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Astaxanthin leading carotenoids market growth

July 17, 2016
AlgaeIndustryMagazine.com

According to a new report, astaxanthin is leading a steady growth in the carotenoids market.

According to a new report, astaxanthin is leading a steady growth in the carotenoids market.

Astaxanthin is leading a steady growth in the carotenoids market, which is projected to reach a value of $1.53 billion U.S. by 2021, growing at a CAGR of 3.78% from 2016 to 2021. According to the new study by reportsnreports.com, the market is being driven by factors such as increasing health consciousness among consumers, rising end-use applications of carotenoids, and increasing preference for natural coloration.

The industrialization of pork, poultry and aquaculture business, and the rising focus on the quality and appearance of meat, meat products, and fish, are factors driving the carotenoids market demand in the animal feed sector.

On the basis of type, carotenoids are segmented into astaxanthin, beta-carotene, lutein, lycopene, canthaxanthin, and zeaxanthin. Among these, astaxanthin accounted for the largest carotenoids market share in 2015, followed by beta-carotene and lutein. Astaxanthin is used on a large scale due to its functional qualities, easy availability, and application in almost all of the industrial sectors.

On the basis of application, the carotenoids market is led by the feed segment, followed by the supplements and food segments. The demand for carotenoids in animal feed is growing due to the increasing preference for good quality and appearance of meat, meat products, and fish. Along with adding nutrients to the feed, carotenoids also increase the palatability of feed.

Europe accounted for the largest carotenoids market in 2015, geographically, whereas North America had the second-largest market share in 2015, and is projected to grow at the highest CAGR from 2016 to 2021.

The global carotenoids market is segmented region-wise:

North America, Europe, Asia-Pacific, Latin America, and the Rest of the World (RoW). Key players identified in the carotenoids market include BASF SE (Germany), Royal DSM N.V. (The Netherlands), Chr. Hansen A/S (Denmark), FMC Corporation (U.S.), Kemin Industries, Inc. (U.S.), and Cyanotech Corporation (U.S.).

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