Carotenoids Market: Global Industry Analysis And Forecast (2022-2029)

Carotenoids Market was valued at USD 1.62 Billion in 2021, and it is expected to reach USD 2.37 Billion by 2029, exhibiting a CAGR of 4.3% during the forecast period (2022-2029) Carotenoids are one of the most well-known pigments derived from plants, algae, and photosynthetic microorganisms. They contribute to the overall aesthetics of food products by making them more aesthetically attractive. The product's flexible application in both the food and non-food industries is likely to give future development prospects for the market. Furthermore, many health advantages linked with the intake of tetraterpenoids-containing foods are expected to contribute to the product's demand. Various governments and scientific organisations like the United States Department of Agriculture (USDA) and the National Cancer Institute encourage eating foods high in beta-carotene. Carotenoids Market To know about the Research Methodology :- Request Free Sample Report The Global Carotenoids Market is segmented by type, application, source, and formulations. Based on type, the market is segmented into Astaxanthin, Beta-carotene, Lutein, Lycopene, Canthaxanthin, Zeaxanthin, and Other types (capsanthin, annatto, alpha-carotene, and apocarotenal). Based on application, the market is segmented into Feed, Food & beverages, Dietary supplements, Cosmetics, and Pharmaceuticals. Based on Formulations, the market is segmented into Oil suspension, Powder, Beadlet, and Emulsion. Based on Source, the market is segmented into Natural and Synthetic. Based on region, the market is segmented into North America, Asia Pacific, Europe, Middle East & Africa, and South America. COVID-19 Impact on Carotenoids Market The unexpected emergence of the COVID-19 pandemic has had a detrimental influence on practically all industries, since it has limited the workforce's routine activities. Instability occurred in the product's supply chains as a result of manufacturing constraints, complexities in raw material procurement, and higher transport costs, which harmed the total market. Furthermore, many governments have declared a temporary ban on international air travel, and various state councils have enforced quarantine to prevent the virus from spreading. These aforementioned variables have had a detrimental influence on the product's sales in recent months. The restrictions on the export and import of non-essential goods imposed by temporary border closures in some countries are further impeding the expansion of this industry. However, because food and feed products are considered vital commodities, demand and sales of food and feed additives such as tetraterpenoids are expected to rebound in the following months. To deal with the pandemic's chaotic circumstances, several food and feed ingredient providers have devised processes and are adhering to codes of practise to assure continuity in production and delivery. This is likely to boost market growth even further by re-establishing the damaged supply chain.

Carotenoids Market Dynamics

Growing Demand for Natural Food Products to Favor Growth: The all-natural trend that is echoing throughout the world is essentially driving the global carotenoid market. The rising aversion to the use of synthetic feed additives and chemicals due to their negative effects on animal health is expected to fuel demand for natural carotenoids in the future years. Consumer preference for goods using all-natural components over synthetic tetraterpenoids has increased in the worldwide food and beverage and cosmetics sectors because to their potential health and aesthetic advantages. For example, Peach & Lily, a Korean skincare and cosmetic goods firm, will release Pure Peach Retinoic Eye Cream in August 2020, which combines beta-carotene and vitamin A. The lotion is useful for addressing issues such as dark circles, fine wrinkles, and loose skin around the eyes. Increasing Adoption of Nutraceutical Products to Propel Market Growth: Aside from allelopathic medications, alternative therapy options for diabetes, eye ailments, and other lifestyle diseases are gaining favour. Preventive medicine is a catchphrase that has prompted manufacturers and processors to develop nutraceuticals like nutritional supplements and functional meals made from natural components. Geriatric nutrition is an important use for carotenes due to their strong antioxidant capacity, since they give protection against oxidative stress, which is mostly caused by ageing processes, pollution, and so on. All of these variables contribute to the global sales of this industry. Growing Demand for Natural Skincare Cosmetics to Surge Demand: Consumers' awareness of aesthetics and appearance has grown dramatically in tandem with the development in health and wellness concerns. This has increased global demand for effective skincare and cosmetics products. Carotenoids have been found as potent antioxidants that may be employed in the composition of skincare products to improve skin tone, preserve skin firmness, and protect against UV radiation exposure. The increase in consumer expenditure on natural skin brightening and anti-aging treatments is predicted to create several application opportunities for new tetraterpenoids, boosting their market growth. For example, naturally occurring colourless carotenoids found in tomatoes, according to Lucas Meyers Cosmetics, an Asian cosmetic ingredient firm, may be simply utilised in the development of natural cosmetics products. High Price of Natural Pigments to Hamper Market Growth: The huge price gap between synthetic carotenoids and natural tetraterpenoids is expected to be a key impediment to market expansion, particularly among low-income or emerging nations. Furthermore, the uncontrolled and excessive use of carotene in industrialised markets is linked to health hazards. This is anticipated to be one of the major problems in the global market.

