The Latin America Carotenoids Market is expected to be a value of USD 0.14 billion in 2024 and is forecasted to exhibit a CAGR of 4.85% and reach USD 0.20 billion by 2032
The Carotenoids market is predicted to showcase huge potential in the forecasting period. The market has continued to gain momentum with the increase in the demand of people for carotenoids found in natural sources.
Carotenoids are class of plant pigments responsible for the bright red, orange and yellow hues in various fruits and vegetables. These are also important for maintenance of a plant’s health as well as human health on consumption of these fruits and vegetables. They assist plants in the process of photosynthesis by helping them in absorbing light energy and are thus the reason behind the colour of plants or the fruits & vegetables. They also act as antioxidants in plants as well as human body.
The rise in the demand for natural colorants has been driving the growth of Latin America Carotenoids Market over the recent years. Other major factors responsible for the market growth include expanding end use applications, preventive healthcare and nutraceuticals, industrialization in sectors like pork, poultry and aquaculture.
The market also faces some challenges and restraints. These include harmful effects of over dose of carotenoids, stringent government regulations and approval norms and lack of R&D in remote regions. These factors have been holding the market down from reaching its complete potential, and are required to be dealt with.
Major Key Players in the Latin America Carotenoids Market are BASF SE, Chr. Hansen A/S, FMC Corporation, Royal DSM N.V, Cyanotech Corporation, Kemin Industries Inc, Döhler Group, Allied Biotech Corporation, D.D. Williamson & Co., Inc, Excelvite SDN, BHD
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