Global Carotenoids is accounted for $1.19 billion in 2017 and is expected to reach $1.98 billion by 2026 growing at a CAGR of 5.8% during the forecast period. Factors such as increasing demand for natural colorations, rising health ailments like obesity and nutrient deficiency and changing consumer preferences towards natural nutritional supplements are some of the factors fuelling the market growth. However, stringent regulatory and approval norms and harmful effects of carotenoids are restricting the market growth. Moreover, growing R&D for the advancement of high-value natural carotenoids is one of the major opportunities during the forecast period.
Some of the key players in the Carotenoids Market include BASF SE, DSM NV, Sensient Technologies Corporation, D?hler Group, ExcelVite Sdn. Bhd., Kemin Industries, Inc., FMC Corporation, Chr. Hansen A/S, Allied Biotech Corp, Algatechnologies Ltd, EID Parry Ltd, Cyanotech Corporation, Valensa International LLC, Farbest Brands, D.D. Williamson & Co., Inc. and Guangzhou Leader Bio-Technology.
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Carotenoids are organic pigments that are originated in various plants and organisms. They give bright yellow, red, orange colour and protect these species from the dangerous effects of light, air and sensitizer pigments. These products act as antioxidants and protect the body against chronic diseases, cellular damage, and the effects of aging. They are majorly used as food colouring agents.
By type, beta carotene segment acquired considerable growth. Beta carotene is predominately found in fruits and veggies with a red, orange, or yellow color. Beta carotene plays crucial roles in the body’s fight against free radicals. By geography, Asia Pacific is expected to register the highest market growth rate during the forecast period owing to changes in lifestyle and food consumption among consumers and rise in the pharmaceutical and energy industries.
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