Global Study on Carotenoids Market Size, Share and Demand Outlook 2016 to 2021 – Credence Research

The global carotenoids market witnessed growth on the back of health benefits associated with carotenoids and shift in trend towards natural colorant. However, different government guidelines in different countries and toxic effects of carotenoids if consumed in higher quantities are the factors restraining the growth of the market. But in future emerging economies and development of different technology to create higher value natural carotenoids will provide huge market potential and bring in rich gains.

By source, synthetic carotenoids accounted for more than 70% share of the pie in 2014 and projected to maintain its dominance over the next six years. This segment dominates the market as its lesser expensive and requires less labor as compared to the natural carotenoids. However, the natural carotenoids are projected to be the fastest-growing segment and will reach USD 504.18 million by 2022.

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By product type, beta carotene accounted for the largest share of the pie followed by lutein and astaxanthin. In 2014, beta carotene accounted 34% share of the pie in terms of value and projected to maintain its dominance over the next six year. Beta-Apo-8-carotenal is projected to be the fastest growing market and projected to grow at a CAGR of 6.0% from 2015 to 2022. Lutein and lycopene are the other two fastest growing market.

By application, demand for carotenoids was highest from the animal feed segment and accounted for 34% share of the market in 2014. As carotenoids is only found in plants and cannot be synthesized by livestock, animals’ requirement of this nutrient is fulfilled by their diet. However, demand for carotenoids is projected to be highest from the supplements segment which is projected to grow at a CAGR of 4.9% during the forecast period.

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