By source, synthetic carotenoids accounted for more than 70% share of the pie in 2014 and projected to maintain its dominance over the next six years. This segment dominates the Industry as its lesser expensive and requires less labor as compared to the natural carotenoids. However, the natural carotenoids are projected to be the fastest-growing segment and will reach USD 504.18 million by 2022.
By application, demand for carotenoids was highest from the animal feed segment and accounted for 34% share of the Industry in 2014. As carotenoids is only found in plants and cannot be synthesized by livestock, animals’ requirement of this nutrient is fulfilled by their diet. However, demand for carotenoids is projected to be highest from the supplements segment which is projected to grow at a CAGR of 4.9% during the forecast period.
North America and Europe together accounted for more than 65% share of the Industry. Europe is the largest for carotenoids and will cross more than USD 600 million by 2022. On the other hand growth Asia Pacific is projected to be highest growing Industry at a CAGR of 4.9% over the next six years. India and China is not only became the major consumer of carotenoids but also major producers due to availability of abundant raw material, cheap labor and capabilities to produce carotenoids meeting the international standard and demand.
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