Carotenoids are natural coloring agents responsible for yellow, bright red and orange hues. The growing demand for natural colorants is boosting the demand for carotenoids. The rising consumption in pharmaceuticals and personal care products is expected to augment future demand.
The global Carotenoids market was valued at USD 1.22 billion in 2016 and is projected to reach USD 1.68 billion by 2025, growing at a CAGR of 3.6% from 2017 to 2025.
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1. Market Drivers
1.1 Growing demand for natural colorants
1.2 Expanding end-use applications
2. Market Restraints
2.1 Stringent regulatory approvals
2.2 Harmful effects of high doses of carotenoids
The global Carotenoids market is segmented on the formulation, type, application, production method, and region.
1. By Type:
1.6 Beta Carotene
2. By Application:
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3. By Method of Production:
3.1 Chemical Synthesis
3.3 Extraction From Botanical Materials
3.4 Algae Route
4. By Formulation:
4.3 Oil Suspensions
5. By Region:
5.1 North America U.S., Canada, Mexico
5.2 Europe Germany, UK, France, Rest of Europe
5.3 Asia Pacific China, India, Japan, Rest of Asia Pacific
5.4 Latin America Brazil, Argentina, Rest of Latin America
5.5 Middle East & Africa
The major players in the market are as follows:
1. Dohler Group
2. Cyanotech Corporation
3. Excelvite Sdn Bhd
4. Royal DSM NV
5. FMC Corporation
6. Kemin Industries Inc.
7. Cyanotech Corporation
8. Chr. Hansen A/S
9. Allied Biotech Corporation
10. BASF SE
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
Research Methodology of Planet Market Reports
Research study on the Carotenoids market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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Name: Jennifer Daniel
Organization: Planet Market Reports