Carotenoids Market was worth USD 1.35 billion in 2018 and estimated to be growing at a CAGR of 3.84%, to reach USD 1.63 billion by 2023. The Carotenoids market is showing evident potential in the mentioned forecasting period. The Carotenoids Market continues to gain momentum with the rising demand for naturally sourced carotenoids in the market. Companies have been showing a keen interest in the market lately.

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Carotenoids are the class of plant pigments responsible for the bright red, orange and yellow hues in various fruits and vegetables. These are also important for maintenance of a plant’s health as well as human health on consumption of these fruits and vegetables. They assist plants in the process of photosynthesis by helping them in absorbing light energy and are thus the reason behind the colour of plants or the fruits & vegetables. They also act as antioxidants in plants as well as human body.

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The increase in the demand for natural colorants has been fuelling the growth of the carotenoids market over the recent years. Other major factors driving the market growth include expanding end user applications, industrialization in sectors like pork, poultry and aquaculture, preventive healthcare and nutraceuticals. The market has also been facing some restraints and challenges. These include harmful effects of high dose of carotenoids, lack of R&D in remote regions and stringent government regulations and approval norms. These factors have been responsible for holding the market back from reaching its full potential, and are required to be dealt with.

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Market Segmentation
Source
• Introduction
• Synthetic
• Natural
• Y-o-Y Growth Analysis, By Source
• Market Attractiveness Analysis, By Source
• Market Share Analysis, By Source
Type
• Introduction
• Astaxanthin
• Beta-Carotene
• Canthaxanthin
• Lutein

• Lycopene
• Zeaxanthin
• Y-o-Y Growth Analysis, By Type
• Market Attractiveness Analysis, By Type
• Market Share Analysis, By Type Some of the major companies dominating the Carotenoids
• Market, by their products and services include:
• BASF SE
• Royal DSM N.V.
• Chr. Hansen A/S
• FMC Corporation
• Cyanotech Corporation
• Kemin Industries Inc.
• D.D. Williamson & Co., Inc.
• Döhler Group
• Allied Biotech Corporation
• Excelvite SDN. BHD.

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