Carotenoids Market by Type (Astaxanthin, Beta-Carotene, Canthaxanthin, Lutein, Lycopene, & Zeaxanthin), Source (Synthetic and Natural), Application (Supplements, Food, Feed, and Cosmetics), & by Region - Global Trends & Forecasts to 2021
“Global carotenoids market projected to grow at a CAGR of 3.78%”
The global carotenoids market is projected to reach a value of USD 1.53 billion by 2021, growing at a CAGR of 3.78% from 2016 to 2021. The market is driven by factors such as increasing health consciousness among the customers, rising end-use applications of carotenoids, and increasing preference for natural coloration. The industrialization of pork, poultry, and aquaculture business and the rising focus on the quality and appearance of meat, meat products, and fish are factors driving the demand of carotenoids in the animal feed sector.
“Astaxanthin accounted for the largest market share in 2015 among the types of carotenoids”
On the basis of type, carotenoids are segmented into astaxanthin, beta-carotene, lutein, lycopene, canthaxanthin, and zeaxanthin. Among these, astaxanthin accounted for the largest market share in 2015, followed by beta-carotene and lutein. Astaxanthin is used on a large scale due to its functional qualities, easy availability, and application in almost all the industrial sectors.
“Animal feed segment led the market with the largest share in 2015”
On the basis of application, the carotenoids market is led by the feed segment, followed by the supplements and food segments. The demand for carotenoids in animal feed is increasing due to the increasing preference for good quality and appearance of meat, meat products, and fish. Along with adding nutrients to the feed, carotenoids also increases the palatability of feed.
“Europe dominated the market with the largest share”
Europe formed the largest market for carotenoids in 2015, whereas North America accounted for the second-largest market share in 2015, and is projected to grow at the highest CAGR from 2016 to 2021. The global carotenoids market is segmented region-wise, with a detailed analysis of each region by studying the key markets. These regions include North America, Europe, Asia-Pacific, Latin America, and the Rest of the World (RoW).
Breakdown of profile of primary participants
By Company Type: Tier 1 – 36 %, Tier 2 – 42%, and Tier 3 – 22%
By Designation: C level – 69%, Manager level – 31%
By Region: North America – 22%, Europe – 56%, Asia-Pacific – 19%, RoW – 3%
Key players identified in the carotenoids market include 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.). Along with these companies, the other players that have a strong presence in the carotenoids market include D.D. Williamson & Co., Inc. (U.S.) Allied Biotech Corporation (Taiwan), ExcelVite Sdn. Bhd. (Malaysia), and Döhler Group (Germany).
Reasons to buy this report:
From an insight perspective, this research report has focused on various levels of analysis—industry analysis (industry trends), market share analysis of top players, supply chain analysis, and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the carotenoids market; high-growth regions; and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
Market Penetration: Comprehensive information on carotenoids offered by the top players in the global carotenoids market
Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the carotenoids market
Market Development: Comprehensive information about lucrative emerging markets – the report analyzes the markets for carotenoids across regions
Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the global carotenoids market
Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of the leading players in the global carotenoids market