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Carotenoids Pigments market insights covers the food and beverage industry that uses Carotenoids Pigments all over the world. The market is expected to reach a market valuation of near by $539 million by 2022 and grow at a CAGR of 5.5 per year between 2022 and 2032. Carotenoids pigment sales accounted for a whopping ~33.28% of revenue in the global natural pigments market valued at US$1.6 billion in 2021.
Because carotenoids have several therapeutic properties, they are also widely used as food colouring in culinary operations. Carotenoids can be derived from a variety of plants and animals, including daffodils, salmon, lobster, prawns, carrots, parsnips, corn, tomatoes, canaries and flamingos.
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Key Takeaways from Market Report
The overall natural food colors market is expected to expand at CAGRs of 6.5% and 6.1% in North America and Latin America, respectively, through 2032, while the carotenoids food colors market is anticipated to grow at a rate of 5.8% and 6% in these regions respectively.
The European carotenoids food colors market is currently pegged at 700 metric tons by volume and USD 160 mn by value. The demand for carotenoid Food Colors is about to grow at 9% CAGR between 2022 and 2032 in this region.
In 2021, the Asia Pacific market had a market share of 23.4% in the global carotenoids food colors market. It is anticipated to register over 6% CAGR through 2032 due to the rising occurrence of chronic diseases and the growing awareness among people of the advantages of carotenoids.
Although by application, the beverages industry holds command over the highest market share of 20%, the pet food segment for carotenoids consumption is set to expand at a CAGR of 2%.
Growing consumer preference for organic, healthy, and nutritious food products is the main driver for sales of carotenoid food colors across global markets.
Carotenoids are better absorbed in the human diet when they are eaten with fat. The bioavailability of carotenoid-rich vegetables is enhanced by cooking them in oil and shredding them. Therefore, extracting and using carotenoid natural colours in food and drink is very convenient.
The food processing sector has witnessed a surge in the use of carotenoids food colours due to the growing trend of customers switching to an organic diet. Additionally, the pandemic's growing health concern has led people all over the world to search for naturally occurring food colours on their plates, such as the colour hues of carotenoids.
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“Carotenoids food colorant manufacturers are advised to target the health and nutrition markets like dietary supplements industry. Manufacturers should also strive to achieve higher production volumes, to make such natural food colors more affordable to food processing industries. Carotenoids already find application in numerous other industries apart from F&B, hence corporations should not limit themselves to Food and beverages,” says a Future Market Insights analyst.
Competitive Landscape
The market is consolidated and dominated by major players. Carotenoids food colorant producers are majorly cost-cutting procedures in order to make carotenoids food colors affordable for the food processing industry. These manufacturers also participate in various collaborations with leading food brands around the world to increase the reach of their products.
Major market players operating in the carotenoid extract market are Divis Laboratories, Allied Biotech Corporation, D.D. Williamson & Co. Inc., Sensient Technology Corporation, Chr. Hansen Holding A/S, Lycored, Kemin Industries Inc, Cyanotech Corporation, Kalsec Inc, Fiorio Colori, FMC Corporation, WILD Flavors, Naturex S.A., and a few other regional players.
Carotenoids Pigment Market by Category
By Product, the Carotenoids Pigment market is segmented as:
Astaxanthin
Beta-carotene
Lutein
Lycopene
Canthaxanthin
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