Natural Carotenoids Market to Register 4.5% CAGR Up to 2024: Global Market Insights, Inc.
Key players operating in the global carotenoids market include Chr. Hansen, BASF, Royal DSM, FMC Corporation, Kemin Industries Inc., Cyanotech Corporation, Dohler Group, Allied Biotech Corporation, and Divis Laboratories.
SELBYVILLE, Del., September 11, 2019 (Newswire.com) - The global carotenoids market value is anticipated to surpass USD $300 million by 2024, according to a new report published by Global Market Insights, Inc., driven by increasing awareness regarding the benefits of carotenoid supplements. The report sheds light on the product, competition, application and regional terrain of this business sphere.
The carotenoids market is projected to win hefty gains in the coming years, on account of surging applications in the food and beverages and dietary supplements market, attributed to the advantages of the product linked with cardiovascular and immune system health. The product encompasses antioxidant properties and effectively deactivates free radicals in the body, which is set to further increase its consumption and, hence, enlarge carotenoids' business size in the approaching years.
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Speaking of the application spectrum, the food and beverage application segment of the carotenoids market is estimated to advance at a lucrative pace and show massive growth in the upcoming years. Carotenoids are extensively used in various food and beverages as an additive for maintaining optimal vitamin A levels and boosting immunity, skin health, as well as vision.
The food and beverage application of the carotenoids market was worth more than USD $50 million in the year 2015.
The worldwide carotenoids market is highly competitive and immensely fragmented, wherein two leading players, DSM and BASF, constituted more than 50 percent of the overall capacity in the year 2015 and are active participants in chief research and development initiatives.
The potential growth strategy utilized by key contenders of the carotenoids industry includes the innovation and development of new products that better suffice evolving customer needs. The high competition in this business space can be credited to existing and new patents with respect to application, production and extraction of the ingredients. Other known names of this industry are Naturex SA, LycoRed, Divis Laboratories, D.D. Williamson, Cyanotech Corp., Chr. Hansen, Carotech, Brenntag, and Allied Biotech.
In terms of the product landscape, carotenoids market share has been split into Lycopene, Canthaxanthin, Astaxanthin, Lutein, Beta Carotene and others.
The lycopene product segment is anticipated to witness rapid growth in the future, owing to the high usage of it in cosmetic and pharmaceutical products. Lycopene is efficient in preventing diseases, such as age-related macular degeneration, diabetes, and also protects skin against sunburn.
Browse key industry insights spread across 260 pages with 258 market data tables and 22 charts and figures from the report “Carotenoids Market,” in detail, along with the table of contents:
https://www.gminsights.com/industry-analysis/carotenoids-market
The lycopene market was valued at more than USD $15 million in the year 2015.
Canthaxanthin market trends have shown modest growth lately, primarily driven by increasing consumer preference for foodstuffs such as fruits and vegetables, dairy, baby food, meat, breakfast cereals, snacks, and bakery and confectionery.
Canthaxanthin also has enormous applications in the cosmetic industry and is used as an artificial tanning agent. However, stringent regulations enforced by the FDA on the use of canthaxanthin in tanning pills might restrict revenue contribution from this segment.
The canthaxanthin market aggregated nearly a 10 percent share of the total market in the year 2015.
Beta-carotene market has gained significant momentum over the last few years, due to superior properties of the ingredient such as promoting eye health, healthy skin, and preventing cardiovascular disease. The infusion of this ingredient in diet and supplements has directed product demand across the globe and amplified the carotenoid's industry size.
The beta-carotene market is projected to depict a CAGR of more than 4% through 2024.
The Asia-Pacific carotenoids market is estimated to accrue commendable proceeds from cosmetics application, growing at a CAGR of 5% over the forthcoming years. Technological advancements and burgeoning consumption in cosmetics and nutraceuticals are propelling overall regional demand.
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