Carotenoids Market Segment Analysis

Based on Type, the market is segmented into Astaxanthin, Beta-carotene, Lutein, Lycopene, Canthaxanthin, Zeaxanthin, and Other types (capsanthin, annatto, alpha-carotene, and apocarotenal). Beta-carotene and astaxanthin are currently dominant, and their market demand is exceptionally strong. The possible function of the aforementioned pigments in strengthening immunity and producing a variety of substantial health advantages is one of the main reasons for their appeal. The global market is ripe for novel pigments that are supplied responsibly and deliver better functions. For example, the US Food and Drug Administration authorised Arthrospira and Phycocyanin extracts for use in chewing gum, candy, and other forms of sweets in 2013-2014. Such regulatory support and enabling policy frameworks are likely to accelerate market expansion. Microalga extraction sources have grown in economic relevance in recent years. Additionally, the cost-effective methods to extract the tetraterpenoids from various types of microalga sources are anticipated to offer immense opportunities to the market players operating in the industry. Based on Application, the market is segmented into Feed, Food & beverages, Dietary supplements, Cosmetics, and Pharmaceuticals. Carotenoids are widely utilised in animal feed products for chicken, fish, and shrimp because of their colouring qualities. As a result, animal feed is the product's most popular use. Externally adding the substance in their diet enhances and improves the colour of egg yolks, broiler skin, fish, and crustaceans. Furthermore, they have the ability to increase reproduction and enhance animal health. According to several field research, feeding beta-carotene has a good influence on increasing the fertility of cattle, pigs, and horses. Within the food and beverage market (food colourants), applications range from processed food items such as bread, dairy, drinks, and so on to nutritional supplements. As consumers become more aware of the health advantages of foods containing natural hues, there has been a continuous and noticeable increase in demand for organic and natural food options. Furthermore, a noteworthy increase in the demand, manufacture, and consumption of functional food items and dietary supplements due to their health-promoting features has given natural ingredients a boost. Based on Source, the market is segmented into Natural and Synthetic. The availability sourced from synthetic sources is currently high and they hold the major carotenoids market revenue share owing to their low cost and ease of extraction. However, the demand for pigments sourced from natural sources is amplifying as consumers are inclining towards food, cosmetics and pharmaceuticals with other products that are produced by adopting natural ingredients. The segment is expected to grow at a substantial CAGR during the forecast period as consumer's preferences are changing rapidly and the demand for organic products is rising at a steady pace. Based on Formulations, the market has been segmented as follows oil suspension, powder, beadlet, and emulsion. During the forecast period, the beadlet segment is expected to dominate the carotenoids market. Carotenoid beadlets are free-flowing spherical particles created by spray drying. They are often wrapped in aluminium foil and stored in a cold, dry location away from direct light, oxygen, and heat. Other significant advantages of utilising beadlet formulations include improved stability, cold water dispersion, and shelf life extension.

