A lead analyst at AMR highlighted that the carotenoids market in Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period.
Allied Market Research published a research report on the carotenoids market. The findings of the report states that the global market for carotenoids generated $1.57 billion in 2017 and is projected to reach $2.09 billion by 2025, registering a CAGR of 3.6% from 2018 to 2025. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenario for market players, investors, shareholders, and new entrants.
The report provides detailed insights on drivers, restrains, and opportunities to help the market players in devising several growth strategies. Significant surge in demand for health supplements, increase in the geriatric population, and growth of the cosmetics industry are expected to drive the growth of the global carotenoids market. On the other hand, lack of standardization is expected to hinder the growth to some extent. However, rise in demand for natural colorants and growth in end-user application are expected to create ample opportunities for the industry.
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“The elder citizen constitutes a major percentage of the population in the developed regions and are the largest users of preventive and predictive medication such as carotenoids. Thus, increase in demand for dietary supplements from adult population is the major reason for higher demand of carotenoids,” says Shankar Bhandalkar, Sr. Research Analyst, Food & Beverages at AMR.
The report provides a detailed scenario of the impact of the Covid-19 pandemic on the carotenoids market globally. The outbreak of COVID-19 has had a negative impact on the growth of the global carotenoids market, owing to the occurrence of lockdowns in various countries across the globe. Lockdowns resulted in the closure of various manufacturing facilities of various end-use products, which negatively impacted its demand during the pandemic. Besides, stringent import and export restrictions imposed by the government further aggravated the impact due to unavailability of raw materials. This was majorly done to curb the spread of the virus during the pandemic. However, the market is expected to recoup soon.
The report offers a detailed segmentation on the global carotenoids market based on product, source, application, and region. These insights are helpful for new as well as existing market players to capitalize on the fastest growing and largest revenue generating segments to accomplish growth in the future.
Based on source, the synthetic segment held the largest share in 2017, accounting for nearly two-thirds of the global market. The natural segment, on the other hand, is expected to cite the fastest CAGR of 4.2% during the forecast period.
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Based on application, the animal feed segment held the dominating market share in 2017, holding more than two-fifths of the global market. The dietary supplement segment, on the other hand, is expected to cite the fastest CAGR of 4.5% during the forecast period.
Based on region, the market across Europe held the lion’ share in 2017, holding more than two-fifths of the global market. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 4.3% during the forecast period.
The key players analyzed in the global carotenoids markey report include BASF SE, Koninklijke DSM N.V., Chr. Hansen A/S, FMC Corporation, Cyanotech Corporation, Kemin Industries Inc., DDW The Colour House, Dhler Group, Allied Biotech Corporation, and Excelvite.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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