Carotenoid Market Size

Carotenoids 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.