Global Carotenoids Market 2016-2020

Global market outlook for carotenoids

In this market research, analysts have estimated the global carotenoids market to grow moderately at a CAGR of over 4% during the estimated period of 2016 to 2020. Much of this market’s growth will be impelled by the rising demand for functional and fortified food products. The demand for functional and fortified food products and beverages is growing as consumers are looking for ingredients that address specific health concerns and promote digestive, immune, and brain/memory health. Factors such as the desire to improve well-being, change in buyers' desires, innovations in nourishment science, and changes in sustenance controls are responsible for changing the consumer’s attitude towards food products and food supply trends.

Technavio’s market research analyst has observed that the EMEA region will continue its market dominance during the forecast period and will generate revenues of around USD 635 million by 2020. With the growth of the livestock industry in Europe, the use of carotenoids in the feed has also increased due to their antioxidant nature and their ability to enhance pigmentation in aquatic and poultry animals. Since adding feed pigments is an economical option, the sales of meat products supplemented with feed pigments in the European market has increased substantially.

Competitive landscape and key vendors

This market is extremely fragmented due to the presence of intense competition between several large, medium-sized, and small manufacturers that provide diagnostic products. These vendors form partnerships with smaller companies to maintain their market shares and to gain a competitive edge over their peers. The demand for carotenoids will be high in emerging countries, especially in APAC countries such as India, China, and Japan, due to increasing end-user applications. These countries constitute the fastest-growing market, with many local players entering the market due to the advantage of low cost of raw materials and cheap labor.

Top vendors in this market are -

• Allied Biotech
• BASF
• Kemin Industries
• Koninklijke DSM

Other prominent vendors analyzed in this market study are Alga technologies, D.D. Williamson, ExcelVite, Farbest Brands, FMC, Guangzhou Leader Bio-Technology, Lycored, PAT Vitamins, and Valensa.

Segmentation by source and analysis of the carotenoids market

• Natural
• Synthetic

Synthetic carotenoids are widely accepted in developing regions such as APAC as consumers find it convenient and affordable to purchase such products. Since the number of synthetic producers and algae-derived producers is increasing in countries like China and India, it is resulting in supply and demand imbalance and lowered product prices. Extensive market research carried out by the analysts at Technavio has shown that the synthetic source segment will dominate this market by 2020 and will account for over 66% of the total market share.

Segmentation by application and analysis of the carotenoid market

• Animal feed
• Food and beverage
• Dietary supplements
• Cosmetics

The animal feed application segment dominated this market during 2015 and accounted for an impressive market share of over 35%. As carotenoids are found in plants and cannot be synthesized by livestock, the need for this nutrient in animals is fulfilled by their diet. Benefits such as high nutrient content, ability to increase palatability, and to enhance the use of sense organs will spur the usage of carotenoids in the animal feed segment.

Key questions answered in the report include

• What will the market size and the growth rate be in 2020?
• What are the key factors driving the carotenoids market?
• What are the key market trends impacting the growth of the global carotenoids market?
• What are the challenges to market growth?
• Who are the key vendors in global carotenoids market?
• What are the market opportunities and threats faced by the vendors in the global carotenoids market?
• Trending factors influencing the market shares of the Americas, APAC, and EMEA.
• What are the key outcomes of the five forces analysis of global carotenoids market?

Technavio also offers customization on reports based on specific client requirement.

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