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Carotenoid Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Global Carotenoid Market is segmented by Type (Annatto, Astaxanthin, Beta-carotene, Canthaxanthin, Lutein, Lycopene, Zeaxanthin, and Others), By Source (Natural and Synthetic), By Application (Animal Feed, Food & Beverages, Dietary Supplements, Cosmetics, and Pharmaceuticals), and Geography.

Home Industry Reports Food & Beverage Carotenoid Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Snapshot

carotenoids-market-industry_Market Summary
Study Period: 2016 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: Europe
CAGR: 4.5 %

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Market Overview

Global carotenoid market is projected to grow at a CAGR of 4.5% during the forecast period (2020-2025).

  • Several end-user applications of carotenoids, including usage in preventive healthcare and nutraceuticals, along with growing importance of food quality and appearance, have been the driving factors for the global carotenoid market.
  • With increasing awareness among consumers about clean-label solutions and health-based products, there has been an increasing demand for food fortified with carotenoids; which offers great opportunity for manufactures particularly in the emerging markets, such as Asia-Pacific.

Scope of the Report

The global carotenoid Market is segmented by type, source, and application. On the basis of type, the market is segmented into annatto,  astaxanthin, beta-carotene, canthaxanthin, lutein, lycopene, zeaxanthin, and others. On the basis of source, the market is segmented into natural and synthetic. On the basis of application, the market is segmented into animal feed, food & beverages, dietary supplements, cosmetics, and pharmaceuticals. Also, the study provides an analysis of the carotenoid market in the emerging and established markets across the world, including North America, Europe, Asia-Pacific, South America, and Middle East & Africa.

By Type
Annatto
Astaxanthin
Beta-carotene
Canthaxanthin
Lutein
Lycopene
Zeaxanthin
Others
By Source
Natural
Synthetic
By Application
Animal Feed
Food & Beverages
Dietary Supplements
Cosmetics
Pharmaceuticals
Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
United Kingdom
Germany
France
Russia
Italy
Spain
Rest of Europe
Asia Pacific
India
China
Japan
Australia
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
South Africa
Saudi Arabia
Rest of Middle East & Africa

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Key Market Trends

Growing Demand for Natural Coloring

The purchase interest of the buyer increases as brands claims the use of natural colors, as consumers are demanding greater transparency in their food and beverage. Consumers perceive positive image about the brand when the label claims fruit and vegetable juices and concentrates as colorings listed on the ingredient declaration. Carotenoids, such as lycopene in tomatoes and beta-carotene in carrots produce a range of colors from yellow to red, and anthocyanins, such as grape skin extract give fruits and vegetables their red, blue, and purple colors. This increased awareness and application of naturally derived colors from sources, such as tomato and carrot, are driving the carotenoid market, globally.

Carotenoid Market 1

Europe Continue to Dominates the Global Market

North America and Europe have the largest carotenoid market, owing to the growing demand for clean label foods and health awareness. Moreover, in United Kingdom, the rising food safety concerns are pressurizing manufacturing to adopt clean labels, which is triggering the demand for natural colors. Asia-Pacific is an emerging market, as an increasing number of consumers are adopting preventive measures in the form of health supplements to prevent diseases. Changes in lifestyle and food consumption among consumers have also led to the growth of the carotenoid market in the Asia-Pacific region. Owing to a rise in the pharmaceutical and energy industries, South America has also shown significant growth.

Carotenoid Market 2

Competitive Landscape

The beta-carotene market is fragmented, however, key players focusing on leveraging modern technologies for offering high-quality beta-carotene for catering the evolving requirements from various application sectors. Some of the major key players in the carotenoid market, globally, includes Chr Hansen Holdings, D.D. Williamson & Co., Royal DSM, Sensient Technologies, BASF, among others.

Carotonoids

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Force Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Type

      1. 5.1.1 Annatto

      2. 5.1.2 Astaxanthin

      3. 5.1.3 Beta-carotene

      4. 5.1.4 Canthaxanthin

      5. 5.1.5 Lutein

      6. 5.1.6 Lycopene

      7. 5.1.7 Zeaxanthin

      8. 5.1.8 Others

    2. 5.2 By Source

      1. 5.2.1 Natural

      2. 5.2.2 Synthetic

    3. 5.3 By Application

      1. 5.3.1 Animal Feed

      2. 5.3.2 Food & Beverages

      3. 5.3.3 Dietary Supplements

      4. 5.3.4 Cosmetics

      5. 5.3.5 Pharmaceuticals

    4. 5.4 Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Canada

        3. 5.4.1.3 Mexico

        4. 5.4.1.4 Rest of North America

      2. 5.4.2 Europe

        1. 5.4.2.1 United Kingdom

        2. 5.4.2.2 Germany

        3. 5.4.2.3 France

        4. 5.4.2.4 Russia

        5. 5.4.2.5 Italy

        6. 5.4.2.6 Spain

        7. 5.4.2.7 Rest of Europe

      3. 5.4.3 Asia Pacific

        1. 5.4.3.1 India

        2. 5.4.3.2 China

        3. 5.4.3.3 Japan

        4. 5.4.3.4 Australia

        5. 5.4.3.5 Rest of Asia-Pacific

      4. 5.4.4 South America

        1. 5.4.4.1 Brazil

        2. 5.4.4.2 Argentina

        3. 5.4.4.3 Rest of South America

      5. 5.4.5 Middle East & Africa

        1. 5.4.5.1 South Africa

        2. 5.4.5.2 Saudi Arabia

        3. 5.4.5.3 Rest of Middle East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Most Active Companies

    2. 6.2 Most Adopted Strategies

    3. 6.3 Market Share Analysis

    4. 6.4 Company Profiles

      1. 6.4.1 Chr Hansen holdings

      2. 6.4.2 D.D. Williamson & Co.

      3. 6.4.3 Royal DSM

      4. 6.4.4 Sensient technologies

      5. 6.4.5 FMC Corp.

      6. 6.4.6 Algatechnologies Ltd

      7. 6.4.7 Allied Biotech Corp.

      8. 6.4.8 Valensa International LLC

      9. 6.4.9 Cyanotech Corporation

      10. 6.4.10 BASF

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Frequently Asked Questions

The Carotenoid Market market is studied from 2016 - 2026.

The Carotenoid Market is growing at a CAGR of 4.5% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Europe holds highest share in 2020.

Chr. Hansen Holding A/S, D.D. Williamson & Co., Royal DSM, Sensient technologies, BASF are the major companies operating in Carotenoid Market.

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