Rising use of carotene as a viable food additive is boosting the growth trajectory of Carotenes Market. Increasing consumer propensity for inclusion of naturally-sourced food ingredients is also a key factor responsible for spurring adoption of carotene. The rising vigor of fat-soluble plant pigments in food products is also creating innumerable opportunities for carotene market players. Surging use of carotene in drugs and pharmaceuticals, owing to the attributes promoting health and wellness, is boosting the growth of carotene market by a notable margin.
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Owing to its antioxidant capabilities, carotene is also being increasingly adopted in case of personal care products, creating new revenue making opportunities for the players of carotene market. Rising demand for vitamin-A food supplements is on a considerable rise, fostering demand for carotene as a key source of vitamin A. Rising trend of consuming functional foods and nutritious food supplements is also a key aspect creating a multitude of opportunities for carotene market. However, consideration of regulatory principles associated with consumption of carotene is likely to have far-reached influences on growth of carotene market. Rising penetration of plant-derived pigments in case of various commercial as well as industrial applications is likely to create favorable circumstances for growth of carotene market.
Carotenes are an essential part of the carotenoid family and highly rich sources of vitamin A. Beta-carotene (one of the carotenes) is widely preferred over alpha-carotene due to its superior ability (almost two times higher) to convert into vitamin A as compared to the latter. The orange colored pigment of beta-carotene finds application in food coloring, dietary supplements and ready-to-eat food production to increase the nutritional content in packaged food. The growing adoption of nutritional supplements due to the increasing awareness among people regarding long-term health issues has propelled the demand for carotenes globally.
End consumers prefer fortified and functional foods and beverages, which are rich in specific food ingredients to address particular health concerns. Consumers who seek food sources rich in vitamin A and similar supplements prefer carotene-rich food products, especially beta-carotene, which has a high rate of conversion into vitamin A and addresses the health issue of night blindness. Other than this, carotenes are also preferred due to their antioxidant properties; however, the excessive consumption of vitamin A or carotenes is highly toxic and increases the probability of lung cancer in smokers.
The need for a doctor’s prescription restricts the dietary supplement segment of the carotenes market as consumers need to purchase carotene dietary supplements at a pharmacy. The consumption of carotenes is dictated by several regulations as these are easily available in fruits and vegetables in low concentration and excessive consumption in the form of supplements is toxic to human health. Furthermore, carotenes interact with other specific medications such as statins, orlistat and mineral oils, which can reduce the impact of both, the drug and carotenes. These factors and side effects act as restraints for the global carotenes market.
Consumption of carotenes is effective in curing night blindness and also indicates the rate of cognitive decline; both of these symptoms are commonly observed in old aged people. China and Japan have a high percentage of old aged people, which ultimately creates a large opportunity for the carotene market.
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Also, the high availability of resources and raw materials has generated high economic availability of carotenes. Countries of Western Europe such as France, Germany, Italy, Greece, Austria and the Netherlands have a significant old age population.
High awareness related to health issues in developed economies acts as a driver for the carotenes market in the region. The MEA region, on the other hand, has a relatively smaller share of old age population. Moreover, the price of carotene sources in the region is considerably high, and low awareness among people regarding health issues in Sub-Saharan Africa countries has led to a low and matured market in the region. Latin America has a significantly large agriculture sector with a considerably young population, resulting in the small size of the carotenes market.
Global Carotenes Market: Market Participants
Some of the key players in the global carotenes market include BASF SE, Kemin Industries Inc., Algatechnologies Ltd., Hansen A/S, Phytone Limited, Royal DSM N.V., Cyanotech Corporation, Allied Biotech Corporation, LycoRed Ltd., Colormaker, Inc., Bio-gen Extracts Pvt. Ltd.
Brief Approach to Research
Our analysis will follow a modeling-based approach and triangulation methodology to estimate data covered in this report. A detailed market understanding and assessment of the applications, types, forms, and end uses of the product segments covered in the study is followed by carrying out a demand-side approach to estimate the sales of target product segments, which is then cross-referenced with a supply-side assessment of value generated over a pre-defined period. The statistics and data are collected at a regional level, consolidated and synthesized at a global level to estimate the overall market sizes.
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