The carotenoids market, in terms of value, will reach about $1.4 billion by 2019, at a CAGR of around 3.5% from 2014, according to a new report from MarketsandMarkets. Key market drivers include health benefits, increasing end-use application, and easy availability.

Carotenoids are one of the most important classes of plant pigments and play a very important role in defining the quality parameter of fruit and vegetables. Carotenoids are found mostly in plants, algae, and photosynthetic bacteria; however humans and animals have to rely on food as a source of these compounds.

Carotenoids may also be found in some of the non-photosynthetic bacteria and molds where they protect them against damage from light and oxygen. They are responsible for the red, orange and yellow coloration of plant leaves, fruits, and flowers as well as for some of the birds, insects, fish and crustaceans. Some of the familiar examples of carotenoids coloration are the red color of tomatoes and carrots, orange color of citrus fruits, and the pink color of flamingos. Around 600 various carotenoids are known to occur naturally and many of them are still being identified.

Carotenoids are classified into beta-carotene, lutein, lycopene, astaxanthin, zeaxanthin, canthaxanthin and others (including annatto, capsanthin, fucoxanthin, and trans-a-apo-8-carotenal). Beta-carotene dominated the carotenoids market, having contributed around 24% share in 2013. The synthetic segment holds the key share in carotenoids market; however natural carotenoids tend to gain popularity in next five years due to consumers’ increasing preference for natural goods and increasing health awareness. The key application of carotenoids is in feed, followed by supplements, food, and cosmetics.

The carotenoids market is highly fragmented with the key market players driving the growth with agreements, expansions, acquisitions and new product launches develop its position in the carotenoids market. The market is competitive with leading players being involved in the research & development of new carotenoids products and its application. The market caters to the applications such as supplements, food, feed, and cosmetics.

The report defines and segments the carotenoids market with analyses and projection of the size and trends, in terms of value. It also identifies the driving and restraining factors for the market with analyses of opportunities, burning issues, and challenges. The market has been segmented on the basis of major regions such as North America, Europe, Asia-Pacific, Latin America, and Rest of the World (RoW); and their value has been projected. The size of the markets in key countries has also been covered and projected for each region. The market has also been segmented on the basis of application, source, and type, and their size has been projected.