Carotenoids - Market Insights, Competitive Landscape, and Market Forecast - 2030

Carotenoids - Market Insights, Competitive Landscape, and Market Forecast - 2030

Carotenoids Market By Product (Alpha-Carotene, Beta-Carotene, Beta-Cryptoxanthin, Lycopene, Lutein, Zeaxanthin, And Others), Application (Dietary Supplement, Pharmaceuticals, Cosmetic, Food, And Others), Source (Natural And Synthetic), And Geography (North America, Europe, Asia-Pacific, And Rest Of The World) is expected to grow at a steady CAGR forecast till 2030 owing to the growing demand for natural colorants and growing application in cosmetic and pharmaceutical industry

The global carotenoids market was valued at USD 1.95 billion in 2023, growing at a CAGR of 4.50% during the forecast period from 2024 to 2030 to reach USD 2.64 billion by 2030. The demand for Carotenoids is primarily being boosted by the growing demand for natural colorants, surging application in cosmetics and pharmaceuticals industry, and rising awareness of health benefits associated with carotenoids, during the forecast period from 2024 to 2030.

Carotenoids Market Dynamics:

According to the Soil Association report on the Organic Beauty & Wellbeing Market 2024, the report shows that certified organic beauty and wellbeing are growing, with a +65 percent growth in organic mother and baby care products and a +6 percent growth in organic health and personal care products.

The demand for carotenoids is gaining traction in personal care products and cosmetics due to the rising trend of natural cosmetics and the advantages offered by the carotenoids. Such as carotenoids are utilized as natural colorants in personal care and cosmetic products, providing vibrant hues ranging from yellow and orange to red. With increasing consumer preference for natural ingredients, carotenoids offer an attractive alternative to synthetic colorants.

Moreover, the personal care and cosmetics industry is witnessing a growing demand for clean-label, natural, and sustainable products. Carotenoids align with these trends as eco-friendly, plant-derived ingredients that offer multifunctional benefits for skin health and beauty. As the market continues to evolve, carotenoids are expected to play a prominent role in addressing emerging trends and meeting consumer preferences in the skincare and cosmetics industry. Hence, it will create a significant demand for carotenoids in the upcoming timeframe.

The growing adoption of carotenoids in the pharmaceutical industry is also increasing due to their therapeutic properties and potential health benefits. Carotenoids, such as beta-carotene, lycopene, and zeaxanthine, exhibit strong antioxidant and anti-inflammatory properties. These compounds help neutralize harmful free radicals, reduce oxidative stress, and modulate inflammatory responses in the body, making them valuable in the prevention and management of chronic diseases, such as cardiovascular diseases, cancer, and age-related conditions.

Thus, due to the interplay of all the above-mentioned factors, the demand for Carotenoids will increase, thus resulting in the overall growth of the Carotenoids market.

However, the high production cost of carotenoids and seasonal variability in natural sources may act as restraining factors that are expected to limit the growth of the Carotenoids market.

Carotenoids Market Segment Analysis:

Carotenoids Market by Product (Alpha-Carotene, Beta-Carotene, Beta-Cryptoxanthin, Lycopene, Lutein, Zeaxanthin, and Others), Application (Dietary Supplement, Pharmaceuticals, Cosmetic, Food, and Others), Source (Natural and Synthetic), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the product segment of the carotenoids market, the lutein and zeaxanthin category is estimated to amass a significant revenue share in the overall carotenoids market in 2023. This can be attributed to its wide use in several industries such as Nutraceutical, Pharmaceutical, and Ayurveda. Lutein and zeaxanthin are well-known for their beneficial effects on eye health. They accumulate in the macula of the eye and act as natural filters, protecting against harmful blue light and oxidative damage. This makes them essential nutrients for maintaining healthy vision and preventing age-related macular degeneration (AMD), a leading cause of vision loss. Additionally, these carotenoids are also used in cosmetics for their skin-brightening effects.

Moreover, lutein and zeaxanthin are not only used in supplements but also incorporated into functional foods, beverages, and skin care products targeting eye health and overall wellness. This versatility in applications expands the market potential for lutein and zeaxanthin and drives their dominance in the carotenoids market.

According to a WHO report published in 2022, by 2030, 1 in 6 people in the world will be aged 60 years or over. At this time the share of the population aged 60 years and over will increase from 1 billion in 2020 to 1.4 billion. Further, by 2050, the world’s population of people aged 60 years and older will double. The number of persons aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million.

So, with the growing aging population globally, there is a growing demand for products that address age-related health concerns, including vision problems such as AMD. Lutein and zeaxanthin supplements are increasingly sought after by older adults looking to preserve their vision and maintain their quality of life as they age.

Thus, due to the interplay of all the above-mentioned factors, the demand for lutein and zeaxanthin will increase, thus resulting in the overall growth of the Carotenoids market.

