The carotenoids market has shown consistent growth during recent years, and is expected to experience a similar growth trend during the forecast period of 2020 to 2030. Rift between naturally-sourced carotenoids has been significantly high in the market, but high cost of raw materials and premium prices have been deterrents for the market. However, innovative usage of algae in the synthesis of carotenoids is expected to amend this scenario. Carotenoids sourced from natural sources such as algae are expected to augment the expansion of the carotenoids market size over the coming years.
Carotenoids Market Drivers
Carotenoids have been gaining traction with surge in demand for natural and plant-based products in the food and beverages and functional products industry. While synthetically available in multiple markets, carotenoids have been labeled nature identical, and multiple companies have also invested in clean label certifications such as vegan, halal, and kosher, among others. Adoption of carotenoids in functional foods and beverages has scaled in recent years, and is expected to show significant growth during the forecast period too.
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Regional Outlook of Carotenoids Market
Europe accounts for highest carotenoids market share, and is expected to portray moderate growth during the forecast period. Naturally-sourced carotenoids have been highly prevalent in the region, and increasing adoption of natural colors is expected to further increase over the coming years. High attention and increasing consumption of carotenoids has been noticed in Asia Pacific. The carotenoids market in Asia Pacific is expected to portray the highest growth during the forecast period, and expand 2.X by 2030 over the value in 2020.
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Competitive Analysis of Carotenoids Market
The carotenoids market is partially consolidated in nature, with the top players accounting for nearly one-third revenue share. BASF S.E., Koninklijke DSM N.V., and Givaudan Group are the top players operating in the carotenoids market space. Top companies are leveraging their strengthened portfolios and investments in research & development for differentiated products to gain an edge in market. In 2018, Givaudan Group strengthened its portfolio for natural food colors through the acquisition of Naturex S.A. Owing to these inorganic movements of top players, consolidation in the carotenoids market is expected to increase during the forecast period, despite multiple new entrants and emerging players.
COVID-19 Impact on Carotenoids Market
The COVID-19 crisis has had a minimal impact on the carotenoids market, with increased consumer stockpiling, exponential increase in demand for supplements and nutritional products, and consistency in demand. While fluctuations in prices and low trade in quarter two of 2020 were observed, the market showed swift recovery during quarter three, and is expected to fully recover during the fourth quarter of 2020. The impact of the pandemic in the earlier stages was high in European and Asian countries, while the impact on the North America market was low. Increase in demand from supplement & functional food categories was observed during the end of the second quarter.
The Analyst’s Viewpoint
“Investments in acquisition of clean label certifications for carotenoids can significantly benefit manufacturers as well as end-use companies in the long term.”
Carotenoids: Scope of the Report
The carotenoids market report by Fact.MR offers forecast representation from 2020 to 2030. The report elaborates on key drivers, restraints, opportunities, and threats influencing the expansion of the carotenoids market. A detailed segmental analysis based on by product, source, end use, and region has been provided in the report. The report also covers a chapter on the COVID-19 impact analysis to arm stakeholders with necessary information.
Regional analysis in terms of supply chain analysis, business execution, and market value analysis provides an in-depth perspective about the future scope of the carotenoids market. In addition, a section providing detailed analysis of key market players and strategies has been added.
A recent study by Fact.MR on the carotenoids market offers a 10-year forecast for 2020 to 2030. The study analyzes crucial trends that are currently determining the growth of the carotenoids market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with the manufacturing of carotenoids. The study also provides the dynamics that are expected to influence the future status of the carotenoids market over the forecast period.
A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the carotenoids market enhances the reliability of this comprehensive research study.
Carotenoids Market: Report Summary
The study offers a comprehensive analysis on diverse features, including demand, product developments, policy & regulatory landscape, revenue generation, and sales in the carotenoids market across the globe.
A comprehensive estimate on the carotenoids market has also been considered through an optimistic scenario as well as a conservative scenario regarding the sales of carotenoids during the forecast period. Price point comparison by region with global average price is also considered in the study.
Carotenoids Market: Segmentation
Fact.MR has studied the carotenoids market with detailed segmentation on the basis of product, source, end use, and region.
Carotenoids Market: Analysis on Market Size Evaluation
The study provides each market segment in terms of value (US$ Mn) analysis in the carotenoids market.
Market estimates at global and regional levels for carotenoids are available in terms of “US$ Mn” for value and “Mn Units” in terms of volume. A Y-o-Y growth contrast on prominent carotenoids market segments, along with market attractiveness evaluation, has been incorporated in the report. Another key feature of the carotenoids market report is the analysis of all key segments in terms of absolute dollar. Absolute dollar opportunity is critical in assessing the level of opportunity that a manufacturer can look to achieve as well as identify potential resources, from sales and delivery perspectives, in the carotenoids market.
Carotenoids Market: Inspected Assessment on Regional Segments
Key sections have been elaborated in the report, which help deliver projections on regional markets. This chapter includes regional macros (political economic and business environment outlook), which are expected to have a momentous influence on the growth of the carotenoids market during the forecast period.
Country-specific valuations on demand for carotenoids have been offered for each regional market, along with market scope estimates and forecasts, price index, and impact analysis of prominence in regions and countries. Regional markets Y-o-Y growth estimates have also incorporated in the report.
Detail breakup in terms of value for emerging countries has also been included in the report.
Carotenoids Market: In-depth Analysis on Competitive Landscape
The report sheds light on leading manufacturers in the carotenoids market, along with their detailed profiles. Essential and up-to-date data related to market players who are principally engaged in the production of carotenoids has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permit report readers to take preemptive steps in advancing their businesses.
Company profiles have been combined in the report, which include essentials such as product portfolios, along with an all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all prominent players, thus providing readers with actionable insights, which help in thoughtfully presenting the market status, and predicting the competition levels in the carotenoids market. Prominent companies operating in the global carotenoids market include BASF S.E., Allied Biotech Corporation, Dohler, DDW The Colour House, Divi's Laboratories Ltd., Koninklijke DSM N.V., Chr. Hansen Holding A/S, Kemin Industries Inc, Cyanotech Corporation, and Givaudan Group, among others.
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