The carotenoids market has been forecast to reach a value of $1.2 billion by 2018, driven by the growing demand from end-use applications such as food, animal feed and pharmaceuticals.
With a large number of doctors and healthcare professionals prescribing carotenoid-rich dietary supplement regimens to the elderly, demand is expected to increase in the coming years. Use of carotenoids as a key ingredient in high-performance functional beverages is especially helping drive growth in food applications.
Growing demand for wellness drinks against a backdrop of rapid socio-economic growth, rising standard of living, increase in discretionary spending, and stronger emphasis on health and well-being, is therefore expected to benefit demand for carotenoids.
Carotenoids are organic pigments that are found in the chloroplasts and chromoplasts of plants and some other photosynthetic organisms, including some bacteria and some fungi.
Predominantly used as food colorants, carotenoids today find extensive application in cosmetics, pharmaceutical and animal feed industries.
With recent studies validating the health benefits of carotenoids in reducing the risk of cancer, vision loss, cardiovascular, and neurodegenerative diseases, demand is on the rise in the food and pharmaceutical industries.
The rapidly aging population and increase in lifestyle related chronic diseases are helping fuel demand for food and health supplements containing carotenoids.
According to a recent market report, 'Carotenoids: A Global Strategic Business Report,' the United States represents the single largest worldwide, driven by the increasing demand for supplements (both oral and topical) from the rapidly aging population.
Strong demand from the poultry and aquaculture industry and shifting preference towards natural carotenoids also represent other major factors driving growth.
The presence of large pharmaceutical production units in India and China typically serving outsourced drug manufacturing activity for leading global pharma giants provides robust opportunities for carotenoids for use in drug manufacturing in the region.
Beta-carotene represents the largest product market supported by extensive use as a colouring agent in various applications including food, pharmaceuticals and cosmeceuticals.
For more information on the carotenoids market, see the latest research: Carotenoids Market
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