Carotenoids Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Carotenoids Market
The carotenoids market size was valued at USD 1.44 billion in 2019, and the market is now projected to be USD 2.33 billion by 2032, exhibiting a CAGR of 3.76% during the forecast period of 2020-2032.
The COVID-19 pandemic created barriers for the carotenoids market growth. The disrupted supply chain and restricted operation have negatively influenced the market development. The limited availability of raw materials and higher delivery costs has stopped the production of the products. The temporary ban on transportation systems and reduction on usages of non-essential products have hindered the market growth.
The carotenoids market share globally has increased because of the embracing of nutraceutical products and growing demand for natural skincare beauty products. The utilization of nutraceuticals due to their natural elements as an alternative treatment is attracting customers. It is used for the cure of diabetes, eye disorders, and other diseases which encourage manufacturers to produce more items. The growing consciousness of health and wellness among consumers are increasing considerably and carotenoids are a powerful antioxidants employed in making skincare products are increasing requirements and enhancing the market growth.
The market trend is the growing demand for natural foodstuff is impelling the market growth. The rising strictness towards the synthetic ingredients and chemicals owing to their harmful effect on the health of animals is pushing demand for the pigments. The end users are inclining towards products with natural components due to its benefits for health and beauty.
Comprehensive Analysis of Carotenoids Market
The carotenoids market and food & beverages industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a complete regional estimation considering the dominant supply and demand forces that impact the food & beverages industry. These segmentations are methodically divided into type, source, and application. The types include beta-carotene, lutein, zeaxanthin, astaxanthin, lycopene, canthaxanthin, and others. The sources are synthetic and natural. The applications involve animal feed, personal care & cosmetics, dietary supplements, and pharmaceuticals.
The Europe region is conducive to the global carotenoids market, leading to a recall of USD 598.6 million owing to high demand for food coloring agents and the presence of well-established and large mammal nourishing and cosmetic trades in the region is bolstering the market growth.
The top players in the market play a decisive role in the food & beverages industry assuring industrial prospectus growth and setting market standards. These players include Algatech Ltd. (Ketura, Israel), Allied Biotech Corporation (Karlsruhe, Germany), BASF SE (Ludwigshafen, Germany), Kemin Industries (Delaware, United States), Chr. Hansen Holdings A/S (Horsholm, Denmark), DDW The Color House (Louisville, United States), FMC Corporation (Pennsylvania, United States), Novus International Inc. (Missouri, United States), DOHLER GmbH (Darmstadt, Germany), and Sensient Technologies (Wisconsin, United States), these market players provide a level-playing competitive landscape.
In May 2019, Algatech unveiled its new product, AstaPure-EyeQ, a natural powder to support eye and brain health. The recently launched product is clinically maintained and microencapsulated powder that has double bioavailability as compared to standard products present within the market.
Segmentation Table
Global Carotenoids Market Scope
ATTRIBUTE DETAILS
Study Period 2016-2027
Base Year 2019
Forecast Period 2020-2027
Historical Period 2016-2018
Unit Value (USD Billion)
Segmentation Type, Source, Application, and Region
By Type
Astaxanthin
Beta-carotene
Lutein
Zeaxanthin
Lycopene
Canthaxanthin
Others
By Source
Synthetic
Natural
By Application
Animal Feed
Food & Beverages
Dietary Supplements
Personal Care & Cosmetics
Pharmaceuticals
By Geography
North America
By Type
By Source
By Application
By Country
U.S.
