HYDERABAD, India, August 25, 2016 /PRNewswire/ --
Mordor Intelligence announces the publication of their research report on the carotenoids market. The report titled "Global Carotenoids Market- Growth, Trends and Forecast" discusses the current landscape and future outlook of the market.
The carotenoids market, estimated at USD XX Million in 2016 is projected to reach USD XX million by 2021, with a compound annual growth rate (CAGR) of XX% percent during the forecast period 2016-2021.
Factors affecting the market:
Drivers:
- A rise in health ailments such as obesity and nutrient deficiency
- Consumer preference towards natural nutritional supplements
- Strong growth among end-user industries
Opportunities:
- Huge growth potential as an alternative to antibiotics
- Availability of better techniques for carotenoid extraction
- Increasing demand for naturally sourced carotenoids
Restraints:
- Low recognition among consumers
- Serious side-effects due to high dose of carotenoids
The carotenoid market is segmented based on type, source and application. By type, carotenoids are further sub-segmented into beta-carotene, astaxanthin, lutein, annatto, apo-carotenal, apo-ester, canthaxanthin, capsanthin, lycopene, zeaxanthin, paprika extracts and others. Among these beta carotene is estimated to have the fastest growth during the 2016-2021 forecast period. It is widely used for food coloring and as a natural supplement.
In terms of application, carotenoids are used in animal feed, dietary supplements, cosmetics, pharmaceuticals and the food & beverages industry. For example, carotenoids are used as color enhancers in natural foods like egg yolk, chicken meat or fish. This improves the aesthetic look of the product and therefore looks more appealing to the customer.
Based on source, carotenoids are classified into natural or synthetic. Carotenoids are found naturally in vegetables like spinach, pumpkin, tomato and carrot. Many carotenoids can be synthetically extracted like beta-carotene, lycopene, lutein, and zeaxanthin.
North America and Europe have the largest carotenoid market. Asia-Pacific is an emerging market as an increasing number of consumers are taking measures in the form of health supplements to prevent diseases. Change in lifestyle and food consumption culture among consumers has led to the growth of the carotenoids market in Asia-Pacific. Latin America has also shown significant growth as there is the rise in pharmaceutical and energy industries.
Some of the major players in the market
- BASF SE
- Koninklijke DSM N.V
- Sensient Technologies
- Novus International
- EID Parry
- Chr. Hansen
- Kemin Industries
About Mordor Intelligence:
Mordor Intelligence is a global market research and consulting firm. Our focus is to provide research insights to facilitate business success. Our research expertise covers niche segments under Agriculture, Healthcare, ICT, Chemicals, Manufacturing, Logistics, Electronics and Automotive, among others. We believe in data, and we provide solutions through it. Optimum solutions and goal-oriented strategies define our endeavors and make us the preferred choice for clients.
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Madan Gopal
AVP - Marketing & Strategy
Email:madan@mordorintelligence.com
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