The global carotenoids market size is expected to hit USD 1.84 billion by 2027 while exhibiting a CAGR of 3.4% between 2020 and 2027. This is attributable to the surging demand for natural cosmetics and the increasing consumption of food products that include natural carotenoids across the globe. Fortune Business Insights, in its latest report, titled, “Carotenoids Market Size, Share & COVID-19 Impact Analysis, By Type (Astaxanthin, Beta-carotene, Lutein, Zeaxanthin, Lycopene, Canthaxanthin, and others), Source (Synthetic and Natural), Application (Animal Feed, Food & Beverages, Dietary Supplements, Personal Care & Cosmetics, and Pharmaceuticals), and Regional Forecast, 2020-2027.”, mentions that the market stood at USD 1.44 billion in 2019.
COVID-19 Leads to Supply Chain Disruption in Food & Beverage Industry
The global pandemic has led to a massive disruption in supply chain owing to reduced availability of raw materials and the rising delivery costs across food and beverage industries. In addition to this, limited work operations owing to lockdown imposed by the governments globally has hampered the market growth largely. However, the growing demand for natural food products to boost immunity during the COVID-19 situation is expected to positively impact the growth of the market in the forthcoming years.
Carotenoids are naturally occurring pigments that are mostly found in algae, plants, and other photosynthetic bacteria. These pigments result in the red, yellow, and orange colors observed in vegetables, plants, and fruits. With over 600 different types, they primarily act as a type of antioxidants when consumed by humans. They further aid in improving the immune system and ensure good vision when included in diet.
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Source: Globenews Wire