Carotenoids Market Size, Segmentation, Opportunities, Trends, Growth and Industry Forecast To 2022 by Credence Research
The global carotenoids market witnessed
growth on the back of health benefits associated with carotenoids and shift in
trend towards natural colorant. However, different government guidelines
in different countries and toxic effects of carotenoids if consumed in higher
quantities are the factors restraining the growth of the market. But in future
emerging economies and development of different technology to create higher value
natural carotenoids will provide huge market potential and bring in rich gains.
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Market - Size, Share, Growth, Trends and Segment Forecasts to 2022)@ http://www.credenceresearch.com/report/carotenoids-market
By source, synthetic carotenoids
accounted for more than 70% share of the pie in 2014 and projected to maintain
its dominance over the next six years. This segment dominates the market as its
lesser expensive and requires less labor as compared to the natural
carotenoids. However, the natural carotenoids are projected to be the
fastest-growing segment and will reach USD 504.18 million by 2022.
By product type, beta carotene
accounted for the largest share of the pie followed by lutein and astaxanthin.
In 2014, beta carotene accounted 34% share of the pie in terms of value and
projected to maintain its dominance over the next six year.
Beta-Apo-8-carotenal is projected to be the fastest growing market and
projected to grow at a CAGR of 6.0% from 2015 to 2022. Lutein and lycopene are
the other two fastest growing market.
By application, demand for
carotenoids was highest from the animal feed segment and accounted for 34%
share of the market in 2014. As carotenoids is only found in plants and cannot
be synthesized by livestock, animals’ requirement of this nutrient is fulfilled
by their diet. However, demand for carotenoids is projected to be highest from
the supplements segment which is projected to grow at a CAGR of 4.9% during the
forecast period.
North America and Europe together
accounted for more than 65% share of the market. Europe is the largest for
carotenoids and will cross more than USD 600 million by 2022. On the other hand
growth Asia Pacific is projected to be highest growing market at a CAGR of 4.9%
over the next six years. India and China is not only became the major consumer
of carotenoids but also major producers due to availability of abundant raw
material, cheap labor and capabilities to produce carotenoids meeting the
international standard and demand.
The global carotenoids market is
highly consolidated with DSM and BASF accounting for than 55% share of the
market. Moreover, there are many medium and small sized players present in the
market but only few accounts for major share of the pie. In parallel, the
number of producers of synthetic and algae derived carotenoids rose sharply,
which added to the imbalance of supply and demand. In addition, major
international players in carotenoids market are being threatened by cheaper
imports from China and India.
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