Global Carotenoids Market: Overview
Carotenoids, a class of phytonutrients, are plant pigments due to which several fruits and vegetables acquire their bright shades of red, orange, and yellow. Several algae, bacteria, and plants contain these pigments. Acting as anti-oxidants, carotenoids possess cancer-fighting properties, suggests recent research. Carotenoids also have anti-inflammatory properties, improve the immune system, and are believed to aid in the prevention of cardiovascular diseases. Some of the fruits and vegetables containing carotenoids are spinach, cantaloupe, sweet potatoes, oranges, mangoes, tomatoes, kale, papaya, and bell peppers. However, synthetic carotenoids are also used widely in several applications.
Global Carotenoids Market: Key Trends
Increased usage in healthcare and nutraceuticals, rising awareness about food quality, and the high incidence of chronic conditions such as diabetes and cancer have been the major growth drivers of the global carotenoids market. Since the consumption of carotenoids prevents several diseases such as cataract, high cholesterol, cancer, and inflammatory polyarthritis, the demand for carotenoid-rich products is expected to rise. Moreover, carotenoids are used in a variety of applications such as supplements, pharmaceuticals, food, cosmetics, and feed. All this will aid in the expansion of the global carotenoids market.
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However, the growth of the market might be slackened by the low yields of carotenoid generation via chemical extraction or synthesis. High production costs might also emerge as a key bottleneck to market growth.
Global Carotenoids Market: Market Potential
There have been numerous developments in the carotenoids market of late. ExcelVite has come up with an FDA-approved palm oil high in carotene. The product ‘Natural Palm Mixed-Carotine Complex’ launched by this company claims to contain around 15 to 300 times as many vitamin A (retinol) equivalents as are found in leafy greens, tomatoes, and carrots.
The research and development team of Naturex Company has developed a novel stable coloring system for orange and yellow beverages. Usage of a particular rosemary extract has successfully prevented pigment degradation from light exposure, increasing the stability of beta- carotene. This has enabled the firm to launch a new craft soda that is expected to appeal to formulators and consumers alike. Similarly, a wide range of fat-soluble and water soluble carotenoids such as lycopene, beta-carotene, and lutein are provided by Farbest Brands in both powdered and oil forms.
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Studies have found that the incidence of metabolic syndrome in aged men reduced significantly upon consumption of beta-carotene. This form of carotene is also associated with a lower risk of lung cancer.
Therefore, the carotene-based supplements might receive a substantial boost due to their health benefits. The demand for carotenoids has been growing in the food and beverage industry worldwide as the addition of carotenoids boosts the immune system, aids in the maintenance of sufficient vitamin A levels, and improves vision and texture of the skin.
Global Carotenoids Market: Regional Outlook
Based on geography, the global carotenoids market can be segmented into Asia Pacific, Latin America, Europe, North America, and the Middle East and Africa. The rising demand for food coloring agents from the processed food industry in Germany and France has been responsible for growth of the Europe carotenoids market. Preference for natural and organic cosmetics products in countries such as Italy, the U.K., the U.S., and Germany will aid growth. Moreover, carotenoid-based anti-aging cosmetic products in Russia have been witnessing tremendous demand owing to the rising geriatric population in this region. The growth of Asia Pacific can be attributed to the rising disposable incomes of people, increasing health consciousness, and technological advancements in countries such as China and India.
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Global Carotenoids Market: Competitive Analysis
The global market for carotenoids appears to be extremely fragmented in terms of competition due to the presence of a large number of market players. Competition between the leading market players is likely to intensify over the coming years, as a result of several recent strategic product launches. Some of the major companies operating in the global market for global carotenoids market are Kemin Industries, ExcelVite, Allied Biotech Corporation, Farbest Brands, Chr. Hansen, Cyanotech Corporation, BASF, Naturex Company, and Koninklijke DSM. Several market players have been entering the market for carotenoids because of the availability of cheap labor and low cost raw materials.