Canada
Mexico
Europe
By Type
By Source
By Application
By Country
Germany
France
Italy
Spain
United Kingdom
Rest of Europe
Asia Pacific
By Type
By Source
By Application
By Country
China
India
Japan
Australia
Rest of Asia Pacific
South America
By Type
By Source
By Application
By Country
Brazil
Argentina
Rest of South America
The Middle East & Africa
By Type
By Source
By Application
By Country
South Africa
UAE
Rest of Middle East & Africa
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Overview of the Parent Market
- 4.2. Regulatory Analysis
- 4.3. Supply Chain Analysis
- 4.4. Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- 4.5. Qualitative Analysis (in relation to COVID-19)
- 4.5.1. Impact of COVID-19
- 4.5.2. Supply Chain Challenges
- 4.5.3. Potential Opportunities due to COVID-19
- 5. Global Carotenoids Market Analysis, Insights and Forecast, 2016-2027
- 5.1. Key Findings / Summary
- 5.2. Market Size Estimates and Forecasts
- 5.2.1. By Type (Value)
- 5.2.1.1. Astaxanthin
- 5.2.1.2. Beta-carotene
- 5.2.1.3. Lutein
- 5.2.1.4. Zeaxanthin
- 5.2.1.5. Lycopene
- 5.2.1.6. Canthaxanthin
- 5.2.1.7. Others
- 5.2.2. By Source (Value)
- 5.2.2.1. Synthetic
- 5.2.2.2. Natural
- 5.2.3. By Application (Value)
- 5.2.3.1. Animal Feed
- 5.2.3.2. Food & Beverages
- 5.2.3.3. Dietary Supplements
- 5.2.3.4. Personal Care & Cosmetics
- 5.2.3.5. Pharmaceuticals
- 5.2.4. By Region
- 5.2.4.1. North America
- 5.2.4.2. Europe
- 5.2.4.3. Asia pacific
- 5.2.4.4. South America
- 5.2.4.5. Middle East & Africa
- 6. North America Carotenoids Market Analysis, Insights and Forecast, 2016-2027
- 6.1. Key Findings / Summary
- 6.2. Market Size Estimates and Forecasts
- 6.2.1. By Type (Value)
- 6.2.1.1. Astaxanthin
- 6.2.1.2. Beta-carotene
- 6.2.1.3. Lutein
- 6.2.1.4. Zeaxanthin
- 6.2.1.5. Lycopene
- 6.2.1.6. Canthaxanthin
- 6.2.1.7. Others
- 6.2.2. By Source (Value)
- 6.2.2.1. Synthetic
- 6.2.2.2. Natural
- 6.2.3. By Application (Value)
- 6.2.3.1. Animal Feed
- 6.2.3.2. Food & Beverages
- 6.2.3.3. Dietary Supplements
- 6.2.3.4. Personal Care & Cosmetics
- 6.2.3.5. Pharmaceuticals
- 6.2.4. By Country (Value)
- 6.2.4.1. U.S.
- 6.2.4.2. Canada
- 6.2.4.3. Mexico
- 7. Europe Carotenoids Market Analysis, Insights and Forecast, 2016-2027
- 7.1. Key Findings / Summary
- 7.2. Market Size Estimates and Forecasts
- 7.2.1. By Type (Value)
- 7.2.1.1. Astaxanthin
- 7.2.1.2. Beta-carotene
- 7.2.1.3. Lutein
- 7.2.1.4. Zeaxanthin
- 7.2.1.5. Lycopene
- 7.2.1.6. Canthaxanthin
- 7.2.1.7. Others
- 7.2.2. By Source (Value)
- 7.2.2.1. Synthetic
- 7.2.2.2. Natural
- 7.2.3. By Application (Value)
- 7.2.3.1. Animal Feed
- 7.2.3.2. Food & Beverages
- 7.2.3.3. Dietary Supplements
- 7.2.3.4. Personal Care & Cosmetics
- 7.2.3.5. Pharmaceuticals
- 7.2.4. By Country (Value)
- 7.2.4.1. Germany
- 7.2.4.2. France
- 7.2.4.3. Italy
- 7.2.4.4. U.K.
- 7.2.4.5. Spain
- 7.2.4.6. Rest of Europe
- 8. Asia Pacific Carotenoids Market Analysis, Insights and Forecast, 2016-2027
- 8.1. Key Findings / Summary
- 8.2. Market Size Estimates and Forecasts
- 8.2.1. By Type (Value)
- 8.2.1.1. Astaxanthin
- 8.2.1.2. Beta-carotene
- 8.2.1.3. Lutein
- 8.2.1.4. Zeaxanthin
- 8.2.1.5. Lycopene
- 8.2.1.6. Canthaxanthin
- 8.2.1.7. Others
- 8.2.2. By Source (Value)
- 8.2.2.1. Synthetic
- 8.2.2.2. Natural
- 8.2.3. By Application (Value)
- 8.2.3.1. Animal Feed
- 8.2.3.2. Food & Beverages
- 8.2.3.3. Dietary Supplements
- 8.2.3.4. Personal Care & Cosmetics
- 8.2.3.5. Pharmaceuticals
- 8.2.4. By Region (Value)
- 8.2.4.1. China
- 8.2.4.2. India
- 8.2.4.3. Japan
- 8.2.4.4. Australia
- 8.2.4.5. Rest of Asia Pacific
- 9. South America Carotenoids Market Analysis, Insights and Forecast, 2016-2027
