(EMAILWIRE.COM, November 20, 2019 ) The carotenoids market is projected to reach USD 1.53 billion by 2021, growing at a CAGR of 3.78% from 2016. The Random House Dictionary defines carotenoids as “Any of a group of red or yellow pigments, including carotenes, found in plants and certain animal tissues”. Carotenoids have been used as food colors for centuries. Saffron, pepper, leaves, and red palm oil have carotenoids as their main color components. The growth of the carotenoid market is attributed to their increasing applications in pharmaceuticals, cosmetics, food, and animal feed. Also, due to the increasing awareness of the benefits they offer, which includes increasing immunity, improving eye health, and reducing the risks of heart diseases, the demand for carotenoids is on the rise.

Objectives of the study are as follows:

1. To define, segment, and measure the carotenoids market based on type, application, method of production, formulation type, and region
2. To provide detailed information about the crucial factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
3. To strategically analyze the micro markets with respect to individual growth trends, prospects, and contribution to the total market
4. To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
5. To project the size of the market, in terms of value and volume for the 5 main regions, namely, North America, Europe, Asia-Pacific, Latin America, and the Rest of the World (RoW)
6. To project the market size, in terms of value, based on the types (beta-carotene, lutein, lycopene, astaxanthin, zeaxanthin, canthaxanthin, and others) and applications (supplement, food, feed, cosmetics, and pharmaceuticals) of carotenoids
7. To study the formulation types of carotenoids (oil suspensions, beadlets, powders, and emulsions)
8. To understand the key methods of production of carotenoids (chemical synthesis, extraction from botanical material, fermentation, and algae route)

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Significant growth expected in the supplements segment

Carotenoids find a wide range of end use applications. It can be used in feed, food, supplements, cosmetics, and pharmaceuticals. Due to rising health consciousness of consumers and changing lifestyles, the consumers demand high quality health supplements comprising health benefits such as immunity boosters, and richness in proteins and vitamins. Carotenoids are major additives used in health supplements due to their various medicinal properties. Thus, the use of carotenoids in supplements is expected to rise in the next few years.

Beta-carotene is expected to be the fastest-growing segment during the forecast period

The major types of carotenoids are astaxanthin, beta-carotene, lutein, canthaxanthin, lycopene, and zeaxanthin. The beta-carotene segment is projected to be the fastest-growing market from 2016 to 2021. Rising demand for natural beta-carotene due to its high effectiveness and medicinal properties is triggering the market for beta-carotene.

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Increasing health consciousness, high investment in R&D, and cost-effective solutions key to success in the European region

Europe is one of the largest contributors to the global carotenoids due to the increase in usage of carotenoids through health supplements and in animal feed. Germany and France constituted the largest country-level markets in the European region in 2015. The well-established economies allowing investments in research & development, government involvement towards the healthcare facilities and promotion of preventive measures, and the well-established cosmetics industry demanding natural coloration are the major factors influencing the growth of the carotenoids market in Europe.

This report includes a study of marketing and development strategies, along with the product portfolio of leading companies. It includes the profiles of leading companies such as BASF SE (Germany), Royal DSM N.V. (The Netherlands), Chr. Hansen A/S (Denmark), FMC Corporation (U.S.), Kemin Industries, Inc. (U.S.), and Cyanotech Corporation (U.S.).