Carotenoids are the organic pigments naturally occurring in plants and have been used for food colorings with beta- carotene for a long time. However, with continuous research and development, carotenoids have found relevance in feeds and food supplements. The market is expected to exhibit a marginal growth compared to previous years. The majority of sales of the global carotenoids market come from the mature markets such as North America and Europe. Markets such as Asia Pacific and the rest of the world are expected to exhibit sizeable growth in the coming years and Europe significantly dominates the market.

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Some of the major factors driving this market are growing consumer preference for naturally healthy products and the commercial scope of carotenoids in feeds and supplements. The antioxidative feature and discovery of new health benefits of carotenoids makes it medically more viable giving a boost to the demand for carotenoids in medical sectors as well. The easy availability of carotenoid also facilitates the growth of this market.

However, the market growth is restricted due to the limited number of suppliers in the market, lack of R&D in developing countries, and the lack of newly discovered health benefits of carotenoids in various regions. Even today, carotenoid is only known as a natural color agent in many countries despite the discovery of its various product types like astaxanthin, canthaxanthin, and lycopene among many others.

As mentioned, the carotenoid market has a lot of scope in medical field due to its newly discovered health benefits. It has the potential of curing age related macular degeneration diseases besides preventing prostate cancer and providing ocular health benefits. So far no substitute has been found for carotenoid which makes it rare and valued in the industry.

More than 50% of the market is dominated by DSM which acquired Vitatene in 2010 and BASF which acquired Cognis in 2011.

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