The Global Carotenoids Market: Health problems faced by the geriatric population such as vision damage is often associated with insufficient intake of vitamins.

The Global Carotenoids Market was valued at $1.49 million in 2020 and is projected to reach $1.84 million by 2027, registering a CAGR of 3.56% from 2020 to 2027. The senior citizen segment constitutes a major portion of the population in the developed world and is the largest user of preventive and predictive medication. Health problems faced by the geriatric population such as vision damage is often associated with insufficient intake of vitamins. This is anticipated to boost the demand for carotenoids, thereby, driving the market growth. In addition, rise in demand for natural colorants and growth in end-user application further drive the global carotenoids market growth.

Carotenoids are produced from plants, algae, bacteria, and fungi. Plants are the major sources of carotenoids among the manufacturers. Papaya, pineapple, apricot, pumpkin, peach, peach, carrot, orange, and corn are the major plant sources of carotenoids. Due to the technological advancements, carotenoids are readily available commercially both in developed and developing economies. Thus, the consumption of carotenoids has been increasing over the last decade.

The global carotenoids market is anticipated to be driven by several factors. Carotenoids find its applications in the dietary supplement products. The demand for dietary supplements has been increasing at a high pace among the consumers owing to the rising health awareness and increasing geriatric population in the developed economies. Moreover, the demand for organically produced foods is growing rapidly in developed countries such as the UK, the US, Japan, and Australia, which is further driving the market for carotenoids. Color is an essential part of foods and beverages and hence is majorly used as an additive in the manufacturing of food and beverages. The increasing consumer awareness about the harmful effects involved in using synthetic colors and the chemicals used in the creation of such colors will mark the considerable demand for natural color in food preparation.

Among the regions, in 2020, Europe accounted for a significant market proportion of 30% in the carotenoids market. Carotenoids are one of the major ingredients in the production process of dietary supplements. The production of nutritional supplements is exceptionally high in European countries, especially in Germany, the UK, France, and western European countries. Apart from that, the consumption of dietary supplements is also high in several European countries, which is anticipated to act as a major driver in the Europe carotenoids market during the forecast period. North America accounted for 27% market share in 2020 and projected to witness moderate growth during the forecast period. However, Asia-Pacific is expected to register an extraordinary growth rate during the forecast period. The growth of the carotenoids market in the Asia-Pacific is attributed to the increasing production of animal feed products. Additionally, the rise in demand for dietary supplements is anticipated to play a significant role in the growth of carotenoids market in the region.

The major players profiled in this report include BASF SE, Koninklijke DSM N.V., Chr. Hansen A/S, FMC Corporation, Cyanotech Corporation, Kemin Industries Inc., DDW The Colour House, Dhler Group, Allied Biotech Corporation, and Excelvite.