- 9.1. Key Findings / Summary
- 9.2. Market Size Estimates and Forecasts
- 9.2.1. By Type (Value)
- 9.2.1.1. Astaxanthin
- 9.2.1.2. Beta-carotene
- 9.2.1.3. Lutein
- 9.2.1.4. Zeaxanthin
- 9.2.1.5. Lycopene
- 9.2.1.6. Canthaxanthin
- 9.2.1.7. Others
- 9.2.2. By Source (Value)
- 9.2.2.1. Synthetic
- 9.2.2.2. Natural
- 9.2.3. By Application (Value)
- 9.2.3.1. Animal Feed
- 9.2.3.2. Food & Beverages
- 9.2.3.3. Dietary Supplements
- 9.2.3.4. Personal Care & Cosmetics
- 9.2.3.5. Pharmaceuticals
- 9.2.4. By Region (Value)
- 9.2.4.1. Brazil
- 9.2.4.2. Argentina
- 9.2.4.3. Rest of South America
- 10. Middle East & Africa Carotenoids Market Analysis, Insights and Forecast, 2016-2027
- 10.1. Key Findings / Summary
- 10.2. Market Size Estimates and Forecasts
- 10.2.1. By Type (Value)
- 10.2.1.1. Astaxanthin
- 10.2.1.2. Beta-carotene
- 10.2.1.3. Lutein
- 10.2.1.4. Zeaxanthin
- 10.2.1.5. Lycopene
- 10.2.1.6. Canthaxanthin
- 10.2.1.7. Others
- 10.2.2. By Source (Value)
- 10.2.2.1. Synthetic
- 10.2.2.2. Natural
- 10.2.3. By Application (Value)
- 10.2.3.1. Animal Feed
- 10.2.3.2. Food & Beverages
- 10.2.3.3. Dietary Supplements
- 10.2.3.4. Personal Care & Cosmetics
- 10.2.3.5. Pharmaceuticals
- 10.2.4. By Region (Value)
- 10.2.4.1. South Africa
- 10.2.4.2. UAE
- 10.2.4.3. Rest of Middle East & Africa
- 11. Competitive Matrix
- 11.1. Business Strategies Adopted by Leading Players
- 12. Global Carotenoids Market Revenue/Ranking Share Analysis, By Key Manufacturer, 2019
- 13. Company Profiles
- 13.1. BASF SE
- 13.1.1. Overview
- 13.1.2. Description
- 13.1.3. Product Portfolio
- 13.1.4. Financials (Data as available in public domain and/or on paid databases)
- 13.1.5. Recent Developments
- 13.2. Cyanotech Corporation
- 13.2.1. Overview
- 13.2.2. Description
- 13.2.3. Product Portfolio
- 13.2.4. Financials (Data as available in public domain and/or on paid databases)
- 13.2.5. Recent Developments
- 13.3. Chr. Hansen Holding A/S
- 13.3.1. Overview
- 13.3.2. Description
- 13.3.3. Product Portfolio
- 13.3.4. Financials (Data as available in public domain and/or on paid databases)
- 13.3.5. Recent Developments
- 13.4. Sensient Technologies
- 13.4.1. Overview
- 13.4.2. Description
- 13.4.3. Product Portfolio
- 13.4.4. Financials (Data as available in public domain and/or on paid databases)
- 13.4.5. Recent Developments
- 13.5. DDW The Color House
- 13.5.1. Overview
- 13.5.2. Description
- 13.5.3. Product Portfolio
- 13.5.4. Financials (Data as available in public domain and/or on paid databases)
- 13.5.5. Recent Developments
- 13.6. Dohler Group
- 13.6.1. Overview
- 13.6.2. Description
- 13.6.3. Product Portfolio
- 13.6.4. Financials (Data as available in public domain and/or on paid databases)
- 13.6.5. Recent Developments
- 13.7. LycoRed
- 13.7.1. Overview
- 13.7.2. Description
- 13.7.3. Product Portfolio
- 13.7.4. Financials (Data as available in public domain and/or on paid databases)
- 13.7.5. Recent Developments
- 13.8. Novus International Inc.
- 13.8.1. Overview
- 13.8.2. Description
- 13.8.3. Product Portfolio
- 13.8.4. Financials (Data as available in public domain and/or on paid databases)
- 13.8.5. Recent Developments
- 13.9. Allied Biotech Corporation
- 13.9.1. Overview
- 13.9.2. Description
- 13.9.3. Product Portfolio
- 13.9.4. Financials (Data as available in public domain and/or on paid databases)
- 13.9.5. Recent Developments
- 13.10. Fuji Chemical Industries Co. Ltd.
- 13.10.1. Overview
- 13.10.2. Description
- 13.10.3. Product Portfolio
- 13.10.4. Financials (Data as available in public domain and/or on paid databases)
- 13.10.5. Recent Developments
- 14. Appendix
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