Carotenoids Market Regional Insights

Because of the increased use of these additives in feed, supplement, food, pharmaceutical, and cosmetic applications, Asia Pacific is estimated to witness significant growth. Technological developments, industrial expansion, economic growth, and cheap manufacturing costs in nations such as China, Japan, and India are expected to fuel the sector. The region's expanding middle-class population, educational growth, and rising disposable incomes have increased consumer knowledge of the health advantages of dietary supplements. Furthermore, the existence of major pharmaceutical firms such as Dr. Reddy's Laboratories, Cipla, Sun Pharmaceutical, GSK, Roche, and Novo Nordisk would contribute to market expansion. Europe was the biggest market, with revenue estimated to expand at a CAGR of 4.9 percent from 2022 to 2029 due to growing demand for health supplements and animal feed. The presence of significant manufacturers such as L'Oréal, Unilever, Beiersdorf, Koninklijke DSM (Netherlands), BASF (Germany), Chr. Hansen (Denmark), and Dohler Group (Germany) and Henkel, as well as a well-established cosmetics sector, is expected to be a major factor affecting growth in the region. Furthermore, the region's ageing population has increased demand for lutein, lycopene, and beta-carotene to cure cataracts and lower the risk of diabetes, cancer, and other heart-related diseases. Despite the fact that synthetic carotenoids have a large market share, consumers prefer natural and clean label goods, which is expected to support the expansion of the naturally-sourced carotenoids market in this area. Organic and natural have risen to the top of the priority list for food processors worldwide, owing to their contribution to food quality, safety, social convenience, and sustainability. Consumers are becoming more sensitive of their purchasing habits, as food labelling is frequently scrutinised for the origin of components, manufacturing procedures, and the influence of the supply chain on the entire environment. Such characteristics are pushing demand for natural tetraterpenoids over GMO and other synthetic analogues in North American developed markets. Tetraterpenoids are becoming more popular owing to their protective function in the treatment of Vitamin A insufficiency, which is a major public health problem, particularly among young children and pregnant women in low-income African and Southeast Asian nations. In poor nations, vitamin A deficiency is also a major cause of infant death. Furthermore, the increased desire of multinational market participants in extending their company across quickly emerging Asian economies is expected to boost regional market expansion. The rapidly rising animal feed sector in South America, as well as the increasing need for specialised feed, are expected to drive demand for this product in the area. Furthermore, the active engagement of key manufacturing organisations in countries such as Brazil and Chile is expected to boost market growth. Competitive Landscape: With the influx of private enterprises from China, India, and other rising nations, the global market remains fiercely competitive. The global market's leading players are pursuing industry consolidation through agreements/partnerships as well as acquisitions. Furthermore, a focus on new product development is one of the leading corporations' chosen tactics for driving market growth. End-use industries are seeking not just high specificity but also improved bioavailability of products, and Kemin Industries is one of the pioneers in the food and feed ingredients market, aggressively capitalising on research and development as well as the launch of natural and organic ingredients. Kemin Animal Nutrition and Health, a division of Kemin Industries, added Organic KEM GLO to its line of carotenoids products in March 2019. The novel carotenoid/pigment is USDA-certified and has the ability to use paprika's normal qualities to evenly distribute colour throughout the meal, delivering uniform density, and egg colour pigmentation. Algatech announced the release of AstaPure-EyeQ, a natural astaxanthin powder to improve eye and brain health, in May 2019. The newly announced product is a scientifically backed and microencapsulated powder with double the bioavailability of regular market goods. ExcelVite, a reputable palm carotene manufacturer, cooperated with the United States Pharmacopeia (USP) in April 2019 to publish a new Plant Carotenes Monograph.

Carotenoids Market Scope: Inquire before buying

Global Carotenoids Market
Report Coverage Details
Base Year: 2021 Forecast Period: 2022-2029
Historical Data: 2017 to 2021 Market Size in 2021: US 1.62 Bn.
Forecast Period 2022 to 2029 CAGR: 4.3 % Market Size in 2029: US 2.37 Bn.
Segments Covered: by Type • Astaxanthin • Beta-carotene • Lutein • Lycopene • Canthaxanthin • Zeaxanthin • Other types o Capsanthin o Annatto o Alpha-carotene o Apocarotenal
by Application • Feed • Food & beverages • Dietary supplements • Cosmetics • Pharmaceuticals
by Formulations • Oil suspension • Powder • Beadlet • Emulsion
by Source • Natural • Synthetic

Carotenoids Market by Region:

• North America • Europe • Asia Pacific • The Middle East and Africa • South America

Carotenoids Market Key Players:

