Global Carotenoids Sector to Hit $1.3 Billion by 2017

SAN JOSE, Calif.Increasing awareness among consumers about the health benefits of carotenoids and the growing consumer preference for natural and healthy food products is driving the global market for carotenoids, which is projected to reach $1.3 billion by 2017, according to a new report from Global Industry Analysts.

According to Carotenoids: A Global Strategic Business Report," an aging global population, need for healthy food products, and growing consumer interest in nutrition and preventive health measures are expected to drive consumption of carotenoids. The market also is likely to benefit from the discovery of new health benefits backed by increased research findings on the benefits of carotenoids.

The antioxidative properties of carotenoids have propelled their extensive usage in food industry where the components were earlier used only as colorants. In the coming years, natural carotenoids are expected to find increased acceptance among consumers, taking share away from the synthetic carotenoids market due to the increasing demand for fortified and natural food products.

The majority of the sales in the global carotenoids market are sourced from the mature markets including the United States and Europe; however, developing countries such as China, India, Japan and Malaysia are expected to post significant sales over the coming years.

Discovery of new health-implications for carotenoidsespecially lutein, canthaxanthin and astaxanthinhave had a positive impact on the growth of the U.S. carotenoids market. Rising awareness about the benefits offered by various carotenoids, and the growing availability of carotenoid dietary supplements (synthetic and natural) is driving market growth.

Beta-carotene, used extensively in foods and supplements, constitutes the largest product segment in the global carotenoids market. The growing popularity of beta-carotene is attributed to health benefits offered by the pigment and its extensive use as a food-coloring agent. The segment market faces tough times owing to the consumer shift toward natural products such as carrot juice, particularly in the European market. Rise in the number of producers of algae-derived and synthetic beta-carotene has led to a steep imbalance in the demand and supply situation, contributing to a downward slide in the prices.