Carotenoids are essential for human consumption since it supports the skin from oxidation and sun exposure. In case of Vitamin A deficiency, carotenoids serve better. Deficiencies observed are night blindness, skin itches and reddening of skin due to sun exposure. Consumption of carotenoids are even beneficial in thyroid dysfunction that prohibits the transformation of beta carotene to Vitamin A.
Commercially, the rise in cancer cases and dementia arising out of deficiency of vitamins and minerals coupled with rising costs of healthcare expenditure calls for carotenoids supplements.
The market is highly driven increased demand and rise in end-user applications. Additionally, increase in demand for food supplements and use of carotenoids in animal feed triggers the market growth in the near future. The market is strongly supported by significant demand for viable antioxidants fit for medical use in the healthcare domain. However, low awareness in developing economies and low number of carotenoids in the market may hinder the market growth.
South America accounts for a significant share in the global market thanks to consumer preference and inflated demand in the medical domain. In addition, the market also receives a greater response by the medical sector owing to manufacture of medicines and supplements. North America and Europe market accounts for a significant rise due to growing awareness among masses and enhanced medical infrastructure. Asia-Pacific market also receives an overwhelming response thanks to demand by health-conscious consumers
Prominent players profiled in the Carotenoids Market report include Allied Biotech, Algatechnologies, BASF, Brenntag AG, Naturex SA, Lycored Ltd, Chlostaninn Nikken Nature Co Ltd, Hansen, Cyanotech Corporation, DDWW, Doehler Group, Farbest Brands, FMC Corporation, Royal DSM N.V., Seambiotic Ltd, Sensient Technologies Corporation, Valensa International LLC, Guangzhou Leader Bio-Technology and Kemin Industries.