Europe Is Expected To Dominate The Overall Carotenoids Market:

Europe is expected to account for the highest proportion of the Carotenoids market in 2023, out of all regions. This is due to the region having a well-established cosmetic industry. Additionally, many European countries have well-established agricultural sectors with modern farming techniques and infrastructure, allowing for efficient cultivation of carotenoid-rich crops are some of the key factors driving the growth of the Carotenoids market in Europe.

European consumers are increasingly aware of the health benefits associated with carotenoid consumption, driving demand for products containing these compounds. This demand encourages farmers and food manufacturers to produce and incorporate carotenoid-rich ingredients into their products. Additionally, European countries often export carotenoid-rich products to other regions of the world, further establishing their dominance in the global carotenoid market.

On the other hand, the increase in the aging population in the region has led to a surge in demand for lutein, lycopene, and beta-carotene to treat cataracts and reduce the risk of diabetes, cancer, and other heart-related issues. For instance, according to Eurostat statistics published in 2024, the population of older people (defined here as those aged 65 years or more) in the EU-27 will increase significantly, rising from 90.5 million at the start of 2019 to 129.8 million by 2050, which is projected to drive the growth of the carotenoids market in this region.

Carotenoids Market Key Players:

Some of the key market players operating in the Carotenoids market include dsm-firmenich, BASF SE, Chr. Hansen A/S, Kemin Industries, Inc., Lycored, Cyanotech Corporation., Fuji Chemical Industries Co., Ltd., Novus International, Inc., Döhler GmbH, Allied Biotech Corporation., Farbest Brands., ExcelVite, Algatech LTD, NHU . Zhejiang, DYNADIS SARL, Divi's Nutraceuticals, Givaudan, FMC Corporation, Sensient Technologies Corporation, VIDYA EUROPE SAS, and others.

Recent Developmental Activities In The Carotenoids Market:

In January 2024, Sun Chemical launched two new SunPURO natural colors for cosmetics and personal care named as Carotene O N70-2317 is a farmed beta carotene, derived from Dunaliella salina algae and Carotene O N70-2317 is a farmed beta carotene, derived from dunaliella salina algae.

In June 2023, Divi’s Nutraceuticals launched AstaBead at IFT First 2023. This launch is a collaboration with Algalif to develop highly concentrated beadlets of sustainable natural astaxanthin.

Key Takeaways From The Carotenoids Market Report Study

Market size analysis for current Carotenoids Market size (2023), and market forecast for 6 years (2024 to 2030)

Top key product/technology developments, mergers, acquisitions, partnerships, and joint ventures happened over the last 3 years

Key companies dominating the global Carotenoids market.

Various opportunities are available for the other competitors in the Carotenoids Market space.

What are the top-performing segments in 2023? How these segments will perform in 2030?

Which are the top-performing regions and countries in the current Carotenoids market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for Carotenoids market growth in the coming future?

Target Audience Who Can Be Benefited From This Carotenoids Market Report Study

Carotenoids product providers

Research organizations and consulting companies

Carotenoids-related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders dealing in Carotenoids

Various end-users who want to know more about the Carotenoids Market and the latest technological developments in the Carotenoids Market.

Frequently Asked Questions For The Carotenoids Market:

1. What are Carotenoids?

Carotenoids are a group of naturally occurring pigments found in many fruits, vegetables, and other organisms like algae and bacteria. They are responsible for the vibrant red, orange, and yellow colours seen in various plant-based foods. Carotenoids play essential roles in photosynthesis, where they help capture light energy, as well as in protecting plants from excess light and oxidative damage.

2. What is the market for Carotenoids?

The global carotenoids market was valued at USD 1.95 billion in 2023, growing at a CAGR of 4.50% during the forecast period from 2024 to 2030 to reach USD 2.64 billion by 2030.

3. What are the drivers for the global Carotenoids market?

The demand for carotenoids is primarily being boosted by the growing demand for natural colorants, surging application in cosmetics and pharmaceuticals, and rising awareness of health benefits associated with carotenoids, during the forecast period from 2024 to 2030.

4. Who are the key players operating in the global Carotenoids market?

Some of the key market players operating in carotenoids include dsm-firmenich, BASF SE, Chr. Hansen A/S, Kemin Industries, Inc., Lycored, Cyanotech Corporation., Fuji Chemical Industries Co., Ltd., Novus International, Inc., Döhler GmbH, Allied Biotech Corporation., Farbest Brands., ExcelVite, Algatech LTD, NHU . Zhejiang, DYNADIS SARL, Divi's Nutraceuticals, Givaudan, FMC Corporation, Sensient Technologies Corporation, VIDYA EUROPE SAS, and others.

5. Which region has the highest share in the global Carotenoids market?

Europe is expected to dominate the overall carotenoids market during the forecast period from 2024 to 2030. This is due to the region having a well-established cosmetic industry. Additionally, many European countries have well-established agricultural sectors with modern farming techniques and infrastructure, allowing for efficient cultivation of carotenoid-rich crops are some of the key factors driving the growth of the carotenoids market in Europe.