Global Carotenoids Market 2016-2020
Carotenoids are a class of phytonutrients found in the cells of a wide variety of plants, bacteria, and algae, which help plants absorb light energy for the process of photosynthesis. They play an important antioxidant function of deactivating free radicals (single oxygen atoms that can damage cells by reacting with other molecules). Carotenoids are responsible for the bright red, yellow, and orange colors in fruits and vegetables. These pigments play an important role in plant health. Also, people eating carotenoid-rich food get health benefits.
Technavio’s analysts forecast the global carotenoids market to grow at a CAGR of 4.02% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global carotenoids market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sale of the beta-carotene, lutein and zeaxanthin, astaxanthin, and other (lycopene, canthaxanthin, annatto, capsanthin, fucoxanthin, and trans-β-apo-8'-carotenal.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Carotenoids Market 2016-2020
Technavio recognizes the following companies as the key players in the global carotenoids market: Allied Biotech, BASF, Kemin Industries, and Koninklijke DSM.
Other Prominent Vendors in the market are: Alga technologies, D.D. Williamson, ExcelVite, Farbest Brands, FMC, Guangzhou Leader Bio-Technology, Lycored, PAT Vitamins, and Valensa International.
Commenting on the report, an analyst from Technavio’s team said: “One of the key trends for market growth will be rise in preventive healthcare. Preventive healthcare is expected to fuel the market growth positively during the forecast period due to growing health consciousness and rise in healthcare costs. Higher prices for medical services, lack of transparency in information regarding prices and quality, paying for volume over value, defensive medicine, and the use of new technologies and treatments without considering their effectiveness constitute the prime reasons for the rise in healthcare costs. Thus, consumers are becoming interested in consuming healthier foods and beverages to remain healthy and fit. They are increasing their intake of healthy ingredients such as carotenoids. Growing awareness regarding preventive health is a better option than spending on medical expenses. This will increase the demand for carotenoids during the forecast period.”
According to the report, the rise in interest in health and wellness products is a growth driver for online sales. The demand for medicine products will increase, especially among young consumers, due to the growing trend of consuming alternative medicines. Companies are leveraging this growth opportunity by marketing these products through easy and convenient online avenues.
Further, the report states that stringent government regulations will be a challenge for the market. Vendors in the global carotenoids market are required to comply with stringent rules and regulations imposed by various authorities. These regulations pertain to permits, regulations for the entry of new players, residual management issues, and expiry dates for certain dietary supplements. The US Food and Drug Administration (FDA) plays an important role in regulating the manufacture and distribution of carotenoids. The FDA has placed strict regulations on the type of carotenoids that can be introduced in the market. Complying with these regulations is a difficult task for vendors, which is hindering the entry of new players and creating roadblocks for product innovations in the market.
Allied Biotech, BASF, Kemin Industries, and Koninklijke DSM. Other Prominent Vendors in the market are: Alga technologies, D.D. Williamson, ExcelVite, Farbest Brands, FMC, Guangzhou Leader Bio-Technology, Lycored, PAT Vitamins, and Valensa International.