Latin America carotenoids market is estimated to observe exponential growth by 2024. Earlier in 2015, the region had accounted for more than 4% of the global industry share, with significant share coming from Brazil and Argentina. Considerable developments in Chile and Peru such as evolving lifestyles, income upliftment in the middle-class section and well-educated & demanding customers could expand the consumer base for carotenoids in the near future. In addition, Brazil could emerge to be a desirable market in regard to strong supply chain network in the U.S. and easy availability of raw material.
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The carotenoids market to grow rapidly due to its profound application of carotenoids across the cosmetics, food & beverages, animal feed and pharmaceutical industries. Carotenoids hold unique anti-oxidative features and own promising application scope in food &beverages and dietary supplements industry owing to its associated benefits on cardiovascular health and immune system.
The natural carotenoids market could observe gains over 4% by 2024. However, increasing concerns over health hazards of synthetic ingredients in personal care and food products could support the growth of natural carotenoids market. Countries like France, Germany, the U.S. and the UK may play an integral part in supporting the expansion of bio-ingredients industry.
The need to deliver antioxidants throughout the body by neutralizing free radicals significantly fuels the adoption of carotenoids in consumer’s daily diet. Lately, synthetic carotenoid are seen amassing massive popularity owing to lower production cost when compared to its counterpart and easy availability of the product.
Numerous industry participants like Chr. Hansen, Allied Biotech, Carotech, Brenntag, Divis Laboratories, Cyanotech, D.D. Williamson, LycoRed and Naturex SA are taking up organic as well as inorganic growth strategies to maintain a strong dominance over the global carotenoids market.
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In terms of application, animal feed held over 30% of overall demand in 2015 and is anticipated to garner significant market share over the coming years. Factors such as high nutrient content, animal sense organ improvement and rising palatability could massively increase product adoption. Moreover, rising inclination towards healthy looking meat along with developing use of standardized coloring in eggs, salmons and chicken could improve carotenoid demand.
As for MEA, the nutraceuticals market has seen noteworthy gains over the years. For the record, carotenoids are known to possess nutraceuticals properties, making them a healthy addition in regular diet. With increasing geriatric population, the demand for health supplements could proliferate significantly across MEA, thereby fostering carotenoids market size.
Rapid development in the cosmetic industry of APAC could strengthen carotenoids market size. The market is anticipated to record a 5% CAGR over the forecasted timeframe. Cumulative benefits like increasing application scope in cosmetics & nutraceuticals and technological advancement are anticipated to the key factors that could positively impact APAC market growth.
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