DUBLIN--(BUSINESS WIRE)--The "Carotenoids Market by Type (Astaxanthin, Beta-Carotene, Lutein, Lycopene, Canthaxanthin, and Zeaxanthin), Application (Feed, Food & Beverages, Dietary Supplements, Cosmetics, and Pharmaceuticals), Source, Formulation, and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global carotenoids market size is projected to grow from USD 1.5 billion in 2019 to USD 2.0 billion by 2026, in terms of value, recording a compound annual growth rate (CAGR) of 4.2% during the forecast period.
Key factors encouraging the growth of the carotenoids market include the increasing demand in the pharmaceutical industry, particularly for naturally sourced carotenoids, and opportunities to expand in the high-growth potential markets.
The feed segment is projected to dominate the carotenoids market throughout the forecast period
The feed segment is projected to dominate the carotenoids market, on the basis of application, in terms of value. This is attributed to the extensive use of carotenoids in animal nutrition products. Carotenoids are incorporated in feed products to pigment the egg yolks, broiler skin, fishes, and crustaceans. Furthermore, due to the increasing demand for pork, poultry, and aquaculture products, key manufacturers are focusing on enhancing the appearance with the use of carotenoids. Thus, to gain high commercial value, the use of carotenoids for color enhancement and increasing the palatability of feed products remains high in this industry.
The beadlet segment is projected to grow at the highest growth rate during the forecast period
The beadlet segment is projected to grow at the highest growth rate due to its increasing use in dietary supplements and pharmaceutical applications. Carotenoid beadlets are free-flowing spherical particles developed from spray drying technology. This technology helps to add fragile ingredients to supplements and protects them from the formulation stress of tablet compression. Some of the other major benefits of using beadlet formulation include increased stability, cold water dispersion, and enhancement of shelf life. With the increasing consumption of carotenoids in the dietary supplements and pharmaceutical segments, the demand for carotenoids in the form of beadlets is projected to remain high during the forecast period.
Asia Pacific is projected to record the highest growth during the forecast period
The Asia Pacific region is projected to record the highest growth during the forecast period. The rising demand for food and animal product consumption has led to the increased incorporation of carotenoids in the feed. The pharmaceutical sector is also witnessing significant growth in countries, such as China, India, and Japan, which in turn, is projected to contribute to the growth of the carotenoids market.
Key Benefits of Buying the Report:
- The report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall carotenoids market segments and subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.
- The report will also help the stakeholders to understand the pulse of the market and will provide them with information on key market drivers, restraints, challenges, and opportunities.
- Carotenoids are Beneficial in Preventive Healthcare
- Increasing Use of Natural Carotenoids as Food Colorants
- The Growth of the End-User Industries is Projected to Drive the Demand for Carotenoids
- Innovative Technologies for the Extraction of Carotenoids
- Stringent Regulatory Norms are Projected to Hamper the Market Growth
- Risks Associated With High Doses of Carotenoids
- Lack of R&D Activities in Underdeveloped Countries
- Growing Demand in the Pharmaceutical Industry
- Opportunity to Expand in the High-Growth Potential Markets Such as Asia Pacific and South America
- Growing Demand for Naturally Sourced Carotenoids
- Difficulty in Meeting the Requisite Quality Standards
- High Production Costs Restrict the Entry of Smaller Players
- Value Chain Analysis
- Koninklijke DSM
- Chr. Hansen
- Cyanotech Corporation
- Allied Biotech Corporation
- Lycored Limited
- Kemin Industries
- Fuji Chemical Industry Co Ltd.
- Novus International
- Dhler Group
- Excelvite Sdn. Bhd.
- DDW the Color House
- Farbest Brands
- Algatechnologies Ltd.
- Zhejiang NHU Co. Ltd.
- E.I.D. Parry
- Divi's Laboratories
- Dynadis SARL
- Vidya Europe SAS
- Deinove SAS
For more information about this report visit https://www.researchandmarkets.com/r/r822bh