Carotenoids
are the organic pigments naturally occurring in plants and have been
used for food colorings with beta- carotene for a long time. However,
with continuous research and development, carotenoids have found
relevance in feeds and food supplements. The market is expected to
exhibit a marginal growth compared to previous years. The majority of
sales of the global carotenoids market come from the mature markets
such as North America and Europe. Markets such as Asia Pacific and
the rest of the world are expected to exhibit sizeable growth in the
coming years and Europe significantly dominates the market.
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Some
of the major factors driving this market are growing consumer
preference for naturally healthy products and the commercial scope of
carotenoids in feeds and supplements. The antioxidative feature and
discovery of new health benefits of carotenoids makes it medically
more viable giving a boost to the demand for carotenoids in medical
sectors as well. The easy availability of carotenoid also facilitates
the growth of this market.
However,
the market growth is restricted due to the limited number of
suppliers in the market, lack of R&D in developing countries, and
the lack of newly discovered health benefits of carotenoids in
various regions. Even today, carotenoid is only known as a natural
color agent in many countries despite the discovery of its various
product types like astaxanthin, canthaxanthin, and lycopene among
many others.
As
mentioned, the carotenoid market has a lot of scope in medical field
due to its newly discovered health benefits. It has the potential of
curing age related macular degeneration diseases besides preventing
prostate cancer and providing ocular health benefits. So far no
substitute has been found for carotenoid which makes it rare and
valued in the industry.
More
than 50% of the market is dominated by DSM which acquired Vitatene in
2010 and BASF which acquired Cognis in 2011.
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