The carotenoids market is projected to reach USD 1.53 billion by 2021, growing at a CAGR of 3.78% from 2016. The Random House Dictionary defines carotenoids as “Any of a group of red or yellow pigments, including carotenes, found in plants and certain animal tissues”. Carotenoids have been used as food colors for centuries. Saffron, pepper, leaves, and red palm oil have carotenoids as their main color components. The growth of the carotenoid market is attributed to their increasing applications in pharmaceuticals, cosmetics, food, and animal feed. Also, due to the increasing awareness of the benefits they offer, which includes increasing immunity, improving eye health, and reducing the risks of heart diseases, the demand for carotenoids is on the rise.

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The carotenoids market has been segmented, based on type, as Astaxanthin, Beta-carotene, Lutein, Lycopene, Canthaxanthin, Zeaxanthin, and Others (annatto, capsanthin, fucoxanthin, and trans-β-apo-8'-carotenal). The Astaxanthin segment dominated the carotenoids market, in terms of value, in 2016. Europe is the key market for Astaxanthin; the various health benefits associated with astaxanthin and its increasing use in animal feed are driving the market in these regions. The Asia Pacific region is expected to grow at the highest CAGR. Also, the increasing per-capita income and increasing consumption of healthy foods in Asia-Pacific are some of the other driving factors for the growth of the astaxanthin market in this region.

Carotenoids find a wide range of end use applications. It can be used in feed, food, supplements, cosmetics, and pharmaceuticals. Due to rising health consciousness of consumers and changing lifestyles, the consumers demand high quality health supplements comprising health benefits such as immunity boosters, and richness in proteins and vitamins. Carotenoids are major additives used in health supplements due to their various medicinal properties. Thus, the use of carotenoids in supplements is expected to rise in the next few years.

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Europe is estimated to occupy the largest share of the global carotenoids market, in terms of value, in 2016, owing to the presence of leading manufacturers in the region. Also, the strict norms related to the use of synthetic carotenoids laid down by the EU have driven the natural carotenoids market in the region. The leading markets for carotenoids in Europe are Germany, France, Italy, The Netherlands, and Spain. The carotenoids market in the Asia-Pacific region is projected to grow with investments from several multinational manufacturers. Moreover, extensive R&D initiatives have been undertaken in this region for exploring the applications of carotenoids.

This report includes a study of marketing and development strategies, along with the product portfolio of leading companies. It includes the profiles of leading companies such as BASF SE (Germany), Royal DSM N.V. (The Netherlands), Chr. Hansen A/S (Denmark), FMC Corporation (U.S.), Kemin Industries, Inc. (U.S.), and Cyanotech Corporation (U.S.).

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