Carotenoids food colors market report covers food and beverage industries utilizing carotenoids around the globe, the market is anticipated to reach a market valuation of nearly USD 540 mn by the year 2022, accelerating at a CAGR of 5.5% between 2022-2032.
Carotenoids food color is a parent market to other colorant markets like Annatto, Lycopene, Beta-Carotene, Lutein, and Astaxanthin. It accounted for a huge ~33.28% of the sales in the global natural food colors market which is valued at US$ 1.6 Bn in 2021. Carotenoids are also called tetraterpenoids. Carotenoids are yellow, orange, and red organic pigments that are produced by plants and algae and several bacteria and fungi.
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Carotenoids food colorant is also loaded with several pharmaceutical properties and is therefore widely used in cooking culinary practices. Carotenoids can be derived from plants and animals like pumpkins, carrots, parsnips, corn, tomatoes, canaries, flamingos, salmon, lobster, shrimp, and daffodils.
In the human diet, absorption of carotenoids enhances when consumed with fat in a meal. Cooking carotenoid-rich vegetables in oil and shredding the vegetable both increase carotenoid bioavailability. Hence, it is quite convenient to extract and utilize carotenoid natural colors in foods and beverages.
With the rising number of consumers shifting to an organic diet, the use of Carotenoids food colors has boomed in the food processing industry. Also, the enlarging health-consciousness among people during the pandemic has triggered people globally into looking for natural food colors like Carotenoids color shades on their plates.
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.
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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.
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