REPORT OBJECTIVES
The report “Carotenoids: Global Market Intelligence (2023-2030)” provides market intelligence on the different market segments, based on type, application, and geography. Market size and forecast (2023-2030) has been provided in the report. The primary objectives of this report are to provide 1) comprehensive global market intelligence through detailed segmentation, 2) market size and forecasts, growth rates, market dynamics, industry structure and developments, market situation, trends, 3) detailed analysis of current dynamics and trends, key market players, and strategies in the market, 4) detailed value chain analysis and review of growth factors essential for the existing market players and new entrants, 5) provide emerging opportunities in the market and the future impact of major drivers and restraints of the market and, 6) support decision makers in making cost-effective business decisions.
RESEARCH METHODOLOGY
In our market size and forecast determination efforts, an extensive secondary research was initially completed to gain a good perspective of the market in each region. Extensive primary research was also carried out by interviewing the key executives from the industry. These interviews helped us to fill-in the data gaps after secondary research. Several secondary sources such as encyclopedia, directories, and databases have been used to identify and collect information useful for this extensive techno-commercial study. The respondents – selected experts from manufacturers and selected suppliers – have been interviewed to obtain and verify critical information as well as to assess the future prospects. The usage of obtained information is based on the perceived reliability by the research team. In many cases, a combination of several sources was used. Sprout Intelligence provides an in-depth analysis of the market segmentation, which is a critical element of the market intelligence reports at Sprout Intelligence.
KEY AUDIENCE
Executives in marketing, strategic planning and new product development will find such discussions in our reports pertinent and useful. Management consultants, investment bankers, manufacturers, distributors, suppliers, and regulatory authorities are amongst our regular clientele served.
DATA SOURCES
The general data sources used in this report are company websites, trade association publications, regulatory authorities, journals, magazines, news websites, press releases, media publications, interaction with industry experts, company executives, research papers, articles, patents, scientific literature, among many others.
KEY FINDINGS FROM THE REPORT
- The global carotenoids market is expected to grow at a CAGR of more than 4% from 2023 to 2030. The global carotenoids market is expected to experience significant growth in the coming years, driven by factors such as the increasing demand for natural food colorants, the growing awareness of the health benefits of carotenoids, and the expanding applications of carotenoids in various end-use industries. Carotenoids are widely used in the food and beverage industry as natural colorants, as well as in dietary supplements, animal feed, and personal care products. With the increasing demand for clean label and natural ingredients in food and beverage products, carotenoids are becoming a popular choice for manufacturers looking to meet consumer demands. Additionally, the health benefits of carotenoids, such as their antioxidant properties and their ability to support eye health, are driving their increasing use in dietary supplements and nutraceutical products. However, factors such as the high cost of extraction and purification of carotenoids, as well as the increasing use of synthetic food colorants, may hinder the growth of the market to some extent. Nevertheless, the growing demand for natural food colorants and the expanding applications of carotenoids in various end-use industries are expected to drive the growth of the global carotenoids market in the coming years.
- Europe accounted for the largest market share in carotenoids market in 2018, followed by North America and Asia-Pacific.
- The key players in this market are BASF, DSM, Naturex, Chr. Hansen, FMC Corporation, Kemin Industries, Inc, and Cyanotech Corporation among many others.
- Sprout Intelligence expert team projected the global carotenoids marketis expected to cross mark of USD 1 billion.