Global Carotenoids Market by Product, by Application, by Region and Segment, Forecast 2020–2026

The Global Carotenoids Market is valued to reach USD 2.2 Billion by 2022, growing at CAGR of 4.8% over the forecast period 2020–2026. Increasing use of natural carotenoids as food colorants, surge in health issues of geriatric populations and increasing prevalence of cancer, obesity and diabetes are the factors driving the market.

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Carotenoids are extensively used in animal nutrition products due to their coloring properties and are incorporated in feed to pigment the egg yolks, broiler skin, fishes, and crustaceans. These also help in increasing the immunity and improving the health of livestock by enhancing the quality of nutrition. The fertility of cattle, swine, and horses can be improved by feeding beta-carotene, whereas astaxanthin and canthaxanthin help in improving the growth of salmons and larval fishes.

On the basis of formulation, the beadlet segment is estimated to dominate the carotenoids market in 2020. Carotenoid beadlets are free-flowing spherical particles developed from spray drying technology. They are usually packed in an aluminum foil bag and stored in a cool and dry place away from direct light, oxygen, and heat. Some of the other major benefits of using beadlet formulations include increased stability, cold water dispersion, and enhanced of shelf life.

Market Trends, Drivers, Restraints and Opportunity:

Increase in demand for nutrition in the geriatric population and age related disorders are likely to play a pivotal role for a high demand for carotenoids in the international market. In addition, enlarging scope of end-user application and increase in market size is crucial for an overall development
Carotenoids witness a high-end use across various verticals such as animal feed, and food and beverages. Rise in prevalence of obesity and consumer preferences for natural supplements remains dominant
Moreover, rise in demand for dietary supplements across all populations is a key contributor for creation of market opportunities in the coming years
Lack of standardization with extensive use of carotene restricts the market growth in the forecast period. Availability of counterfeit nutrition products under brand names is another restraint