Growing prevalence of eye diseases and cancer has led to surge in demand for carotenoids in the food and beverage industry. As the need for prevention from various diseases increases, sales of functional food products continue to remain high. In order to offer healthy food products with biologically active food ingredients has led the manufacturers to witness significant demand for carotenoids globally.
Carotenoid also continues to witness significant demand in the cosmetic industry attributed to increasing vitamin A properties. These factors are expected to impact growth of the global carotenoids market during the forecast period.
According to Persistence Market Research, the global carotenoids market is expected to account for over 6,900 units over the forecast period, 2017-2026.
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- Allied Biotech
- Chr. Hansen
- Cyanotech Corporation
- DDW The Color House
- Doehler Group
- EID Parry
- Farbest Brands
- FMC Corporation
- Guangzhou Leader Bio-Technology
- Kemin Industries
- Royal DSM N.V.
Prevalence of Cardiovascular Diseases to Impact Global Market Growth
Increasing health concerns related to immunity, brain/memory and digestive system has led to growing preference for fortified and functional food products. Prevalence of various cardiovascular diseases such as heart disease has further led to increasing preference for functional food products in the food industry. Growing need for prevention from other diseases such as cataract and elderly muscular degeneration has also fuelled demand for functional food products.
Other health related disorders contributing towards growth of the global carotenoids market include epilepsy, infertility, heartburn, high blood pressure, depression, and Alzheimer’s disease. As the need for functional food products, food coloring products, food supplements, and food pigments remain high, demand for carotenoids is expected to remain high.
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Demand to Remain High in the Food Industry
Besides food industry, demand for carotenoids is expected to remain high in the pharmaceutical and cosmetic industry globally. As carotenoids are rich in vitamin A, demand continues to remain high in the cosmetic industry.
Growing need for ingredients that are rich in antioxidants and other benefiting attributes such as vitamin A, C, E and D has led to surge in demand for carotenoids in the cosmetic industry. Attributed to various health benefitting attributes, manufacturers are increasingly opting for carotenoids for production of various cosmetic products. Surge in demand for carotenoids in the cosmetic industry will continue to contribute towards growth of the global carotenoids market during the forecast period.
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Pharmaceutical Industry to Contribute Towards Growth of Global Market
In addition, growing production of the dietary supplements in the pharmaceutical industry will further impact growth of the global carotenoids market positively. With the growing middle class population, demand for dietary supplements, meat and milk is expected to increase. These factors are further expected to impact growth of the global market positively.
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Food & Beverage Industry to Represent a Leading Segment
As demand for functional food products continue to remain high, demand is expected to remain high in the food & beverage industry. Based on application, the food & beverage industry segment is expected to represent the highest growth, accounting for a value of over US$ 2,400 Mn by the end of 2026. However, the pharmaceutical products source segment is expected to register the fastest growth in the global market during the forecast period.
On the basis of source, the synthetic carotenoids segment is expected to generate significant revenues, accounting for a value of over US$ 4,700 Mn by the end of 2026. In contrary, the natural source segment is expected to register the highest CAGR over the forecast period.
By product type, the beta-cortene is expected to witness a significant revenue growth, accounting for a value of over US$ 2,000 Mn by the end of 2026. On the other hand, the letein product type segment is expected to register a robust CAGR throughout the forecast period.
Leading market players operating in the global carotenoids market include Algatechnologies, Allied Biotech, AquaCarotene, BASF, Chr. Hansen, Cyanotech Corporation, DDW The Color House, Doehler Group, EID Parry, ExcelVite, Farbest Brands, FMC Corporation, Guangzhou Leader Bio-Technology, Kemin Industries and Royal DSM N.V.