Biofertilizers Market Will Hit Big Revenues In Future

 The report "Biofertilizers Market by Form (Liquid, Carrier-Based), Mode of Application (Soil Treatment, Seed Treatment), Type (Nitrogen-fixing, Phosphate solubilizing & Mobilizing, Potash Solubilizing & Mobilizing), Crop Type, and Region - Global Forecast to 2026" The global biofertilizers market size is estimated to be valued at USD 2.6 billion in 2021 and is expected to reach a value of USD 4.5 billion by 2026, growing at a CAGR of 11.9% in terms of value during the forecast period. Factors such as growth in consumer preference for organic food products, adoption of soil fertility management practices, serious concerns regarding the control of nitrate emissions and eutrophication in the aquatic environment, and government promotions for the use of organic fertilizers are some of the factors driving the growth of the biofertilizers market.

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COVID-19 Impact on the Biofertilizers Market:

The global market has witnessed a relatively stable market growth post-COVID-19 pandemic, with a similar trend of high demand in 2020. Biofertilizers can be developed easily, and therefore, are run by domestic manufacturers. As the produce can be manufactured by local companies, the supply chain has not been affected much due to the crisis. Therefore, local manufacturers are projected to dominate the market in most of the countries. There has been a significant increase in food crop production, such as soybean, in South America, fruits & vegetables in European countries, rice in Asian countries. In addition, there is repetitive cultivation due to the increased need in each country to step up domestic food production. Hence, biofertilizer is an effective tool, which helps in replenishing soil nutrition and has gained a high demand in the market. In addition, due to the ban on harmful chemical pesticides, the growth of the market for biofertilizers has not dropped significantly. With the relaxation of restrictions by the government, the market for biofertilizers is projected to grow significantly in the future.

Driver: Growth in the organic food industry

Consumers nowadays are becoming highly concerned about food safety issues, the rising residue levels in food, and environmental issues, due to the rising concerns about their health. This rise in awareness has induced them to prefer chemical-free food products. As a result, major supermarket chains such as Wal-Mart and Cosco are increasing their product offerings of organic foods. The restaurant industry in many developed countries is also offering organic food menus to serve health-conscious consumers. The growth in the organic food industry is triggering the demand for biofertilizers and organic manures, as these are pre-requisites of organic farming. With the outbreak of the COVID-19 pandemic, people have become more conscious about healthy organic food products, which has driven the market growth of biological inputs, such as biofertilizers. These factors have increased organic retail sales in many countries, such as the US, Germany, China, Switzerland, and Denmark.  

Seed treatment by mode of application drives the market during the forecast period

By mode of application, the seed treatment segment is projected to have the highest CAGR during the forecast period. In seed treatment, biofertilizers such as Rhizobium, Azotobacter, and Azospirillum. are applied as coatings on seeds. This is the most common method of applying biofertilizers, as it is easy and generally effective under most conditions. This helps to encapsulate small amounts of functional microorganisms on it, which enables the plant to provide nitrogen for the roots, to uptake the nutrients. Seed treatment is extensively carried out for legume seeds for the purpose of nitrogen fixation.  

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North America  is the fastest-growing market during the forecast period in the global market

The North American market is projected to dominate the market due to the rising demand for organic products, increasing acceptance of biofertilizers among rural farmers, and high adoption of advanced irrigation systems such as drip & sprinkler irrigation for fertigation. A stringent regulatory environment in addition to a growing preference for the usage of biofertilizer products has led to the favorable growth of the market. Industrialization, mining, and urbanization have led to a decrease in arable land in North America.

Key Marker Players:

Key players in this market include Novozymes A/S (Denmark), Vegalab SA (Switzerland), UPL Limited (India), Chr. Hansen Holding A/S (Denmark), Kiwa Bio-Tech (China), Lallemand Inc. (US), Rizobacter Argentina S.A. (Argentina), T. Stanes & Company Limited (India), IPL Biologicals Limited (India), Nutramax Laboratories Inc. (US), Symborg (Spain), Kan Biosys (India), Mapleton Agri Biotech Pty Ltd (Australia), Seipasa (Spain), AgriLife (India), Manidharma Biotech Pvt Ltd (India), Biomax Naturals (India), Jaipur Bio Fertilizers (India), Valent BioSciences (US), Aumgene Biosciences (India), Agrinos (US), Criyagen (India), LKB BioFertilizer (Malaysia), Varsha Bioscience and Technology India Pvt Ltd. (India), and Valagro (Italy).   

