Carotenoid Market Size
| Study Period | 2018 - 2028 |
| Base Year For Estimation | 2022 |
| CAGR | 4.64 % |
| Fastest Growing Market | Asia |
| Largest Market | Europe |
| Market Concentration | High |
Major Players.webp){kind=logo}
*Disclaimer: Major Players sorted in no particular order |
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Carotenoid Market Analysis
The global carotenoid market is valued at USD 1.84 billion for the current year and is projected to register a CAGR of 4.64% during the forecast period.
- The market is primarily driven by the increasing demand for carotenoids in different food and beverage applications. The shift in consumer preferences toward natural and organic products due to the rising health consciousness is another primary factor behind significant market growth. Carotenoids are used in bakery, confectionery, soft drinks, and beverages as food colorants.
- Moreover, carotenoids are gaining traction in personal care products and cosmetics due to the rising trend of natural cosmetics. According to a survey by the Soil Association, in 2021, the sales value for organic health and beauty products reached 138.23 million British pounds in the United Kingdom, increasing by 15 percent compared to the previous year.
- Carotenoids, such as carotene, zeaxanthin, lutein, and pro-vitamin A, are naturally found in the human eye’s retina. Therefore, using carotenoids in over-the-counter (OTC) dietary supplements aids in the prevention of several diseases, including macular degeneration, heart disease, and cancer. In addition, the need for carotenoids increases with the rise of preventive healthcare.
- Prominent market players are launching new products to uphold their position in the market. For instance, in March 2023, Symrise Company introduced a new ingredient named Diana food, bioactive, developed using carotenoids and compatible with skincare products that target anti-aging, skin brightening, and skin conditioning.
Carotenoid Market Trends
Rise of Health and Wellness Products
- Carotenoids are widely used in health and wellness products because of their antioxidant properties, offering a range of health benefits. Carotenoids decrease the risk of certain diseases, particularly cancers and eye diseases. They also aid in strengthening the immune system by supporting the production of specific kinds of white blood cells. Oral carotenoid supplements help cardiovascular functions by protecting arterial walls and managing healthy blood cholesterol levels. Therefore, the increasing awareness of these health benefits, along with the rising health consciousness among consumers, drives market growth.
- Moreover, with the increasing consumer spending on skincare products for better skin health, beauty product manufacturers are formulating products using carotenoids due to their functional benefits. For instance, in June 2021, Herbalife Nutrition expanded its skincare line with Herbalife Skin LycoGlow, which is formulated with Lycored Nutrient Complex for skin, tomato fruit extract, and carotenoids to help give skin a natural glow and support skin texture and appearance for a smoother and more radiant look. Such innovations will likely positively influence the market in the coming years.
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Europe Dominates the Market
- Europe is currently the largest market for carotenoids, primarily due to the rise of the health-conscious population. The biological properties of carotenoids allow for a wide range of commercial applications. The main applications of carotenoids are in dietary supplements, fortified foods, food coloring, animal feed, pharmaceuticals, and cosmetics.
- Consumers are increasingly scrutinizing ingredient lists and are increasingly inclined toward clean-label products. Carotenoids, natural colorants sourced from fruits and vegetables, resonate with this preference and are used by food and beverage manufacturers as alternatives to synthetic colors and additives in soft drinks.
- Additionally, the ongoing exploration of novel ingredients and formulations propels the adoption of carotenoids in the pharmaceutical industry. As research focuses on identifying effective natural ingredients, carotenoids emerge as a compelling option. The new ways to produce carotenoids from different sources and increasing research and developments of carotenoids fuel the market growth. According to the European Commission, Spanish researchers have developed a system to produce lutein from the green algae Murieollopsis for its pharmaceutical use. The researchers also claimed that this lutein can protect consumers from diseases, including cataracts and macular degeneration.
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Carotenoid Industry Overview
The beta-carotene market is concentrated, with the major players occupying the largest share of the market. The major players in the market are indulging in strategies like product launches, mergers and acquisitions, and expansions to establish a solid consumer base. In addition, companies are increasing their investments in research and development (R&D) and marketing and are expanding their distribution channels to maintain their position in the market. Some key players in the market are BASF, Koninklijke DSM NV, Givaudan SA, Döhler Group SE, and Sensient Technologies Co.
Carotenoid Market Leaders
BASF
Koninklijke DSM NV
Givaudan SA
Döhler Group SE
Sensient technologies Co.
