Global Carotenoids Market to Reach US$1.2 Billion by 2015, Claim Analysts
Growing interest in healthy diets and an aging global population is anticipated to fuel growth in the global carotenoids market. Rising health concerns, growing demand for natural food products and natural colorings is driving the demand for carotenoids, worldwide.
Oct 28 2010 --- The global carotenoids market is projected to reach US$1.2 billion by the year 2015, driven by rising consumer awareness about health benefits offered by various carotenoids, and the shift towards healthy and natural food products, according to Global Industry Analysts, Inc. (GIA). The availability of research supporting benefits offered by various ingredients is also fuelling the demand for carotenoids, the researcher claims.
Growing interest in healthy diets and an aging global population is anticipated to fuel growth in the global carotenoids market. Rising health concerns, growing demand for natural food products and natural colorings is driving the demand for carotenoids, worldwide. Besides this, the rising demand for functional and processed food products is expected to increase carotenoid utilization by the food industry.
Carotenoids market is also expected to benefit from the discovery of new health benefits for various carotenoids. Natural carotenoids are expected to find increased acceptance among consumers, taking share away from the synthetic carotenoids market, due to the increasing demand for fortified and natural food products. The advent of fermentation process for natural carotenoids is also expected to significantly affect trends in the market. The method is likely to gain popularity in the future.
The United States and Europe collectively account for a major share of sales in the global carotenoids market, as stated by the new market research report on carotenoids. Developing countries are also expected to perform well with stronger growth rates. China, India, Japan and Malaysia are some of the Asian markets expected to post significant sales over the next few years. Asian companies are posing huge threats to European and US manufacturers.
The popularity of beta-carotene, the largest product segment, is attributed to health benefits offered by the pigment and its extensive use as a food-coloring agent. Beta-carotene is extensively used in foods and supplements. The segment, however, is facing tough times owing to the consumer shift towards natural products such as carrot juice, particularly in the European market. Canthaxanthin is expected to make rapid gains in the global carotenoids market, due to the ingredient’s continued usage as a coloring agent for imparting red coloration to egg yolks, and for providing red background color in shrimp and fish.
Animal Feed represents the largest end-use segment for carotenoids, while food segment is expected to witness robust growth, driven largely by the use of carotenoids as antioxidants. Astaxanthin, Lutein and Canthaxanthin are expected to garner huge popularity due to their growing utilization in animal feed and food industries. Over-the-counter (OTC) health supplements sector are also posting considerable growth for carotenoids due to their antioxidative property.
The global carotenoids market is predominated by the presence of DSM and BASF. Major players profiled in the report “Carotenoids: A Global Strategic Business Report” by GIA include Algatechnologies Ltd., Allied Industrial Corporation Ltd., BASF SE, Carotech Bhd, Chr. Hansen A/S, Cognis Group, Cyanotech Corporation, Kemin Industries Inc., LycoRed Ltd., Map Technologies Ltd., Phytone Limited, Royal DSM N.V., and Valensa International LLC.