Sustainable Growth Opportunities in the Food Enzymes Market

The report "Food Enzymes Market by Type (Carbohydrases, Proteases, Lipases, Polymerases & Nucleases), Source, Application (Food & Beverages), Formulation, and Region(North America, Europe, Asia Pacific, and South America) – Global Forecast to 2026" The food enzymes market is estimated to be valued at USD 2.2 billion in 2021 and is projected to reach USD 3.1 billion by 2026, recording a CAGR of 6.4%, in terms of value. The growing demand for diverse range of food products, clean label trend, and increase in disposable income are the factors that are projected to drive the growth of the food enzymes market globally.

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COVID-19 Analysis:

The impact of COVID-19 food enzymes is expected to be significant, as the current pandemic has highlighted the significance of safe, healthy, and nutritious eating. While ingredient sales span across the countries, key companies in the food enzymes market have also begun to establish regional production. R&D and sales department and are also optimizing supply chains for the distribution of raw materials. Amidst the COVID-19 outbreak, food ingredient companies are facing significant challenges to address the increased demand for food enzymes to include changing tastes and preferences. A rapid and unexpected spike in demand for functional foods during the pandemic resulted in manufacturers, suppliers, and retailers struggling to ensure a continued supply of raw materials in the market. Disruptions in the supply chain during the COVID-19 lockdown across the countries were challenging for the market.

Drivers: Increasing demand for processed food

The global demand for processed foods is on the rise owing largely to the growing economies in the Asian continent. China and India are the major drivers behind the substantial growth of the processed food market. The middle-class population is increasing and the rise in their disposable incomes, coupled with a hectic lifestyle, contributes to the growth of this market. Food enzyme applications extend the freshness of end products, thereby prolonging the shelf life of convenience foods while also preserving their flavor, color, and texture.

Threats: Changes in food enzymes safety regulations in Europe

The European market for food enzymes held a share of about 30.0% of the global market in 2015. As enzymes are naturally present in ingredients used to make food, earlier, their safety and toxicity were not of much concern. However, the advent of large-scale production of food enzymes through strains of genetically modified microorganisms has led to increased scrutiny on the use of enzymes in Europe’s food & beverage industry. In the past, the regulation of enzymes used as processing aids was not carried out at the EU level. Of the member states, only Denmark and France evaluated these processing aids before their use in the food & beverage industry. This inconsistency in the assessment criteria of food enzymes among nations prompted the framing of a new EU legislation.

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Asia Pacific is projected to grow at highest CAGR during the forecast period

The increasing purchasing power of consumers due to the economic development in APAC countries has led to an increase in the demand for high-quality processed food. Hence, due to their characteristics as essential healthy food additives, the market for enzymes in food & beverages is projected to grow. The changes in consumer preferences and liberalization of trade have further fueled the demand for foods like meat and meat products in the country.  

Key Market Players:

Key players in the global market include DuPont (US), Associated British Foods plc (UK), DSM (Netherlands), Novozymes (US), and Kerry Group (Ireland), Advanced Enzyme Technologies Ltd (India), Amano Enzyme Inc. (Japan) and CHR. Hansen Holdings A/S (Denmark). These major players in this market focus on increasing their presence through expansions, mergers & acquisitions, partnerships, joint ventures, and agreements. These companies have a strong presence in North America, Asia Pacific, and Europe. They also have manufacturing facilities, along with strong distribution networks across these regions.

Meat Starter Cultures Market to Witness Unprecedented Growth in Coming Years

According to MarketsandMarkets, the "Meat Starter Cultures Market by Application (Sausages, Salami, Dry-cured meat, and Others), Microorganism (Bacteria, and Fungi), Composition (Multi-strain mix, Single strain, and Multi-strain), Form, and Region - Global Forecast to 2025" size is estimated to be valued at USD 62 million in 2020 and projected to reach USD 76 million by 2025, recording a CAGR of 3.9%, in terms of value. The functional properties of meat starter cultures and their benefits while incorporation in a wide range of applications are driving the global meat starter cultures market.

