Market Overview: Carotenoids are plant pigments that are responsible for the red, yellow, and orange color of the plants. These compounds play a major role in plant growth. Beyond fruits and vegetables, carotenoids are also present in several strains of algae and photosynthetic bacteria. Carotenoids also provide several health benefits to humans and animals owing to the antioxidant and anti-inflammatory nature of these compounds.
Thus, carotenoids evolved as a vital ingredient in the food and feed industries. Plant sources such as tomatoes, carrots, squash, melons, apricots, and asparagus among others are ripen and processed to extract carotenoid powders. The utilization of carotenoids as a natural colorant in food has been significantly rising with the growth of special foods and the foodservice industry.
Market Dynamics: Increasing adoption of nutraceutical products to propel market growth
The alternative treatment methods apart from allelopathic products for diabetes, eye disorders, and other lifestyle diseases are witnessing robust popularity. The intake of food rich in beta-carotene is recommended by governments and scientific organizations such as the U.S. Department of Agriculture (USDA) and the U.S. National Cancer Institute.
Preventive medicine is a buzzword that has encouraged manufacturers and processors to come up with nutraceuticals such as dietary supplements and functional foods that utilize natural ingredients. Geriatric nutrition is one of the vital sectors for carotenes owing to its high antioxidant potential as they provide defense against oxidative stress, primarily attributed to aging processes, pollution, and others. All these factors are collectively contributing to the global sales of this market.
Along with the rise in health and wellness concerns, the consciousness regarding aesthetics and appearance among consumers has increased remarkably. This has escalated the demand for effective skincare and cosmetics products globally.
Carotenoids have been identified as powerful antioxidants that can be used in skin care product formulations for improving skin tone, maintaining skin firmness, and protecting against UV light exposure. The rise in consumer spending on natural skin brightening and anti-aging creams are predictable to bring immense application opportunities for novel tetraterpenoids, which in turn is expected to boost their market growth.
For instance, according to Lucas Meyers Cosmetics, an Asian cosmetic ingredient company, naturally occurring colorless carotenoids that are found in tomatoes can be easily used in the production of natural cosmetics products.
Market Segmentation By Type • Carotenes • Xanthophylls By Source • Natural Carotenoids • Synthetic Carotenoids By Application • Colorant • Provitamin • Anti-inflammatory By End-Use Industry • Food & Beverages • Animal Feed • Cosmetics • Dietary Supplements • Pharmaceuticals
Geographical Penetration Presence of established animal feed sector & cosmetics industry in Europe to favor growth
By geography, Europe is leading the global market with a share of nearly XX% in dollar sales as of 2020. The wide range of food and drink categories that integrate carotenoids for its health and aesthetic benefits is responsible for this well-established market.
Also, cosmetics industry in countries such as France, Italy, U.K. and Germany are boosting the demand for carotenoids in this region. The Netherlands, Germany and Denmark are some of the leading producers of carotenoids in the world.
Asia Pacific, the world’s largest poultry and aquaculture market evolved as the fastest growing region witnessing a growth of over 5% in the recent past. The consumption of Astaxanthin has been rapidly growing in the region owing to its preference for pigmenting fish.
Asia-Pacific is an emerging market, as an increasing number of consumers are adopting preventive measures in the form of health supplements to prevent diseases. Changes in lifestyle and food consumption among consumers have also led to the growth of the carotenoid market in the Asia-Pacific region.
Competitive Landscape The global carotenoids market is highly fragmented. Chr Hansen Holdings, D.D. Williamson & Co., Royal DSM, Sensient Technologies, and BASF among others are some of the key players operating in the market. Product launches are the most certain growth strategy in the market with a key focus on the development of natural formulations.
With the scent of market saturation in the food industry in North America and Europe region, the companies are focusing on animal nutrition and the cosmetics industry to hold their business. Kemin Industries unveiled its organic carotenoid KEM GLO in March 2019.
The product is developed to support North American poultry farmers in enhancing the color of yolks. In May 2019, Algatech announced the launch of AstaPure-EyeQ, a natural astaxanthin powder to support eye and brain health.
The newly launched product is clinically supported and microencapsulated powder, which has double bioavailability as compared to standard products present within the market. In April 2019, ExcelVite, a reputed palm carotene producer, collaborated with United States Pharmacopeia (USP) for the publication of a new Plant Carotenes Monograph.
