IndustryARC, in one of its latest reports, predicted that Carotenoids Market size is estimated to reach $1.8 billion by 2027, growing at a CAGR of 3.2% during the forecast period 2022-2027. Carotenoids are an important constituent of all photosynthetic organisms owing to their distinguished photoprotective and antioxidant characteristics. However, their occurrence is not limited to plants, algae, and cyanobacteria, as certain fungi and non-photosynthetic bacteria can synthesize carotenoids also, and numerous animals depend on food-borne carotenoids as visual pigments, antioxidants, or colorants. The surging demand for natural food products including natural carotenoids like astaxanthin is set to drive the Carotenoids Market. The Carotenoids Market report by IndustryARC covers complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
The top 5 players in the Carotenoids Industry are:
1. Allied Biotech Corporation
2. Divis Laboratories Ltd.
3. Cyanotech Corporation
4. Kemin Industries, Inc.
5. Döhler Group
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1. The Carotenoids Market based on type can be further segmented into Annatto, Astaxanthin, Beta carotene, Canthaxanthin, Lutein, Lycopene, Zeaxanthin, and Others. The Beta carotene Segment held the largest market share in 2021. This growth is owing to the surging inclination of consumers towards nutritious and organic food.
2. The Carotenoids Market based on geography can be further segmented into North America, Europe, Asia-Pacific, South America, and Rest of the World. Europe (Carotenoids Market) held the largest share with 39% of the overall market in 2021. The growth of this region is owing to the surging demand for feed and dietary supplements in the European region.
3. The Carotenoids Market based on the application can be further segmented into Animal Feed, Food And Beverages, Dietary Supplements, Cosmetics, and Pharmaceuticals. The Food And Beverages Segment held the largest market share in 2021. This growth is owing to the extensive application of carotenoids like beta-carotene in providing color to foods and beverages.
Annatto, Astaxanthin, Beta-carotene, Canthaxanthin, Lutein, Lycopene, Zeaxanthin.
Animal Feed, Food And Beverages, Dietary Supplements, Cosmetics, Pharmaceuticals.
North America, Europe, Asia-Pacific, South America and Rest of World
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Market Drivers and Challenges:
1. Surging Applications Of Beta Carotene Are Projected To Drive The Growth Of the Carotenoids Market: Mature grown-ups need to typically draw between 700 and 900 mcg Retinol Activity Equivalents (RAE) of vitamin A per day. The recommended daily allowance (RDA) incorporates both preformed vitamin A and provitamin A carotenoids like beta carotene. Beta-carotene was the earliest carotenoid from algae to be commercialized. Dunaliella salina, a marine microalga is a plentiful source of beta-carotene.
2. Proliferating Applications Of Astaxanthin Are Expected To Boost The Demand For Carotenoids: Astaxanthin is a carotenoid extensively utilized in salmonid and crustacean aquaculture to offer the pink color property of that species. This application has been well documented for over two decades. Furthermore, astaxanthin also performs an essential role as an intermediary in reproductive procedures. Synthetic astaxanthin dominates the global market.
3. Disadvantages Of Beta Carotene Are Hampering The Growth Of The Carotenoids Market: Intervention trials with large doses of carotenoids like beta carotene discovered a negative impact on the occurrence of lung cancer in smokers and workers exposed to asbestos. Until the efficiency and security of consuming supplements including these nutrients can be concluded, recent dietary recommendations of diets soaring in fruits and vegetables are considered.
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A. Synthetic Carotenoids Market
B. Beta-Carotene Market
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