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Restraints: Stringent government regulations for the use of starter cultures in processed meat products

Stringent regulations have proved to be a major hindrance stifling the market for starter cultures. Some of the global organizations involved in providing regulatory norms include the World Trade Organization (WTO), European Food and Feed Cultures Association (EFFCA), and other regulatory bodies. The regulations for starter cultures as listed by the different organizations include the following:

World Trade Organization

The World Trade Organization (WTO) has laid down stringent rules and regulations for the import and export of living microbes. The manufacturer has to obtain an environment clearance certificate, quality certificate, and some other related certifications before manufacturing microorganisms at the industrial level. Since the starter culture industry involves high risk with respect to the health and environment, it would not be easy for new manufacturers to enter the starter culture market. There have been special regulatory measures present for companies to discard the culture and biological effluent after the production.

European Food Safety Authority & Qualified Presumption of Safety

The uses of bacteria must conform to the general food safety standards, such as the European General Food Law (European Parliament and the Council, 2002). The European Food Safety Authority (EFSA) had announced five ‘generic’ approaches for the safety assessment of microorganisms in food with a history of safe use. This approach includes a qualified presumption of safety (QPS) in food. QPS derives basic knowledge of the microorganisms that includes its pathogenicity, taxonomy, familiarity, and application in food. The Scientific Committee of EFSA indicates that a thorough knowledge of the microorganism is sufficient for awarding the QPS status for numerous species from the groups of lactic acid bacteria and yeast.

By application, sausages segment is projected to account for the largest share in the meat starter cultures market during the forecast period

By application, the market is segmented into sausages, salami, dry-cured meat, and others (such as pepperoni and other processed meat products). The meat sausages segment, akin to most other non-processed fresh meats and meat preparations, comprises perishable food products, and most sausage manufacturers have been looking for additional safety or longer shelf life, either in terms of less spoilage or delayed oxidation. Meat starter cultures are used to provide additional safety and delay spoilage by shifting the uncontrolled fermentation that spoils the meat to a controlled fermentation by safe bacteria. Meat starter cultures ferment the sausages and preserve their flavor, texture, color, and increase their shelf-life by averting wastage.

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The European region dominated the meat starter culture market with the largest share in 2019.

The meat starter cultures market in Europe is dominant due to the increasing demand for processed meat products with higher shelf-life because of a shift in lifestyle trends. People are looking for ready-to-cook meal options as they are leading a busy life. The consumption of sausage has been prominent in these countries, resulting in a rise in demand for meat starter cultures for their production. The leading companies dominating the meat starter cultures market include Chr. Hansen (Denmark), Kerry Group (Ireland), and DSM (Netherlands); have a robust presence in Europe due to higher demand for packaged meat in these regions.

North America is the fastest-growing market as the technological advancements involved in monitoring and using meat starter cultures are available in the region, and meat manufacturers have been adapting to the changing technologies. The demand for meat starter cultures is increasing as consumers have been inclined toward organic and clean-label meat products. Also, key players are increasingly investing in the North American meat starter culture market.

This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as Chr. Hansen (Denmark), DSM (Netherlands), Kerry (Ireland), DuPont (US), Frutarom (Israel), Galactic (Belgium), Lallemand (Canada), Proquiga (Spain), Westcombe (UK), Biochem SRL (Italy), RAPS GmbH (Germany), DnR Sausages Supplies. (Canada), Sacco System (Italy), Canada Compound (Canada), Biovitec (France), Genesis Laboratories (Bulgaria), Meat Cracks (Germany), THT S.A. (Belgium), Stuffers Supply Co. (Canada), MicroTec GmbH (Germany), and Codex-Ing Biotech (US).

