Carotenoids Market Overview
Market Research Future (MRFR) is of the view that the carotenoids market will be valued at USD 2 billion by analysis period’s end (2020 to 2027). Throughout this period, the market will record a 3.60% CAGR, exhibiting a sluggish but steady growth.
COVID-19 Analysis
The worldwide lockdown owing to the COVID-19 outbreak has been highly unfavorable for the carotenoids market, with manufacturing facilities shutting down and consumer demand for non-essential products noting a decline. Players are facing huge revenue losses because of SARS-CoV-2 pandemic in view of travel bans coupled with the economic downfall across countries.
However, companies are now more focused on strengthening their supply chains, while the rising prominence of the e-commerce sector will help the carotenoids market outlook recover faster in the ensuing years. Also, the stockpiling practice has boosted the market value, and steady consumer demand will ensure sustained growth in the future. Besides, the dramatic rise in people’s focus on their well-being and health will be a major growth inducer for the global market as well.
Growth Boosters
The carotenoids market value has been rising in response to the expanding application range in end-use industries including animal feed, pharmaceutical and nutraceuticals, personal care, to name a few. The rising emphasis on preventive healthcare worldwide has also led to higher sales of different carotenoids in the nutraceuticals and pharmaceuticals industry.
The global market size is further enhanced by the growing preference for natural ingredients among people, encouraging industries to focus on higher usage of natural carotenoids. The rapid emergence of the aquaculture industry as a major end-user has also opened up new growth avenues for the worldwide industry.
Opportunities
Latin America and various emerging markets offer a great deal of opportunities to carotenoids companies, thanks to the exploding consumer population concerned with their personal wellness. The blossoming elderly base worldwide also presents a host of attractive opportunities, as sales of healthy-aging ingredients in products continues to mount. The soaring popularity of several online channels are helping players have a higher consumer reach as well.
Competitive Analysis
The new players in the market are motivated by the presence of conducive factors prevailing in the market. The allocation of assets is being done cautiously so as to ensure improved growth opportunities. The pricing of goods in the market is done in a manner that ensures advantages to individuals and competitors. The industry cost make-up is also likely to modify with time. The forces that are having a considerable pull in the market's development are dynamically changing, leading to the creation of novel opportunities. The competition in the market is conducive to the overall growth of the market. The stronger influence of buyer purchasing behavior is dictating the expansion of the market to a great extent. The role of the government in the market is substantially motivating the market. Also, the development of technology also has increased momentum, guiding to improved market growth.
The important outlined in the Carotenoids key Market players are of BASF, Allied Biotech, Kemin Industries, Lycored, Koninklijke DSM, D.D. Williamson, ExcelVite, Alga technologies, Farbest Brands, Guangzhou Leader Bio-Technology, FMC, PAT Vitamins, and Valensa.
Segment Overview
The carotenoids market overview has been considered for product type, source, as well as application.
With respect to carotenoids, the product types are lutein, beta-carotene, astaxanthin, lycopene, canthaxanthin, zeaxanthin, and others.
The major sources of carotenoids in the market are synthetic as well as natural.
Top applications of carotenoids are food and beverages, dietary supplements, pharmaceuticals, personal care, and more.
Regional Analysis
Europe stands as the global leader, with the biggest share of 30% in the market. The region is viewed as an attractive location for manufacturers, given the escalating intake of nutraceuticals or functional beverages. Carotenoids are gaining traction in aquaculture, backed immensely by the government as well as the "green light" increasingly being given by prominent regulatory bodies such as the European Food Safety Agency.
Asia Pacific will attain an impressive growth rate in subsequent years, with China presumed to gain considerable ground in the years ahead. A variety of carotenoids are used in animal feed while the surging government backing and funding for growth of the aquaculture industry. These factors help facilitate exponential market expansion in the region. The surge in sea food consumption further induces significant market growth in Asia Pacific. China accommodates a vast pool of affluent firms that have technically advanced manufacturing facilities, which further adds to the business value. Rising use of carotenoids such as astaxanthin by healthcare professionals, expanding population dealing with nutrition deficiency, and the thriving cosmeceuticals sector that extensively utilize organic resources are elevate APAC’s position in the global carotenoids market size. Europe to Maintain Second Lead
North America to be a Profitable Market
North America stands as a highly profitable market for astaxanthin and has remained so since 2019. The US stands at the vanguard of the North American market, while Canada is making rapid progress at the same time. Astaxanthin market America, especially US, benefits largely from the soaring number of awareness programs introduced by various non-profit organizations, combined with the existence of a humungous pool of renowned players. The thriving cosmetic industry and its emergence as a key end-user in the region also facilitates market demand.
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