Asia Pacific Carotenoids Market

Asia Pacific Carotenoids Market Growth and Forecast (2023 - 2028):

Asia Pacific Carotenoids Market has been estimated at USD 0.27 billion in 2022 and is projected to reach USD 0.34 billion by 2028, at a CAGR of 4.58% during the forecast period from 2023 to 2028. The Carotenoids market is showcasing significant potential in the mentioned forecast period. The market continues to build up momentum with the growing demand of carotenoids obtained from natural sources.

Market Overview:

Carotenoids are class of plant pigments responsible for the bright red, orange and yellow hues in various fruits and vegetables. These are also important for maintenance of a plant’s health as well as human health on consumption of these fruits and vegetables. They assist plants in the process of photosynthesis by helping them in absorbing light energy and are thus the reason behind the colour of plants or the fruits & vegetables. They also act as antioxidants in plants as well as human body.

Drivers and Restraints:

The increase in the demand for natural colorants have been driving the growth of the market of carotenoids over the recent years. Other key factors driving the market growth include industrialization in sectors like pork, expanding end user applications, poultry and aquaculture, preventive nutraceuticals and healthcare. The market has also been facing some challenges and restraints. These include lack of R&D in remote regions, harmful effects of high dose of carotenoids, and stringent government approval norms and regulations. These factors have been holding the market back from reaching its full potential, and are required to be dealt with.

Asia Pacific Carotenoids Market Segmentation Analysis:

The Asia Pacific market for Carotenoids is categorized on the basis of source, application and type. The market segmentation based on type is done into Astaxanthin, Canthaxanthin, Beta-Carotene, Lycopene, Lutein, and Zeaxanthin. Based on application, the market is segmented into Supplements, Cosmetics, Feed, and Food. Finally, the market is segmented based on sources into, Synthetic and Natural.

GeographicalAnalysis:

Geographically the Asia Pacific Carotenoids Market is segmented into India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia.

Key Players in the Market:

Major Key Players in the APAC Carotenoids Market are

• BASF SE
• Royal DSM N.V
• FMC Corporation
• Chr. Hansen A/S
• Cyanotech Corporation
• D.D. Williamson & Co., Inc
• Döhler Group
• Kemin Industries Inc
• Excelvite SDN
• BHD
• Allied Biotech Corporation