Animal Disinfectants Market: Growth Opportunities and Recent Developments

According to MarketsandMarkets "Animal Disinfectants Market by Application (Dairy Cleaning, Swine, Poultry, Equine, Dairy & Ruminants, and Aquaculture), Form (Liquid and Powder), Type (Iodine, Lactic Acid, Hydrogen Peroxide), and Region - Global Forecast to 2026", The global animal disinfectants market size is estimated to be valued at USD 3.0 billion in 2021. It is projected to reach USD 4.3 billion by 2026, recording a CAGR of 7.2% during the forecast period. The market has a promising growth potential due to several factors, including the rising awareness regarding hygiene and sanitation amidst this COVID-19 pandemic and increasing demand for meat and other animal products.

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COVID-19 Impact on the Animal Disinfectant Market

The impact of COVID-19 lockdown was tremendous in scale across the globe and profound especially in the key consumption markets for animal disinfectants. The demand for disinfectant products channelized for the livestock sector has remained high, with manufacturing plants for both disinfectants and water treatment being utilized at almost full capacity for companies such as Lanxess. However, the supply-chain disruptions in the key emerging markets, especially Mexico and Central America, negatively impacted the sales, albeit for a temporary period. The last mile connectivity to small and medium-scale livestock farms suffered a setback due to weakness in the distribution channels. Prominent players in the market such as Neogen expect a surge in demand with markets opening up gradually, and thus, capacity-building remains among the major focus areas. Key giants have also embarked on inorganic growth strategies by acquiring regionally-prominent disinfectant manufacturers and thereby strengthening their geographical outreach. Livestock disinfectant companies are also intensifying their efforts to develop a plethora of anti-bacterial, anti-fungal, and anti-viral solutions in the wake of growing concerns for zoonotic diseases.

Restraint: High entry barriers for players

The high costs associated with the development and registration of animal disinfectant products can result in small to medium-scale companies losing out to larger players. Another barrier for smaller players entering the market is the dynamic nature of the market itself, which has recently witnessed prominent players intensively seeking to consolidate their position through inorganic growth attempts such as acquiring smaller market players. New companies showing disruptive potential become the key targets for acquisitions by larger players such as Neogen Corp. and CID Lines.

Prominent players in the market are intensively seeking to increase their market share with the combination of inorganic and organic growth trajectories with former holding precedence in the form of growing number of acquisitions witnessed in recent years. The regulatory framework in the developed markets of North America and Western Europe is very stringent, with growing focus on good hygiene practices (GHP) which are cost-intensive thereby hindering the entry of small to medium-scale enterprises.

On the basis of application, dairy cleaning segment is expected to retain its dominance in the foreseeable period

Dairy cleaning is a terminal biosecurity measure, which is carried out at regular intervals. Due to the cost factor for larger cattle herds, the use of dairy cleaning has a greater significance in the developed markets. Countries in regions such as Europe and North America maintain large-scale farms and dairy farms required to maintain proper dairy cleaning measures to ensure the efficacy of the livestock and the equipment.

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Asia Pacific is projected to be the fastest-growing region in the animal disinfectant market.

The animal disinfectant market in Asia Pacific is driven by growing inclination towards animal-based food products that have prompted stakeholders in supply-chain to ramp up their production and intensify rearing leading to greater demand for cleaning and hygiene products, including disinfectants. The region has also witnessed growing regulatory focus on the Good Hygiene Practices (GHP) that are embedded as part of various mandatory regulations to be followed at dairy, poultry, swine, equine and aquaculture sectors. Markets in South East Asia such as Singapore and Malaysia are providing vital cues to improve hygiene infrastructure in animal husbandry and this trend is largely adopted by other countries in the region such as Thailand, Vietnam, Indonesia where there is a strong need to implement robust disinfection protocols.

Key Market Players

Key global market players offer wide range of animal disinfectant products to improve animal health and performance. Prominent livestock disinfectant manufacturers have strong presence in the European and North America countries. The key companies in the animal disinfectant market are Neogen Corporation (US), GEA (Germany), Lanxess AG (Germany), Zoetis (US), Kersia Group (France), and CID Lines (Belgium). Various strategies, such as expansions, mergers & acquisitions, and new product launches, were adopted by the key companies to remain competitive in the animal disinfectant market.

