Technavio’s latest report on the global carotenoids market provides an analysis on the most important trends expected to impact the market outlook from 2016-2020. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Amber Chourasia, a lead analyst from Technavio, specializing in research on health and wellness sector, says, “With a rise in awareness of the benefits of carotenoids in reducing the risk of vision loss, cancer, and cardiovascular diseases, the demand from the supplements and cosmetics segments is rising.”
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The top three emerging trends driving the global carotenoids market according to Technavio research analysts are:
Rising demand for functional and fortified food
The demand for functional and fortified food and beverages is growing because consumers are looking for ingredients that address specific health concerns such as promoting digestive health, improving immunity, and boosting memory. Functional food and beverages represent approximately 5% of the overall global food market, reaching more than USD 176 billion in sales in 2015. The increased demand for functional foods has positively affected the global carotenoids market.
Customers have become more mindful of the advantages of vitamins and cell reinforcement. Natural food colors are being widely adopted by the food processing industry. For instance, Lycopene, a carotenoid, has ousted carmine from commercial ventures. Lycopene offers a plausible option for pink, red, and orange tints at different pH and temperatures. Similarly, beta-carotene is the favored choice for yellow/orange tones for manufacturers of supplements as it also grants various medical advantages.
Increasing demand for dietary supplements from older adult population
One of the major factors driving the market growth is the increasing demand for dietary supplements from older adults. In 2010, an estimated 524 million people were aged 65 years or above, accounting for 8% of the world's population. By 2050, this number will triple to about 1.5 billion, representing 16% of world's population.
The senior citizen segment constitutes a major portion of the population in the developed world and is the largest user of preventive and predictive medication. The health problems faced by this segment such as vision damage is often associated with insufficient intake of vitamins. Countries such as the US, South Korea, China, Japan, Italy, Russia, Australia, Germany, Taiwan, Poland, Ukraine, and Canada will drive the demand for dietary supplements on account of their demographic profiles. Thus, with the increase in demand for dietary supplements, the demand for carotenoids such as astaxanthin will also increase as they are known to be beneficial for the eyes.
Growing end-user applications
Carotenoids were primarily used in the animal feed industry, however, they have recently gained momentum in the food, supplements, and cosmetics industries. For instance, Astaxanthin, which was earlier used for imparting a rich pink color to farmed salmon, has recently gained attention in the dietary supplement market for joint, skin, and eye health. It is additionally being advanced as a utilitarian nourishment agent and has also gained traction in the cosmetics domain for its anti-aging and UV properties. Similarly, beta-carotene helps impart an orange color to personal care and cosmetics products. It also enhances the appearance of damaged or dry skin by reducing flaking and restoring suppleness.
Recently, the use of carotenoids in the field of dermatology for treating skin diseases has increased. Carotenoids help treat skin conditions caused by exposure to UV light, such as solar urticaria. As an oral supplement, it protects against oxidative damage caused due to exposure to sunlight. “Thus, with an increase in demand for natural and organic food and cosmetic products, the demand for carotenoids in these industries is expected to grow during the forecast period,” says Amber.
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Last updated on: 04/10/2016
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