September 24, 2019
According to the latest study titled ‘Global Carotenoids Market Insights, Forecast to 2025’ available with Market Study Report LLC, the worldwide carotenoids market is expected to accrue US $1160 by the year 2025.
The organic pigment called Carotenoidis produced by plants, algae, bacteria, and fungi. It is generated from fats and metabolism related organic building blocks in organisms. Though, the only animals capable of producing this element are spider mites and aphids, owing to their genetic inheritance from fungi. But other animals also acquire carotenoids from feed consumption and hence it is stored in the fat tissues of animals.
Considering the end-user spectrum, the global carotenoids market is fragmented as food, pharmaceuticals, feed, and cosmetics. The product market is presumed to gain momentous growth over the forecast period, pertaining to the growing demand for carotenoids from various end-use segments. Increasing demand for food ingredient from regions such as China, North America and Europe with augment the carotenoids market growth.
As per the report, the carotenoids market is segmented on the basis of product type as beta-carotene, lycopene, astaxanthin, canthaxanthin, and lutein. While based on the geographical landscape, the global carotenoids market is divided into five key regions including North America, Europe, Asia Pacific, Central & South America and Middle East & Africa.
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The global carotenoids market was worth US$1110 million in 2018 and is anticipated to grow with a CAGR of 0.6% by the year 2025. The annual carotenoid production is projected to reach 3048 megatons by the year 2023, claims the report.
The key players operating in the carotenoids market profiled in the report comprise of Allied Biotech, Carotech, BASF, Anhui Wisdom, Kemin, Dohler, and FMC among other. The report also provides exhaustive insights about the drivers, future trends, opportunities, and challenges impacting the market outlook.