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Carotenoids Market - Market Leader
Carotenoids are one of the most important classes of plant pigments and play a very important role in defining the quality parameter of fruit and vegetables. Carotenoids are found mainly in plants, algae, and photosynthetic bacteria. Carotenoids may also be found in some of the non-photosynthetic bacteria and molds where they protect them against damage from light and oxygen. Carotenoids are responsible for the red, orange, and yellow coloration of plant leaves, fruits, and flowers as well as for some of the birds, insects, fish, and crustaceans. Some of the familiar examples of carotenoids coloration are the red color of tomatoes and carrots, orange color of citrus fruits, and the pink color of flamingos. Around 600 various carotenoids are known to occur naturally and many of them are not yet identified.
Asia-Pacific is projected to be the fastest-growing carotenoid market globally for the period under consideration, followed by Europe. The market in Asia-Pacific is projected to grow significantly at a CAGR of 3.69% from 2014 to 2019. The U.S. is one of the major consumers of carotenoids in the world and accounted for more than 20% of the global market in 2013. High health benefits, increasing end-use application, and easy availability of carotenoids drives major factors projected to drive the market for the next five years globally.
The carotenoids market is highly fragmented with key market players driving the growth with agreements, expansions, acquisitions, and new product launches develop its position in the carotenoids market. The market is competitive with leading players being involved in the research & development of new carotenoids. The market caters to the applications such as supplements, food, feed, and cosmetics.
The carotenoids industry has many players, (small, medium, and large) however the industry is dominated by a few. DSM N.V. (the Netherlands) and BASF SE (Germany) collectively account for around 55% of the total carotenoids market. New product launches and development was found to be the most preferred growth strategies in the adjuvants market. The purpose of adopting this strategy is that it results in better market penetration, increases product portfolio and helps to reach new potential markets. Other players such as FMC Corporation (U.S.), Döhler Group (Germany), Chr. Hansen (Denmark), Kemin Industries (U.S.), Allied Biotech Corporation (Taiwan R.O.C), Carotech Bhd. (Malaysia), and DDW The Color House (U.S.) also have a strong presence in the market.
Carotenoids Market by Type (Astaxanthin, Beta-carotene, Canthaxanthin, Lutein, Lycopene, & Zeaxanthin), Source (Synthetic and Natural), Application (Supplements, Food, Feed, and Cosmetics), & by Region - Global Trends & Forecasts to 2019
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