Pest Control Market Growth Opportunities by 2026

The report "Pest Control Market by Pest Type (Insects, Rodents, Termites), Control Method (Chemical, Mechanical, Biological), Mode of Application (Sprays, Traps, Baits), Application (Residential, Commercial, Industrial), and Region – Global Forecast to 2026" The global pest control market is projected to reach USD 29.1 billion by 2026, from USD 22.7 billion in 2021, at a CAGR of 5.1% during the forecast period. Increasing awareness about environmental pollution and public health concerns caused by vector-borne diseases are the major factors driving the demand for pest control services across the globe. With the increase in population, there is also increased pressure on limited resources, resulting in overexploitation and environmental degradation. The degradation of the ecosystem leads to global warming and temperature rise, which are expected to enhance the survival capability of pests across different seasons indirectly. Global warming has been an important factor in the movement of tropical pests away from the equatorial region.

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Opportunities: Adoption of Artificial Intelligence (AI) in pest control

The adoption of various trending technologies, such as AI, has been on the rise due to the low service cost and its operation in remote and difficult-to-access locations continuously without interrupting the operation of the facility. Hence, the demand for digital pest control solutions is projected to grow considerably in the coming years. Pest control service companies, such as Rentokil, are using AI-based image-recognition technology to identify and treat various types of bugs and vermin. Some of the company's pest control technicians are using an Android mobile app developed by Accenture to identify bugs. When its technician witnesses an increase in a type of bug or rodent, he/she can take a picture of the pest and use the app, PestID. The picture is then sent to Google’s image classification and machine learning software to run through several pest images and identify the intruder. When a positive identification is made, the app immediately provides remediation solutions to help the technicians decide the treatment plans, including proper chemicals and recommendations for homeowners. Since AI has helped in reducing the frequency of technician visits, thus resulting in low service cost and ultimately higher adoption in the future.

Challenges: Growth in pest resistance against chemical compounds

Even though insects are effectively controlled by the application of chemicals, these insect species can develop resistance to insecticides when exposed to a larger dose of these active ingredients frequently. For instance, flies are known to have developed high resistance against all types of insecticides due to the improper handling of pesticides. According to the Center for Integrated Pest Management, over 600 species of pests have developed resistance to chemical compounds. This has encouraged the use of biocontrol products and alternative measures, including crop rotation, to prevent pests from building any resistance.

By mode of application, the traps segment is the fastest growing segment in the market during the forecast period

Traps are among the oldest forms of pest control and can be used to control certain forms of insects as well as wildlife pests. The different types of traps include glue traps, rat traps, mesh, mousetraps, cages, and snare traps. Traps are among the more popular solutions as they are inexpensive and can often be used multiple times. While most of these traps require manual handling, there have been developments with respect to a newer generation of traps that employ a higher degree of digital components. Modern rodent management systems such as the Rodent Monitoring System (RMS) from Bayer incorporates radio signals and server commands that inform the facility manager when a rodent is caught.

By control method, software & services segment is the fastest growing segment in the market during the forecast period

The software & services segment plays an integral part in digital pest control solutions while implementing platforms and executing activities related to them. These services include consulting, integration, and support and maintenance, which are required to deploy, execute, and maintain pest control. AI and IoT are trending technologies that help improve smart pest monitoring and control. One of the key software & service providers is Rentokil, which offers PestConnect that includes a range of IoT-enabled pest-control devices that allows the monitoring of food processing facilities with maximum efficiency and minimum effort. According to one of the primaries conducted in Bayer CropScience, India, “The use of advanced information technologies and connected traps are among the new solutions offered by companies such as the Bayer Rodent Monitoring System.

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Asia Pacific region is projected to witness the highest growth in the pest control market by 2026.

The Asia Pacific region is among the fastest-growing regions for pest control. The region’s high concentration of urban population and urbanization poses a strong potential for pest control service providers. The effects of climate change and in certain cases, the negligence toward sanitary conditions in urban slums has resulted in multiple disease outbreaks. Improvements in legislation and policies surrounding the requirement of pest control have benefitted pest control service providers in the Asia Pacific region. Additionally, the region has also been susceptible to many pest-borne disease outbreaks in the last two decades. From the last quarter of 2015, there has been a significant number of cases related to Zika virus in the region. Zika virus is a mosquito transmitted Flavivirus and has been detected in several countries in the Asia Pacific region, which include Thailand, the Philippines, Malaysia, Vietnam, and Indonesia. According to a WHO report (October 2016), the Asia Pacific region is highly likely to continue to report new cases and possibly new outbreaks of Zika virus. Thus, with increasing outbreaks of diseases due to insects, the demand for pest control services is projected to increase in the region.

