Overview and Scope
Carotenoids refer to a group of naturally occurring pigments that are found in plants, algae, and certain bacteria that produce bright yellow, red, and orange colors in fruits, vegetables, and plants. It plays important roles in both photosynthesis and in the health and development of organisms.
Sizing and Forecast
The carotenoids market size has grown strongly in recent years. It will grow from $1.81 billion in 2023 to $1.9 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to growing awareness of health benefits, rising demand in food and beverage industry, expanding nutraceutical industry, increasing use in animal feed, government regulations promoting natural ingredients.
The carotenoids market size is expected to see steady growth in the next few years. It will grow to $2.3 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The growth in the forecast period can be attributed to increased focus on sustainable sourcing, continued growth in functional foods and beverages, expanding applications in pharmaceuticals, rising demand for natural colorants, growing popularity in personal care products. Major trends in the forecast period include technological advancements in extraction methods, market expansion in developing regions, rising demand for fortified and functional foods, increasing demand for natural carotenoids, growing awareness of health benefits.
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Segmentation & Regional Insights
The carotenoids market covered in this report is segmented –
1) By Type: Astaxanthin, Beta-Carotene, Lutein, Lycopene, Canthaxanthin, Zeaxanthin, Other Types
2) By Source: Natural, Synthetic
3) By Form: Beadlets, Powder, Liquid, Gel, Other Forms
4) By Application: Feed, Food And beverages, Dietary Supplements, Cosmetics, Pharmaceuticals
Europe was the largest region in the carotenoids market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the carotenoids market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rise in demand for health supplements is expected to propel the growth of the carotenoids market going forward. A health supplement refers to a product designed to supplement a diet and to bolster, amplify, and promote the body’s overall well-being by improving the healthy functions of the human body. Carotenoids are used in health supplements for their antioxidant properties. It also offers benefits for preventing or addressing conditions like age-related macular degeneration (AMD) and supporting overall health and well-being. For instance, in October 2021, according to a survey, Consumer Dietary Supplements conducted by the Council for Responsible Nutrition, a US-based trade association, revealed that 80% of the US respondents reported using supplements, marking a 7% increase compared to the previous year 2020. The use of vitamin D surged from 42% in 2020 to 52% in 2021, while vitamin C usage witnessed growth in its usage, rising from 35% in 2020 to 40% in 2021. Therefore, the rise in demand for health supplements is driving the growth of the carotenoids market.
Key Industry Players
Major companies operating in the carotenoids market report are BASF SE, F. Hoffmann-La Roche AG, Novo Nordisk, Koninklijke DSM N.V., Givaudan, FMC Corporation, Sun Pharmaceutical Industries Ltd., Dohler Group, Cipla Limited, Chr. Hansen Holding A/S, Brenntag North America Inc., Zhejiang Medicine Co. Ltd., Divis Laboratories Ltd., Zhejiang NHU Co. Ltd., Kemin Industries Inc., Naturex SA, E.I.D. Parry Limited, Novus International Inc., LycoRed Corp., Beijing Gingko Group, Cyanotech Corporation, ExcelVite Sdn. Bhd., Fuji Chemical Industry Co Ltd., Allied Biotech Corporation, Sensient Colors LLC, Vinayak Ingredients India Pvt. Ltd., Bio Extracts Ltd., Algatechnologies Ltd., Valensa International LLC, Nutralliance Inc.
The carotenoids market report table of contents includes:
1. Executive Summary
2. Carotenoids Market Characteristics
3. Carotenoids Market Trends And Strategies
4. Carotenoids Market – Macro Economic Scenario
5. Global Carotenoids Market Size and Growth
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31. Carotenoids Market Other Major And Innovative Companies
32. Global Carotenoids Market Competitive Benchmarking
33. Global Carotenoids Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Carotenoids Market
35. Carotenoids Market Future Outlook and Potential Analysis
36.Appendix
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