*Disclaimer: Major Players sorted in no particular order
Carotenoid Market News
- August 2023: Divi's unveiled its cutting-edge Novel Application innovations at FI South America 2023. These groundbreaking advancements were originally conceived in June 2022 to meet the rising consumer demand for products with fewer additives.
- June 2023: Divi's Nutraceuticals introduced its innovative product, AstaBead, at IFT First 2023. This development was the result of a partnership with Algalif in 2022. According to Divi, AstaBead beadlets exhibit exceptional performance in applications like nutritional bars and powdered beverages.
- November 2022: DSM made a significant announcement regarding its new collaboration with LBB Specialties for the distribution of dietary supplements in North America. DSM asserts that this partnership not only enhances customer value but also opens up new avenues for product development. Furthermore, it reinforces DSM's position as a leading supplier of vitamins, lipids, carotenoids, and nutraceuticals in the North American market.
Carotenoids Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Growing Awareness of Functional Benefits of Carotenoids
4.1.2 Consumption of Health and Wellness Products
4.2 Market Restraints
4.2.1 High Processing Cost and Low Yield of Natural Food Colors
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Annatto
5.1.2 Astaxanthin
5.1.3 Beta-carotene
5.1.4 Canthaxanthin
5.1.5 Lutein
5.1.6 Lycopene
5.1.7 Zeaxanthin
5.1.8 Other Types
5.2 By Source
5.2.1 Natural
5.2.2 Synthetic
5.3 By Application
5.3.1 Animal Feed
5.3.2 Food & Beverages
5.3.3 Dietary Supplements
5.3.4 Cosmetics
5.3.5 Pharmaceuticals
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.1.4 Rest of North America
5.4.2 Europe
5.4.2.1 United Kingdom
5.4.2.2 Germany
5.4.2.3 France
5.4.2.4 Russia
5.4.2.5 Italy
5.4.2.6 Spain
5.4.2.7 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 India
5.4.3.2 China
5.4.3.3 Japan
5.4.3.4 Australia
5.4.3.5 Rest of Asia-Pacific
5.4.4 South America
5.4.4.1 Brazil
5.4.4.2 Argentina
5.4.4.3 Rest of South America
5.4.5 Middle-East and Africa
5.4.5.1 South Africa
5.4.5.2 Saudi Arabia
5.4.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Divi's Laboratories Limited
6.3.2 Givaudan SA
6.3.3 Koninklijke DSM NV
6.3.4 Sensient Technologies Co.
6.3.5 Döhler Group SE
6.3.6 The Solabia Group
6.3.7 Allied Biotech Corp.
6.3.8 EID – Parry (India) Limited
6.3.9 Cyanotech Corporation
6.3.10 BASF SE
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Carotenoid Industry Segmentation
Carotenoids are pigments found naturally in plants, algae, and photosynthetic bacteria. These pigments produce bright yellow, red, and orange colors in plants, vegetables, and fruits. The scope of the report includes various types of carotenoids derived from natural and synthetic sources for multiple end-use sector applications across the globe.
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 other types. 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 analyzes the carotenoid market into emerging and established markets worldwide, including North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
The market sizing has been done in value terms in USD for all the abovementioned segments.
| By Type | |
| Annatto | |
| Astaxanthin | |
| Beta-carotene | |
| Canthaxanthin | |
| Lutein | |
| Lycopene | |
| Zeaxanthin | |
| Other Types |
| By Source | |
| Natural | |
| Synthetic |
| By Application | |
| Animal Feed | |
| Food & Beverages | |
| Dietary Supplements | |
| Cosmetics | |
| Pharmaceuticals |
| Geography | |||||||||
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Carotenoids Market Research FAQs
What is the study period of this market?
The Carotenoid Market is studied from 2018 - 2028.
What is the growth rate of Carotenoid Market?
The Carotenoid Market is growing at a CAGR of 4.64% over the next 5 years.
Which region has highest growth rate in Carotenoid Market?
Asia is growing at the highest CAGR over 2018 - 2028.
Which region has largest share in Carotenoid Market?
Europe holds highest share in 2022.
Who are the key players in Carotenoid Market?
BASF, Koninklijke DSM NV , Givaudan SA , Döhler Group SE , Sensient technologies Co. are the major companies operating in Carotenoid Market.
Carotenoid Industry Report
Statistics for the 2023 Carotenoid market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Carotenoid analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Carotenoid Market Report Snapshots
