The global carotenoids market is estimated to grow moderately at a CAGR of over 4% during the forecast period of 2016 – 2020, says Technavio.
Technavio has announced its latest market research report on carotenoids to its health and wellness portfolio. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the global carotenoids market during the forecast period 2016-2020. Some of the top vendors listed in this industry analysis include BASF, Koninklijke DSM, Allied Biotech, and Kemin Industries.
In terms of geographical analysis, EMEA will continue to lead the market by occupying around 42% of the total market share by 2020. Countries such as the UK, Germany, Spain, Italy, and France will be the key revenue generating countries in the region. Much of this region’s growth comes from the growing demand for livestock and healthy food and beverages.
“The increased use of the carotenoids in the cosmetics and supplements industries will lead to the growth of the global carotenoids market over the next four years. With numerous doctors and health care professionals stressing on carotenoid-rich diet, especially for the old age people, the demand for supplements will definitely increase in the coming years,” says Abhay Sinha, a lead analyst at Technavio for research on health and wellness.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Increase in number of chronic diseases
Due to tremendous growth and rapid industrialisation our lifestyle has become very inactive. Lack of physical activities or any form of exercise, added with improper diet has led to an increase in chronic diseases such as cancer and cardiovascular diseases. Most of the deaths of cancer patients is because of behavioural and dieting habits. These habits include low intake of fruits and vegetables, tobacco use, heavy weight, lack of physical activity and excessive drinking habits. With the advent of technology and easy access to information, people have become aware of the various lifestyle benefits. The hectic schedules and increasing health issues has made people inculcate healthy habits like daily exercises and healthy diet in their lifestyle. Such increasing demand for health and wellness products such as dietary supplements, functional food and fortified food will augment the demand for carotenoids in the coming years. Since carotenoid prevents gastrointestinal illnesses, aid digestion, reduce cholesterol levels, enhance brain function, and improve the body’s immunity, there will be a considerable increase in the demand for carotenoids in food and supplement. The demand for these products is more from the older segment of the society as they require these supplements to meet their body’s functional and nutritional needs.
Rise in urban population
Changed lifestyle due to increased urbanization and sedentary lifestyle has made people expose to lots of health issues. These issues and health concerns has ultimately made people more health conscious. With the increase in urban population there has been a considerable growth in per capita income. This has resulted in an increase in purchasing power of an individual where he can now easily afford health and wellness products. in various developing countries. At present, people as per their lifestyle and increasing concerns towards well-being and appearance have increased the use of beauty and personal care products, health and wellness products, and preventive healthcare technologies and services. All these requirements will definitely boost the global carotenoids market over the predicted period.
Growth of online sales
At present the retailers are emphasising on the online availability of carotenoids for easy accessibility of their products to the customers. Several vendors are making their products available online through effective online education and targeted marketing to attract more consumers. Such advancements have led to an impressive growth in the online sales of carotenoids over the past few years.
Moreover, direct access to vendors has enhanced the confidence of customers as through online channels, the vendors frequently interact with customers to enhance nutritional and health education and motivate them to maintain wellness and manage weight. The growing demand of these healthy products has pushed various companies to cash in this growth opportunity by effective marketing through easy and convenient online avenues. It has been estimated that the increased comfort and flexibility provided by the online channels will increase the sales of carotenoids in the coming years.
Some of the prominent vendors identified in this report are Alga technologies, D.D. Williamson, ExcelVite, Farbest Brands, FMC corporation, Guangzhou Leader Bio-Technology, Lycored, PAT Vitamins, and Valensa International.
This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, key financials, etc. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Carotenoids Market 2016-2020‘. Technavio also customizes reports by other regions and specific segments upon request.
