According to a recently published report, the Global Carotenoids Market, technology market is expected to grow at the CAGR of 4.5% during 2015-2022. The global carotenoids market is segmented on the basis of application, type, source and geography. The report on global carotenoids market forecast, 2015-2022 (by application, type, source and geography) provides detailed overview and predictive analysis of the market.
There are many factors leading to the growth of the market such as rise in geriatric population, increasing end use applications and health benefits. Rise in the demand of functional and fortified foods resulted in increase in use of carotenoids. Food industry is significantly contributing towards the growth of the carotenoids due to the presence of antioxidant properties in it. Astaxanthin market is also rising due to rise in the demand for eye health supplements.
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Companies are investing highly in research and development of algae derived astaxanthin as it is a natural nutritional supplement which is gaining high popularity in carotenoids market. Production systems have improved for astaxanthin leading to availability of products at reasonable prices. Due to government promotions related to health, this industry is anticipated to witness remarkable growth over the forecasted period. Along with these, there are various opportunities available in the market such as emerging applications of carotenoids in the various areas such as need for naturally functional foods in the food industry and the low awareness for cardiovascular disease among ethnic minorities.
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Some of the restraints for the market are high entry barriers, causes of carotenoids overdose, and some carotenoids such as beta carotenoids which are not suitable for all. The various legal regulations which vary from country to country are also influencing the growth of the market.
The key players of the carotenoids market are BASF SE (Germany) and DSM N.V. (the Netherlands). Other major players in the market are Chr. Hansen (Denmark), FMC Corporation (U.S.), Kemin Industries (U.S.), Carotech Bhd. (Malaysia), Döhler Group (Germany), Allied Biotech Corporation (Taiwan R.O.C), and DDW The Color House (U.S.). The companies are adopting various key strategies such as product launch and partnerships in order to increase their market share.
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