Carotenoid Market - Growth, Trends, and Forecast (2020 - 2025)

Global carotenoid market is projected to grow at a CAGR of 4.5% during the forecast period (2020-2025).

Several end-user applications of carotenoids, including usage in preventive healthcare and nutraceuticals, along with growing importance of food quality and appearance, have been the driving factors for the global carotenoid market.

With increasing awareness among consumers about clean-label solutions and health-based products, there has been an increasing demand for food fortified with carotenoids; which offers great opportunity for manufactures particularly in the emerging markets, such as Asia-Pacific.

Key Market Trends

Growing Demand for Natural Coloring

The purchase interest of the buyer increases as brands claims the use of natural colors, as consumers are demanding greater transparency in their food and beverage. Consumers perceive positive image about the brand when the label claims fruit and vegetable juices and concentrates as colorings listed on the ingredient declaration. Carotenoids, such as lycopene in tomatoes and beta-carotene in carrots produce a range of colors from yellow to red, and anthocyanins, such as grape skin extract give fruits and vegetables their red, blue, and purple colors. This increased awareness and application of naturally derived colors from sources, such as tomato and carrot, are driving the carotenoid market, globally.

Europe Continue to Dominates the Global Market

North America and Europe have the largest carotenoid market, owing to the growing demand for clean label foods and health awareness. Moreover, in United Kingdom, the rising food safety concerns are pressurizing manufacturing to adopt clean labels, which is triggering the demand for natural colors. Asia-Pacific is an emerging market, as an increasing number of consumers are adopting preventive measures in the form of health supplements to prevent diseases. Changes in lifestyle and food consumption among consumers have also led to the growth of the carotenoid market in the Asia-Pacific region. Owing to a rise in the pharmaceutical and energy industries, South America has also shown significant growth.

Competitive Landscape

The beta-carotene market is fragmented, however, key players focusing on leveraging modern technologies for offering high-quality beta-carotene for catering the evolving requirements from various application sectors. Some of the major key players in the carotenoid market, globally, includes Chr Hansen Holdings, D.D. Williamson & Co., Royal DSM, Sensient Technologies, BASF, among others.

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