Germany, which dominates Europe market size, was valued at over USD 20 million in 2015. Processed food industry expansion was among the key contributor in regional industry growth. France and Germany exhibit the strongest demand as a food colouring agent.
Rising application scope in dietary supplements and food &beverages industry due to its benefits associated with immune system and cardiovascular health will stimulate global carotenoids market size growth. Offering antioxidation in the body by deactivating free radicals is among the key trending factors fueling product penetration in consumer diet.
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Easy availability and comparatively less production cost makes the synthetic carotenoids market size a dominant industry segment. However, rising health consciousness pertaining to synthetic ingredients in food and personal care products will continue strengthening the drive for natural ingredients.
Animal feed applications accounted for over 30% of the global demand in 2015. Increasing palatability, high nutrient content, and animal sense organs enhancement has fueled product demand in this segment. Growing consumer demand for healthy appearance meat and standardized coloring in chicken, eggs, and salmons will foster industry growth.
- Nutraceutical industry expansion
- Increasing consumer spending on healthcare
- Flavor industry growth
Latin America, led by Argentina and Brazil carotenoid market will witness significant gains. LATAM accounted for over 4% of the global industry share in 2015. Income upliftment in middle class population, changing lifestyle, well-informed &more demanding consumers are driving products demand in Peru and Chile as well. Brazil is foreseen to be an attractive market in terms of raw material availability and strong supply chain network in the U.S.
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Key insights from the report include:
- Germany beta carotene market size was over USD 4 million in 2015. Positive indicators from medical industry for curing macular degeneration, cataracts, and preventing heart diseases fueled beta carotene demand. Healthcare industry expansion along with rise in consumer affordability have positively influenced regional growth in this segment.
- Asia Pacific carotenoids market share will witness significant gains in cosmetics application increasing at 5% CAGR. Technological advancement, increasing application scope in nutraceuticals and cosmetics is driving overall regional demand.
- Middle East &Africa nutraceuticals market has witnessed notable growth. GCC countries dominates the industry, increase in the geriatric population will propelled the product demand for health supplements.
- Global carotenoids market is fragmented in nature and dominated by DSM and BASF holding about 50% of global capacity.
- In terms of geographic presence other major companies include, Allied Biotech, Chr. Hansen, Brenntag, Carotech, Cyanotech, Divis Laboratories, Naturex SA, D.D. Williamson, and LycoRed.
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Market players will try to enhance their share by adopting business strategies such as product differentiation and high R& D investments. Key carotenoids industry players include Cyanotech Corporation, Allied Biotech Corporation, Chr. Hansen, Divis Laboratories Limited, D.D. Williamson, and Naturex Company.