Market Research Future (MRFR) is of the view that the carotenoids market will be valued at USD 2 billion by analysis period's end (2020 to 2027). Throughout this period, the market will record a 3.60?GR, exhibiting a sluggish but steady growth.
The worldwide lockdown owing to the COVID-19 outbreak has been highly unfavorable for the carotenoids market, with manufacturing facilities shutting down and consumer demand for non-essential products noting a decline. Players are facing huge revenue losses because of SARS-CoV-2 pandemic in view of travel bans coupled with the economic downfall across countries.
However, companies are now more focused on strengthening their supply chains, while the rising prominence of the e-commerce sector will help the carotenoids market recover faster in the ensuing years. Also, the stockpiling practice has boosted the market value and the steady consumer demand will ensure sustained growth in the future. Besides, the dramatic rise in people's focus on their well-being and health shall be a major growth inducer for the global market as well.
The carotenoids market value has been rising in response to the expanding application range in end-use industries including animal feed, pharmaceutical and nutraceuticals, personal care, to name a few. The rising emphasis on preventive healthcare worldwide has also led to higher sales of different carotenoids in the nutraceuticals and pharmaceuticals industry.
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The global market size is further enhanced by the growing preference for natural ingredients among people, encouraging industries to focus on higher usage of natural carotenoids. The rapid emergence of the aquaculture industry as a major end-user has also opened up new growth avenues for the worldwide industry.
Latin America and various emerging markets offer a great deal of opportunities to carotenoids companies, thanks to the exploding consumer population concerned with their personal wellness. The blossoming elderly base worldwide also presents a host of attractive opportunities, as sales of healthy-aging ingredients in products continues to mount. The soaring popularity of several online channels are helping players have a higher consumer reach as well.
The carotenoids industry has been considered for product type, source, as well as application.
The product type, with respect to carotenoids, are lutein, beta-carotene, astaxanthin, lycopene, canthaxanthin, zeaxanthin, and others.
The major sources of carotenoids in the market are synthetic as well as natural.
Top applications of carotenoids are food & beverages, dietary supplements, pharmaceuticals, personal care, and more.
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Europe stands as the global leader, with the biggest share of 30% in the market. The region is viewed as an attractive location for manufacturers, given the escalating intake of nutraceuticals or functional beverages. Carotenoids are gaining traction in aquaculture, backed immensely by the government as well as the green light increasingly being given by prominent regulation bodies such as European Food Safety Agency.
Asia Pacific will be attaining an impressive growth rate in subsequent years, with China presumed to gain considerable grounds in the years ahead. A variety of carotenoids are used in animal feed while the surging government backing and funding for growth of the aquaculture industry. These factors help facilitate exponential market expansion in the region. The surge in sea food consumption further induces significant market growth in Asia Pacific. China accommodates a vast pool of affluent firms that have technically advanced manufacturing facilities, which further adds to the business value. Rising use of carotenoids such as astaxanthin by healthcare professionals, expanding population dealing with nutrition deficiency, and the thriving cosmeceuticals sector that extensively utilize organic resources are elevate APAC's position in the global market.
Europe to Maintain Second Lead
North America to be a Profitable Market
North America stands as a highly profitable market for astaxanthin and has remained so since 2019. The US stands at the vanguard of the North American market, while Canada is making rapid progress at the same time. Astaxanthin market America, especially US, benefits largely from the soaring number of awareness programs introduced by various non-profit organizations, combined with the existence of a humungous pool of renowned players. The thriving cosmetic industry and its emergence as a key end-user in the region also facilitates market demand.
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