Carotenoids market will collect significant revenue over the years ahead, owing to growing health consciousness among people. The occurrence of obesity, diabetes, and blood pressure has been escalating across the globe subject to a sedentary lifestyle and unhealthy eating habits. However, recognizing the need for healthy nutrition and sound health, people have begun to alter their diet by including dietary supplements that have carotenoids as their chief constituent. These products are also the main components of medicines, various food products, and cosmetics, the growing usage of which will subsequently favor carotenoids industry growth. According to Global Market Insights, Inc., “Worldwide Carotenoids Market collected a revenue of USD 200 million in 2015 and will surpass a revenue collection of USD 300 million by 2024 with an annual growth rate of more than 4% over 2016 to 2024.”
Cosmetic applications are predicted to collect a revenue of more than USD 25 million by 2024. The attributing factor toward the industry growth is surging requirement of natural and organic cosmetics products mainly across France, UK, Italy, Germany, and U.S. The product has anti-aging properties and is also used as a color additive in lip care products, which will propel carotenoids market share significantly. In 2015, Germany led Europe carotenoids industry by contributing a revenue of USD 20 million. Surging need of food coloring agents along with the growing food industry will augment the product demand considerably over the years ahead. In addition, Germany contributed a revenue of more than USD 4 million to beta-carotene product segment in 2015.
U.S. Carotenoids Market size, by product, 2015 & 2024 (USD Million)
Beta-carotene product in carotenoids market generated a revenue of USD 40 million in 2015 and will exhibit an annual growth rate of more than 4% over 2016 to 2024. The prominent usage of this product in medical applications for healthy skin, treating cardiovascular diseases, and improving eyesight will influence the industry growth notably. Additionally, growing consumption of dietary supplements will also stimulate carotenoids market size.
Due to anti-aging properties, the product is extensively used in the skincare products. Germany, Russia, and Italy fuel the majority of the product demand across Europe. The significantly increasing geriatric population across Russia will propel the need of nutraceuticals majorly. As per the study, overall spending on nutraceuticals will exceed USD 340 billion by 2024 with an annual growth rate of more than 7% over the coming years of 2016 to 2024. North America contributed majorly toward the nutraceuticals industry share in 2015. Europe and APAC are other significant contributors.
In Asia Pacific, China carotenoids industry will record a CAGR of 4.5% over the coming seven years. The growth can be attributed to the rising investment in technological development along with growing product demand for cosmetics and nutraceuticals. Moreover, surging per capita income of the consumer across this region will also stimulate carotenoids market size considerably. There is notable demand for the functional food and dietary supplements across China. Carotenoids market share from food and beverage application segment having had a revenue of USD 50 million in 2015, will register noticeable CAGR over the coming timeframe. Shifting focus of people toward the consumption of food enriched with vitamins to enhance skin, immune system, and to maintain a healthy vision will favorably influence carotenoids market demand.
Carotenoids are available from synthetic and natural sources. Consumers have been giving a high preference to natural sources, mainly across North America and Europe. These regions also depict high demand for animal feed, subject to which carotenoids market share from animal feed application will exhibit noticeable CAGR over the coming years of 2016 to 2024, after exhibiting a contribution of more than 30% in 2015. The ability of the product to provide more nutrition and enhance taste will boost carotenoids industry share notably.
Novel product development is one of the main growth strategies adopted by the industry giants to collect profitable revenue over the years ahead. The key participants in carotenoids market are BASF, DSM, Chr. Hansen, Allied Biotech Corporation, DIVI'S Laboratories Ltd., Cyanotech, Brenntag, DDW The Color House, Naturex SA, and LycoRed.