Global Carotenoids Demand to Likely to Surpass US$ 2 Bn by 2031: Fact.MR Study
Published : 27 Jul 2021 Industry: Food & Beverage
As per the latest market intelligence published by Fact.MR, the global market for carotenoids is projected to grow at 5% CAGR to surpass US$ 2Bn by the end of 2031.
Following the unprecedented outbreak of COVID-19, consumer eating patterns shifted towards clean-label solutions and health-based products. Consequently, carotenoids sourced from natural sources such as algae are expected to augment the carotenoids market expansion in future.
Currently, the market is climbing towards a positive trajectory with the major contribution from the dietary supplements and synthetic segment worldwide. Furthermore, United States dominates the market with nearly 30% share in 2021.
Key Takeaways from Market Study
- By end-use, carotenoids for dietary supplements & nutraceutical ingredients set to create around US$ 140.3 Mn opportunity
- Carotenoids demand for food & beverage colorants to surge at a CAGR of 4%
- Synthetic Carotenoids to account for over 3 out of 5 sales through 2031
- U.S carotenoids market likely to flourish at a CAGR of around 5% until 2031
- Heavy demand anticipated across cosmetics & personal care applications
- China to experience a growth rate of 5% in value CAGR terms across the decade
“Rising concerns regarding presence of inorganic chemicals in synthetic carotenoids is tilting demand in favor of naturally sourced ingredients, broadening expansion prospects in the forthcoming decade,” remarks a Fact.MR analyst
Prominent manufacturers of carotenoids are taking bold steps to expand their business reach. They are focusing on adopting innovative marketing strategies, technological developments, and mergers and acquisitions.
- In Aug 2018 BASF Animal Nutrition launches its Lucantin® NXT product line in the EU 28 market. The next generation of carotenoids is stabilized by propyl gallate (PG) and butylhydroxytoluene (BHT) or tocopherol.
- In Oct 2020 Royal DSM, a global science-based company in Nutrition, Health and Sustainable Living, today announces the completion of its acquisition of Erber Group for an enterprise value of €980 million.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the reinforced thermoplastics market, presenting historical demand data (2016-2020) and forecast statistics from 2021 to 2031.
The study divulges essential insights on the market based on product (beta-carotene, lutein, astaxanthin, canthaxanthin, lycopene and others) source (synthetic and natural) and end-use (food & beverage colorants, animal feed additives, dietary supplements & nutraceutical ingredients, pharmaceutical additives, cosmetic & personal care additives) across seven regions (North America, Latin America, Europe, South Asia and Oceania, MEA)
Fact.MR’s Domain Knowledge on Food & Beverages
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned consumer products team at Fact.MR helps clients from across the globe with their unique business intelligence needs.
With a repertoire of over a thousand reports and 1 million-plus data points, the team has analysed the carotenoids industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
For more information, refer to our market research report or contact the PR author.