(Food-Beverage-News.Com, October 04, 2017 ) According to the report “Latin America Carotenoids Market by Source (Synthetic and Natural), by Type (Astaxanthin, Beta-Carotene, Canthaxanthin, Lutein, Lycopene, and Zeaxanthin), by Application (Supplements, Feed, Cosmetics, and Food), and by Region - Industry Analysis, Size, Share, Growth, Trends, and Forecasts (2016–2021)” published by Market Data Forecast, The Latin America Carotenoids Market had a market value of USD 0.15 billion in 2016 and is forecasted to exhibit a CAGR of 3.32% and reach USD 0.18 billion by 2021.
The Latin America Carotenoids market is predicted to showcase huge potential in the forecasting period. The market has continued to gain momentum with the increase in the demand of people for carotenoids found in natural sources.
Carotenoids are class of plant pigments responsible for the bright red, orange and yellow hues in various fruits and vegetables. These are also important for maintenance of a plant’s health as well as human health on consumption of these fruits and vegetables. They assist plants in the process of photosynthesis by helping them in absorbing light energy and are thus the reason behind the colour of plants or the fruits & vegetables. They also act as antioxidants in plants as well as human body.
The rise in the demand for natural colorants has been driving the growth of Latin America Carotenoids Market over the recent years. Other major factors responsible for the market growth include expanding end use applications, preventive healthcare and nutraceuticals, industrialization in sectors like pork, poultry and aquaculture. The market also faces some challenges and restraints. These include harmful effects of over dose of carotenoids, stringent government regulations and approval norms and lack of R&D in remote regions. These factors have been holding the market down from reaching its complete potential, and are required to be dealt with.
The Latin America Carotenoids Market is broadly classified on the basis of type, source and application. The segmentation on the basis of type is done under Beta-Carotene, Astaxanthin, Lutein, Canthaxanthin, Lycopene, and Zeaxanthin. On the basis of source, the market is categorized into Synthetic and Natural. Lastly the segmentation is done on the basis of application under Cosmetics, Supplements, Feed, and Food. On the basis of geography, the Latin America market is analysed under various regions namely Brazil, Argentina, Mexico and rest of Latin America.
Among various big companies in the Latin America Carotenoids Market, the major ones are: • BASF SE • Chr. Hansen A/S • FMC Corporation • Royal DSM N.V. • Cyanotech Corporation • Kemin Industries Inc. • Döhler Group • Allied Biotech Corporation • D.D. Williamson & Co., Inc. • Excelvite SDN. BHD.
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