BASF SE • Koninklijke DSM N.V. • Chr. Hansen A/S • FMC Corporation • Cyanotech Corporation • Kemin Industries Inc. • DDW The Colour House • Allied Biotech Corporation • Excelvite • Algatechnologies Ltd. • Kemin Industries, Inc. • Deinove SAS • Divi's Laboratories Limited • Dohler Group • Lycored Limited • Naturex SA (Givaudan SA) • Vidya Europe SAS • Zhejiang NHU Co. Ltd. • Novus International Inc. • Sensient Technologies • Synthite Industries Ltd Frequently Asked Questions: 1] What segments are covered in the Global Carotenoids Market report? Ans. The segments covered in the Carotenoids Market report are based on Type, Application, Formulations and Source. 2] Which region is expected to hold the highest share in the Global Carotenoids Market? Ans. The Asia Pacific region is expected to hold the highest share in the Carotenoids Market. 3] What is the market size of the Global Carotenoids Market by 2029? Ans. The market size of the Carotenoids Market by 2029 is expected to reach USD 2.37 Bn. 4] What is the forecast period for the Global Carotenoids Market? Ans. The forecast period for the Carotenoids Market is 2021-2029. 5] What was the market size of the Global Carotenoids Market in 2021? Ans. The market size of the Carotenoids Market in 2021 was valued at USD 1.62 Bn.
1. Global Carotenoids Market Size: Research Methodology 2. Global Carotenoids Market Size: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global Carotenoids Market Size 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Carotenoids Market Size: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12. COVID-19 Impact 4. Global Carotenoids Market Size Segmentation 4.1. Global Carotenoids Market Size, by Type (2021-2029) • Astaxanthin • Beta-carotene • Lutein • Lycopene • Canthaxanthin • Zeaxanthin • Other types (capsanthin, annatto, alpha-carotene, and apocarotenal) 4.2. Global Carotenoids Market Size, by Formulations (2021-2029) • Oil suspension • Powder • Beadlet • Emulsion 4.3. Global Carotenoids Market Size, by Application (2021-2029) • Feed • Food & beverages • Dietary supplements • Cosmetics • Pharmaceuticals 4.4. Global Carotenoids Market Size, by Source (2021-2029) • Natural • Synthetic 5. North America Carotenoids Market (2021-2029) 5.1. North America Carotenoids Market Size, by Satellite Type (2021-2029) • Astaxanthin • Beta-carotene • Lutein • Lycopene • Canthaxanthin • Zeaxanthin • Other types (capsanthin, annatto, alpha-carotene, and apocarotenal) 5.2. North America Carotenoids Market Size, by Formulations (2021-2029) • Oil suspension • Powder • Beadlet • Emulsion 5.3. North America Carotenoids Market Size, by Application (2021-2029) • Feed • Food & beverages • Dietary supplements • Cosmetics • Pharmaceuticals 5.4. North America Carotenoids Market Size, by Source (2021-2029) • Natural • Synthetic 5.5. North America Carotenoids Market, by County(2021-2029) • United States • Canada 6. European Carotenoids Market (2021-2029) 6.1. European Carotenoids Market , by Type (2021-2029) 6.2. European Carotenoids Market , by Formulations (2021-2029) 6.3. European Carotenoids Market , by Application (2021-2029) 6.4. European Carotenoids Market , by Source (2021-2029) 6.5. European Carotenoids Market , by Country (2021-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Carotenoids Market (2021-2029) 7.1. Asia Pacific Carotenoids Market , by Type (2021-2029) 7.2. Asia Pacific Carotenoids Market , by Formulation (2021-2029) 7.3. Asia Pacific Carotenoids Market , by Application (2021-2029) 7.4. Asia Pacific Carotenoids Market , by Source (2021-2029) 7.5. Asia Pacific Carotenoids Market , by Country (2021-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Carotenoids Market (2021-2029) 8.1. Middle East and Africa Carotenoids Market , by Type (2021-2029) 8.2. Middle East and Africa Carotenoids Market , by Formulations (2021-2029) 8.3. Middle East and Africa Carotenoids Market , by Application (2021-2029) 8.4. Middle East and Africa Carotenoids Market , by Source (2021-2029) 8.5. Middle East and Africa Carotenoids Market , by Country (2021-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Carotenoids Market (2021-2029) 9.1. South America Carotenoids Market , by Type (2021-2029) 9.2. South America Carotenoids Market , by Formulations (2021-2029) 9.3. South America Carotenoids Market , by Application (2021-2029) 9.4. South America Carotenoids Market , by Source (2021-2029) 9.5. South America Carotenoids Market , by Country (2021-2029) • Brazil • Mexico • Argentina • Rest Of South America 10. Company Profile: Key players 10.1. BASF SE 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Koninklijke DSM N.V. 10.3. Chr. Hansen A/S 10.4. FMC Corporation 10.5. Cyanotech Corporation 10.6. Kemin Industries Inc. 10.7. DDW The Colour House 10.8. Allied Biotech Corporation 10.9. Excelvite 10.10. Algatechnologies Ltd. 10.11. Kemin Industries, Inc. 10.12. Deinove SAS 10.13. Divi's Laboratories Limited 10.14. Dohler Group 10.15. Lycored Limited 10.16. Naturex SA (Givaudan SA) 10.17. Vidya Europe SAS 10.18. Zhejiang NHU Co. Ltd. 10.19. Novus International Inc. 10.20. Sensient Technologies 10.21. Synthite Industries Ltd

About This Report

Report ID 21363
Category Food & Beverages
Published Date July 2022
Updated Date
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