maintaining eye & skin health, curing cardiovascular disease with addition to the product in diet will fuel product demand.
Health risks pertaining to increase in creatine, lessening in vertical flight execution, and a skeletal muscle breakdown indicators are key factors driving industry towards more specific regulatory compliances and labelling guidelines. Natural carotenoids market size may see over 4% gains up to 2024. Germany, France, UK, and the U.S. are key contributing countries favouring bio ingredients industry expansion.
Key insights from the report include:
Germany beta carotene market size was over USD 4 million in 2015. Positive indicators from medical industry for curing macular degeneration, cataracts, and preventing heart diseases fueled beta carotene demand. Healthcare industry expansion along with rise in consumer affordability have positively influenced regional growth in this segment.
Asia Pacific market share will witness significant gains in cosmetics application increasing at 5% CAGR. Technological advancement, increasing application scope in nutraceuticals and cosmetics is driving overall regional demand.
Lycopene market was worth over USD 15 million in 2015. Strong application scope in pharmaceuticals and cosmetics owing to properties including preventing diabetes, age-related macular degeneration and protection from sunburn has enhanced product demand.
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Middle East & Africa nutraceuticals market has witnessed notable growth. GCC countries dominates the industry, increase in the geriatric population will propelled the product demand for health supplements.
Global market is fragmented in nature and dominated by DSM and BASF holding about 50% of global capacity.
In terms of geographic presence other major companies include, Allied Biotech, Chr. Hansen, Brenntag, Carotech, Cyanotech, Divis Laboratories, Naturex SA, D.D. Williamson, and LycoRed.