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.
Growing Demand for Natural Colors in Food, Pharmaceuticals, and Cosmetics Industries
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.
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.
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Carotenoid’s Effectiveness in Fighting AMD Boosting Adoption Among Geriatric Population
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.
Carotenoids found in tomatoes have also shown positive outcomes for skin health benefits. Researchers at the Georgia University found a link between carotenoids and maintaining optimal hearing function.
Ingredient Compatibility, Storage and Sourcing Perspectives Remain Biggest Challenges
Obtaining vibrant color for various food products using natural colors continues to be a key challenge. Natural colors are incompatible with ‘one-size fits all’ food processing approach. Cold storage to maintain integrity of naturally sourced color is also difficult as opening and closing of storage unit may lead to microbial contamination and product degradation.
Ingredient compatibility poses another challenge for carotenoids. Rise in process variation in the food processing industry is impacting ingredient interaction. Moreover, oil-based naturally sourced colors including carotenoids and paprika can result in permanent stains, creating further challenges for food and beverage processors.
The trend of fortified drinks is gaining popularity. However, fortification process is causing undesirable color interactions. Fortificants such as vitamins and minerals reacting with pigments are causing color degradation.
Sourcing of natural colors from various geographical locations in which they are grown is an emerging challenge. For instance, carmine and annatto are exported primarily from Latin America and majority of the fruit-based colors come from Europe. Adverse climatic conditions in any of these regions is likely to affect global supply and cost of natural colorants.
In last few years, there has been a significant progress in increasing pro-vitamin A carotenoid content in maize. However, it has been found that carotenoid quality in maize during storage depends on temperature and humidity. Even a slight change in humidity and temperature can lead to degradation of carotenoids.
Carotenoids are plant pigments responsible for yellow, orange, and bright red hues in fruits and vegetables. Carotenoids are found in cells of a wide variety of plants, bacteria, and algae. There are more than 600 types of carotenoids, beta-carotene, alpha-carotene, beta-cryptoxanthin, lutein, and zeaxanthin are some of the common types of carotenoids.
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Carotenoids Market Inclinations Exhibit Growing Demand during the Period until 2018 to 2027
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