The key service providers in this market include Terminix (US), Ecolab (US), Rollins Inc. (US), Rentokil Initial Plc (UK), and Anticimex (Sweden). The pesticide suppliers in the pest control market include Bayer AG (Germany), BASF (Germany), Syngenta AG (Switzerland), Sumitomo Chemicals Co. Ltd. (Japan), ADAMA (Israel), FMC Corporation (US), Corteva Agriscience (US), PelGar International (UK), and Bell Laboratories (US).

Growth Strategies Adopted by Major Players in the Essential Oils Market

 The report "Essential Oils Market by Type (Orange, Lemon, Lime, Peppermint, Citronella, and Others), Application (Food & Beverage, Cosmetics & Toiletries, Aromatherapy, Home Care, Health Care), Method of Extraction, and Region – Global Forecast to 2026" The global essential oils market size is estimated to be valued USD 10.3 billion in 2021 and is expected to reach a value of USD 16.0 billion by 2026, growing at a CAGR of 9.3% in terms of value during the forecast period. In terms of volume, the essential oils market is estimated to account for 253.2 KT in 2021 and is expected to reach at 345.4 KT by 2026, growing at a CAGR of 6.4% during the forecast period. Factors such as a growth in awareness toward preventive healthcare, rise in demand for essential oils in food products with extended shelf life, along with an increase in demand for essential oils in cosmetic applications are some of the factors driving to the growth of the essential oils market.

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Restraint: Depletion of natural resources

A healthy ecosystem provides a range of benefits that acts as the foundation of human well-being. Plants are an essential part of this ecosystem as they balance the world by providing food and shelter. They also assist in physiological and psychological well-being through their therapeutic products such as essential oils. However, this source is exhausting gradually. This could be attributed to an increase in population and industrialization that has resulted in deforestation.

With the increased population, an increasing number of trees are cut to accommodate the increased number of people. According to The World Counts, “up to 28,000 species can go extinct in the next quarter-century due to deforestation. 13 million hectares of forest have been converted for other uses or destroyed by natural causes.

Essential oils are very concentrated compounds and have a very low yield. For example, one pound of lavender essential oil consumes around 220 lbs. of lavender flowers. Deforestation, along with the low yield of essential oil, is a major factor that acts as a barrier in the essential oils industry.  

Opportunity: Rise in demand for natural ingredients

The demand for “all-natural ingredients” has lately been on the rise mainly due to the growing awareness about the benefits of natural ingredients and the increasing disposable income, which results in people spending more money on expensive natural products. The increasing health consciousness among people fuels this demand further by leading to more liberal spending on good-quality natural products, which would provide long-lasting results.

Several manufacturers across all industries are developing new ways of incorporating natural and healthy ingredients in their formulations for providing maximum benefits to the consumers. ‘Natural claims’ largely influence the purchase of food & beverage and cosmetic applications. Essential oils provide that ‘all natural’ flavor and fragrance across several industries such as food & beverage, cosmetics, feed, and home care, among others, which creates several opportunities for this market.  

Clove leaf by type drives the market during the forecast period

By type, the clove leaf segment is projected to have the highest CAGR during the forecast period. Clove is the dried, unopened flower bud obtained from a middle-sized, evergreen tree. It is found in the Molucca islands in Indonesia. It consists of various nutrients such as protein, volatile oil, non-volatile ether extract (fat), and crude fiber besides mineral matter and vitamins C & A. Globally, India is the largest country to import clove, followed by Singapore and the US. The distillation method of extraction is used to yield a substantial amount of clove leaf oil.

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Asia Pacific is the fastest-growing market during the forecast period in the global market

The growth in population, rise in disposable incomes, rapid urbanization in the Asia Pacific region, and an increase in demand for high-quality food & beverage products are the key factors that have encouraged the demand for essential oils. Substantial growth is witnessed in countries, such as China, India, and Japan, due to the increase in the purchasing power of the population and demand for protein-rich meat diets. Moreover, consumers prefer opting for products that have high nutritional content and offer health benefits and exotic taste.

