The Fact.MR report tracks the carotenoids market for the period 2018-2027. As per the report, the carotenoids market is expected to reach CAGR of 5.1% in terms of volume during 2018-2027.
Carotenoids market is likely to witness significant growth in the coming years, with demand surpassing 5 million kg in 2018. Growing demand from customers for natural and clean products made from natural colors and supplements remains a key growth driver for carotenoids market. The prevailing health and wellness trend is also driving adoption of carotenoids among food and beverage processors.
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The use of beta-carotene and lycopene as colorants in F&B sector continues to grow, according to the study. Beta-carotene is widely used in cheese, spreads, yogurts, soups, sauces, and bakery products, whereas lycopene is gaining increasing demand as a colorant in sauces and soups. Consumer awareness on the benefits of carotenoids for eye health, immune function, and cardiovascular health remains a key growth driver.
The carotenoids market is segmented on the basis of type, source, and application. The segments are further divided into sub-segments along with the revenue share, volume share, and year-on-year growth of each segment in the carotenoids market.
Synthetic source of carotenoids is anticipated to witness substantial growth in the coming years, with demand reaching more than 4 million kg in 2018, according to the Fact.MR study. Synthetic source of carotenoids remains the most popular type owing to low cost vis-à-vis natural source of carotenoids. Most of the commonly used carotenoids including cantaxanthin, astaxanthin, and beta-carotene are largely produced by chemical synthesis.
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Commercial production of carotenoids using microorganisms is competing with synthetic manufacturing of carotenoids using chemical procedure. However, chemical synthesis for production of carotenoids generates substantial waste, which is detrimental for the environment. This has resulted into natural and microbial production of carotenoids, with low production cost.
Ingredient Compatibility, Storage and Sourcing Perspectives Remain Biggest Challenges
Obtaining vibrant color for various food products using natural colors continues to be a key challenge. Natural colors are incompatible with ‘one-size fits all’ food processing approach. Cold storage to maintain integrity of naturally sourced color is also difficult as opening and closing of storage unit may lead to microbial contamination and product degradation.
Ingredient compatibility poses another challenge for carotenoids. Rise in process variation in the food processing industry is impacting ingredient interaction. Moreover, oil-based naturally sourced colors including carotenoids and paprika can result in permanent stains, creating further challenges for food and beverage processors.
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