The global Carotenoids Market size is expected to reach USD 1.85 billion by 2026, exhibiting a CAGR of 3.57% in the forecast period 2019-2026. The increasing demand for dietary supplements and functional foods that utilize natural ingredients such as carotenoids is one of the key factors enabling the growth of the market, says Fortune Business Insights™ in a report, titled “Carotenoids Market Size, Share and Industry Analysis By Type (Beta-Carotene, Lutein, Lycopene, Astaxanthin, Zeaxanthin, Canthaxanthin, and Others), By Application (Animal feed, Foods & Beverages, Dietary Supplements, Personal Care & Cosmetic, and Pharmaceuticals), By Source (Synthetic and Natural), and Regional Forecast 2019 – 2026” the market size stood at USD 1.40 billion in 2018. The increasing popularity of alternative treatment methods for diabetes, eye disorders, and other lifestyle diseases will contribute positively to the Carotenoids Market growth.
According to the report, the market by type is classified into Beta-carotene, astaxanthin, canthaxanthin, lycopene, and lutein astaxanthin, zeaxanthin, canthaxanthin, and others. The Beta-carotene and astaxanthin are expected to account for maximum share in the market owing to their usage across food, feed, and cosmetic industries. Furthermore, the launch of innovative pigments that are sustainably sourced and provide enhanced functionalities will spur growth opportunities in the upcoming years. For instance, Phycocyanin from Arthrospira extracts was approved for use in candy, chewing gum, and other types for confectionery in the U.S. in 2013 and 2014 by the U.S. Food and Drug Administration.
The report offers profound insights into all the prevailing trends of the Carotenoids Market. It shares an all-encompassing study of all the segments and provides authentically procured data. It is put together after extensive research followed by descriptive analysis to assist companies, stakeholders, financers, and potential investors. It is designed with an aim to provide an absolute depiction of the market size. Moreover, it also covers parts such as product launches, acquisitions, collaborations & partnerships, and innovations and industry developments.
Increasing Incidences of Cancer and Diabetes to Fuel Demand for Carotenoid
The growing cases of cancer, diabetes, and vision impairment have prompted food manufacturers and regulatory authorities to take concrete steps in the direction of ingredient-formulations in processed foods, dietary supplements as well as in pharmaceutical offerings. Furthermore, the growing utilization of carotenoids for age-related disorders and eye-health maintenance will accelerate the growth of the market during the forecast period.
Nonetheless, health risks associated with the unregulated and excessive utilization of carotene are factors expected to dampen the growth of the market in the forthcoming years.
Collaboration Between ExcelVIte and USP to Spur Lucrative Business Opportunities
ExcelVite, a PIC/S cGMP-certified palm carotene producer partnered with USP and its Non-Botanical Dietary Supplements Expert Committee to publish a new Plant Carotenes monograph. The monograph was developed based on ExcelVite’s palm oil-sourced mixed carotene complex, EVTene, a natural plant mixed carotene with a similar alpha- and beta-carotene composition/ratio found in carrots: ~33% alpha-carotene and ~66% beta-carotene. The partnership between ExcelVIte and USP is expected to create growth opportunities in the foreseeable future owing to its analytical methods and highest ingredients standards. Furthermore, the launch of new daily health beverages is likely to bolster the growth of the market. For instance, GacLife, solutions by nature beverage brand, launched five new daily health beverages, which include the highest amount of antioxidant carotenoids to provide powerful antioxidant protection for the whole body.
Well-established Cosmetics Industry to Contribute Healthy Growth in Europe
The market is Europe witnessed high growth in 2018 and is expected to grow rapidly during the forecast period. The well-established cosmetics industry, along with the rising demand for carotenoids as a food coloring agent in the food industry, will enable growth in Europe. The increasing customer awareness regarding food quality, safety, social convenience, and sustainability will boost the Carotenoids Market trends in the forthcoming years. The growing consumption of carotenoids in counties of Africa and Southeast Asia owing to the deficiency of vitamin A will encourage the growth of the market in the regions.
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