The global market for Carotenoids is projected to reach US$1.7 billion by 2022, driven by the growing significance of carotenoids as pigmentation and antioxidant compounds and the resulting rise in demand from end-use applications such as animal feed, food, supplements, and pharmaceuticals.
Carotenoids are organic, naturally occurring pigments found in fruits and vegetables, and also in certain shellfish. Carotenoids are considered to be a major a source of antioxidants for humans, with potential applications in preventing heart diseases and cancer. Over the years, demand for carotenoids posted strong growth led by proven capability in improving human health, widespread availability of these compounds from various sources and growing inclination towards natural colorants. While carotenoids have traditionally found use as food colorants, of late these compounds are being increasingly used in newer applications such as food supplements, cosmetics, pharmaceutical and animal feed. Beta carotene, lutein, lycopene, astaxanthin, capsorubin, apo-carotenic ester, and capsanthin are the primary types of carotenoids, being utilized in various traditional and new applications.
Carotenoids are increasingly finding use in food supplements due to the increasing incidence of diseases such as vision loss due to aging, cardiovascular diseases and cancer. An aging global population, particularly in Europe and North America, and rising awareness about the health benefits of carotenoids are driving growth in the market. The anti-oxidative capabilities of carotenoids along with discovery of new health benefits present considerable scope for carotenoids in the pharmaceutical and nutraceutical sectors. In the cosmetics sector, carotenoids are increasingly being used in skin and hair care products and also in the production of anti-aging cosmetics. While synthetic carotenoids account for a major share of the market, demand for natural carotenoids continues to grow rapidly driven by the growing health awareness and the subsequent increase in demand for natural products.
Europe represents the largest market worldwide. Asia-Pacific is forecast to record the fastest CAGR of 3.6% over the analysis period. Factors such as growing population, rising awareness and increased willingness to spend on preventive healthcare products such as nutraceuticals and functional foods, and increasing use in animal feed to support widespread animal husbandry activities favor growth of carotenoids market in the Asia-Pacific region.
Major players in the market include Algatechnologies Ltd., Allied Biotech Corporation, BASF SE, Chr. Hansen Holding A/S, Cyanotech Corporation, DDW The Colour House, Dohler Group, DowDuPont Inc., ExcelVite Sdn Bhd, Kemin Industries Inc., Lycored Ltd., Royal DSM N.V., Sensient Technologies Corporation, and Valensa International LLC among others.