Carotenoids Market Competitive Landscape: Major Players, Competitor Market Shares, And Player Strategies - By The Custom Market Insights
The Global Carotenoid?Market Size was valued at USD 1.5 billion in 2021 and is estimated to reach USD 2.1 billion by the end of 2030 at a CAGR of approximately 3.5% during the forecast period 2022-2030.
The term “carotenoids” refers to a number of organic pigments that give fruits and vegetables their vivid red, yellow, and orange hues. They belong to a group of phytonutrients that are critical for plant health and a plentiful supply of antioxidants & vitamin A. In addition to existing naturally in plants, algae,?bacteria, and fungi, carotenoids can also be manufactured synthetically.
Papaya, pineapple, melon, apricot, carrot, tangerine, and corn are some of the other important natural sources of carotenoids. Among the most often used carotenoids that are used as coloring?agents?in food, cosmetics, as well as animal feed products are alpha and beta carotene, beta-cryptoxanthin, lutein, zeaxanthin, and lycopene. They help people treat disease, enhance vision, and promote physical growth and development.
Carotenoid Market Dynamics
Drivers
Carotenoids are widely used to improve the nutrition and feed items for animals in order to increase their fertility and general immunity. This is expected to fuel the market even more, along with numerous technological developments in extraction techniques and the rising desire for natural coloring. One of the main elements fueling the market’s expansion is the rising incidence of cancer and other age-related ophthalmic illnesses. Additionally, the expanding use of carotenoids in medicinal products & dietary supplements is promoting market expansion. Consumer habits are shifting toward preventive healthcare solutions that can function as antioxidants and shield the body against chronic diseases, cellular damage, and negative impacts as a result of rising senior populations and increased health consciousness worldwide.
Restraints?
The key reason limiting the market growth for carotenoid pigments may be the variable price of the synthetic carotenoid and the large price differential between the synthetic carotenoid and the natural tetraterpenoids. The market is also somewhat impacted by the unstable price among middle- and low-income society. Furthermore, the widespread overuse of carotene in industrialized nations is linked to serious health issues, which will probably impede market expansion in the future.
Opportunities
The market is gaining significant traction among gym goers due to a growing emphasis on dietary supplements and synthetic carotenoids like beta-Carotene in the healthcare industry. Manufacturers and suppliers of carotenoids have profitable expansion potential in the Asia Pacific region since processing carotenoids is more affordable and there is a significant market there. Additionally, the demand for nutritional supplements and baby food is rising rapidly, which is enhancing the growth prospects for carotenoids. Global manufacturers have profitable potential thanks to the pharmaceutical industry’s expanding use in the prevention of diseases like cancer.
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