Key Market Players:

This report includes a study on the marketing and development strategies, along with a study on the product portfolios of the leading companies operating in the essential oils market. It consists of the profiles of leading companies such Cargill, Inc. (US), DuPont (US), Koninklijke DSM N.V. (Netherlands), dôTERRA International LLC (US), Givaudan SA (Switzerland), Young Living Essential Oils (US), The Lebermuth Company, Inc. (US), Symrise (Germany), Sensient Technologies Corporation (US), Essential oils of New Zealand (New Zealand), Firmenich SA (Switzerland), International Flavors & Fragrances Inc. (US), Mane (France), ROBERTET SA (France), Rocky Mountain Oils LLC (US), BIOLANDES SAS (France), Falcon (India), Farroti (Italy), Indian Essential Oils (India).

Carotenoids Market to Record Steady Growth by 2026

The report "Carotenoids Market by Type (Astaxanthin, Beta-Carotene, Lutein, Lycopene, Canthaxanthin, and Zeaxanthin), Application (Feed, Food & Beverages, Dietary Supplements, Cosmetics, and Pharmaceuticals), Source, Formulation, and Region - Global Forecast to 2026" The carotenoids market is projected to grow from USD 1.5 billion in 2019 to USD 2.0 billion by 2026, recording a compound annual growth rate (CAGR) of 4.2% during the forecast period. The major factors driving the growth of the carotenoids market include the growing use of carotenoids in preventive healthcare and as a food colorant in the feed industry.

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The dietary supplement segment is projected to account for the largest share in the carotenoids market during the forecast period.

The carotenoids market is segmented, on the basis of application, into feed, food & beverages, dietary supplements, cosmetics, and pharmaceuticals. The dietary supplements segment is projected to be a leading segment in the carotenoids market, in terms of volume, due to the increasing awareness pertaining to the use of carotenoids in dietary supplements. Furthermore, the increasing health consciousness among consumers to self-diagnose and take preventive measures for maintaining health are the key factors that have led to a surge in demand for dietary supplements globally.

The market for natural carotenoids is projected to grow at a higher CAGR during the forecast period.

The carotenoids market is segmented, on the basis of source, into synthetic and natural. The natural segment is projected to grow at a higher CAGR during the forecast period due to high antioxidant properties, an increase in biological activities, and improved immunity rate, both in humans and animals. Furthermore, an increase in consumer preference for natural carotenoids due to the rise in health consciousness and awareness regarding the benefits of natural carotenoids, particularly in the European and the North American regions, is a key factor that is projected to drive the growth of the market.

Europe is projected to account for the largest share in the carotenoids market during the forecast period

The European market accounted for the largest share in 2018 due to the presence of leading manufacturers, such as Koninklijke DSM (Netherlands), BASF (Germany), Chr. Hansen (Denmark), and Dohler Group (Germany). Further, the increase in the aging population in the region has led to a surge in demand for lutein, lycopene, and beta-carotene to treat cataract and reduce the risk of diabetes, cancer, and other heart-related issues. Although synthetic carotenoids account for a high share in the market, consumers prefer opting for natural and clean label products, which is projected to drive the growth of the naturally-sourced carotenoids market in this region.

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Key Market Players

Key players in the market include Koninklijke DSM (Netherlands), BASF (Germany), Chr. Hansen (Denmark), Kemin Industries (US), Lycored Limited (Israel), Cyanotech Corporation (US), Fuji Chemical Industry Co Ltd. (Japan), Novus International (US), DDW The Color House (US), Dohler Group (Germany), Allied Biotech Corporation (Taiwan), E.I.D Parry (India), Farbest Brands (US), Excelvite Sdn. Bhd. (Malaysia), AlgaTechnologies Ltd. (Israel), Zhejiang NHU Co. Ltd (China), Dynadis SARL (France), Deinove SAS (France), Vidya Europe SAS (France), and Divi’s Laboratories (India). These players have a broad industry coverage and strong operational and financial strength.