The global market for Carotenoids is projected to reach $2.1 billion by 2024, driven by their growing nutritional significance as antioxidants and the resulting rise in demand from end-use applications such as animal feed, food, supplements, and pharmaceuticals.
Carotenoids are considered to be a major a source of antioxidants for humans, with potential applications in preventing heart diseases and cancer. Over the years, demand for carotenoids posted strong growth led by expanding end-use applications, widespread availability of the compound, substantial health benefits promised by various types of carotenoids, and the general trend in favor of natural colorants. Few of the commercially available carotenoids include beta carotene, lutein, lycopene, astaxanthin, capsorubin, apo-carotenic ester, and capsanthin. While carotenoids have traditionally found use as food colorants, of late these compounds are being increasingly used in newer applications such as food supplements, cosmetics, pharmaceutical and animal feed. Carotenoids are increasingly finding use in food supplements due to the increasing incidence of diseases such as vision loss due to aging, cardiovascular diseases and cancer. An aging global population, particularly in Europe and North America, and rising awareness about the health benefits of carotenoids are driving growth in the market. The anti-oxidative capabilities of carotenoids along with discovery of new health benefits present considerable scope for carotenoids in the pharmaceutical and nutraceutical sectors. Among the potential benefits of carotenoids include the treatment of age-related macular degeneration, prevention of prostate cancer, and ocular health benefits. In the cosmetics sector, carotenoids are increasingly being used in skin and hair care products.
The research report titled ” Global Carotenoids Market Analysis: 2018-2024″ announced by GMR Analytics, provides a comprehensive review of trends, issues, and strategic industry activities of major companies worldwide. The report provides market estimates and projections for geographic markets such as the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Middle East & Africa and Latin America (Brazil, Mexico and Rest of Latin America).