Market Trends of Carotenoid Industry
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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