Rising Production Rate Across Carotenoids Market Impacts Growth until 2027

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Carotenoids Market Highly Consolidated Among Tier I Players: Carotenoids market is highly consolidated among tier 1 players. Collectively, Tier 1 players account for over 50% of revenue share in the market. Leading players are focusing on developing smart digital platforms and solutions for sustainable agriculture production, thereby, simplifying carotenoids production process.

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Mergers & acquisitions are also among the key focus areas of the leading players to consolidate their position globally. Koninklijke DSM N.V., BASF SE, Chr. Hansen Holding A/S, and Archer Daniels Midland Company are some of the key players in the carotenoids market. Natural colorants demand in various industries such as food & beverages, cosmetics, and pharmaceuticals is accelerating owing to its health benefits. Carotenoids are gaining consumer interest due to their unique biological functions promoting human health.

In recent years, annatto, rich in two carotenoids including bixin and norbixin, has witnessing growing demand from dairy products, biscuits, flour, snacks, rice, cakes, meat, and soft drinks. Moreover, natural food color sales are growing globally in response to increasing demand for clean label products.

Formulators are exploring natural food colors, influencing consumer perception of the product. Organic certified colors are becoming prominent and new coloring juices are under development process following the National Organic Program (N.O.P) under U.S. Department for Agriculture.

The ban on several synthetic colors in the US is leading to the reformulation of products by EU exporters. This is alleviated by replacing synthetic colors with natural alternatives. Western Europe is likely to be the largest market for natural colors in the near future owing to growing demand for natural coloring by manufacturers. Natural food colors are being commercially produced for pharmaceuticals, due to consumer concerns regarding synthetic coloring.

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The color cosmetics market in the US is also gaining popularity with natural and organic brands. FDA has also provided approved list of natural colorants including annatto, caramel, beta-carotene, etc., to be used in cosmetics.

Research studies conducted across the globe are widening the area of carotenoids and their health benefits. The role of carotenoids in fighting Age-Related Macular Degeneration (AMD) is boosting adoption among the geriatric population. According to the National Eye Institute, AMD is one of the leading causes of vision loss in the US, affecting more than 1.75 million people. Moreover, owing to the rise in the aging population, AMD is likely to increase, affecting around 3 million people by 2020. Meanwhile, the International Agency for the Prevention of Blindness (IAPB) estimates that by 2020, 196 million people may suffer from AMD globally; this figure can increase to 288 million by 2040.

A cohort study revealed that high-intake of multi-carotenoids including zeaxanthin and lutein can reduce the risk of advanced AMD. Increasing emphasis on healthy lifestyle and rising incidences of various diseases are driving the demand for carotenoids in dietary supplements.

Carotenoids also play a prominent role in protecting bodily cells. Several researchers have found that consumption of required amount of food products containing beta-carotene can help fight against Vitamin A deficiency and degenerative diseases.

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