Nov 17, 2020
Carotenoids Market to Top US$ 2 Bn Valuation by 2030; Market Recovering After Initial Setbacks Due to COVID-19 Crisis
by Team Fact.MR
Growing demand for carotenoids in neutraceuticals, increased consumer consumption of dietary supplements, and innovative applications in the cosmetics industry have been driving demand for carotenoids in the global market. While cosmetic application of carotenoids has been a recent development, rising demand from this sector is expected to lead to high growth of the carotenoids market.
As per Fact.MR analysis, the carotenoids market is anticipated to reach a valuation of over US$ 2 billion by 2030, with the growth rate pegged at over 5% during 2020 to 2030.
Key Takeaways from Carotenoids Market Study
- Europe will account for a share of more than 30% in the carotenoids market in 2020, and is expected to experience growth of 1.5X by 2030 over the value in 2020. East Asia is expected to portray the highest growth rate of over 7% during the forecast period.
- Based on source, demand for natural carotenoids accounts for a lower share in the market in comparison with synthetic carotenoids, but is expected to experience higher growth over the forecast period.
- In terms of product, beta-carotene and asthaxanthin account for higher shares in the carotenoids market, and are expected to portray moderate growth during the forecast period.
- Demand for carotenoids as cosmetic & personal care additives is expected to be the highest in comparison with other end uses, and is expected to grow 2.1X by 2030.
“Algae-based carotenoids are still in the nascent stages of development, and are expected to reach an early growth phase during the mid-term forecast,” says a Fact.MR analyst.
Players Banking on Organic Strategies to Increase Foothold
The carotenoids market has seen multiple prominent developments during recent years. Companies working in the carotenoids market have adopted organic growth strategies for gaining foothold. These movements have been noticed in tier-1 as well as tier-2 players.
- In 2018, BASF S.E. launched new carotenoid formulations “Lucantin NXT”.
- Cyanotech Corporation launched a new water dispersible astaxanthin powder BioAstin in the market.
Owing to these innovations and increasing demand from end-use industries, the carotenoids market is expected to experience high growth during the forecast period.
Find More Valuable Insights on Carotenoids Market
Fact.MR, in its new offering, provides an unbiased analysis of the global market for carotenoids, with historical data on demand (2015-2019) and expected projections for the period (2020-2030). The carotenoids market report discloses compelling insights into the demand for carotenoids based on product (beta-carotene, lutein, asthaxanthin, canthaxanthin, lycopene, and others), source (synthetic and natural), and end use (food & beverage colorants, animal feed additives, dietary supplements & nutraceutical ingredients, pharmaceutical additives, and cosmetic & personal care additives), across several major regions.
>>> To Get more insights on carotenoids market, visit- https://www.factmr.com/report/1196/carotenoids-market
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