Global Carotenoids Market 2024

Global Carotenoids Market 2024

The global carotenoids market is likely to register a CAGR of over 4.5% with an incremental growth of USD 0.7 billion during the forecast period 2024-2030. Carotenoids are natural pigments found in plants, algae, and photosynthetic bacteria, contributing to their vibrant yellow, red, and orange hues. The market for carotenoids is primarily propelled by escalating demand across various sectors including food and beverage, supplements, and cosmetics. This surge in demand is fueled by shifting consumer preferences towards natural and organic products, driven by a growing health-consciousness among consumers.

Carotenoids are extracted from natural sources such as plants, flowers, and microalgae, and they are also synthesized. Their utilization in personal care products and cosmetics is on the rise, aligning with the increasing preference for natural-based formulations. Carotenoids like lycopene, beta-carotene, and others not only enhance smoothness but also offer skin protection against damage.

In the food and beverage industry, carotenoids serve as natural food colorants, adding allure to products such as bakery items, confectionery, soft drinks, and fruit beverages. This trend is supported by rising consumer awareness regarding synthetic ingredients, driving the demand for carotenoids in these applications.

Moreover, specific carotenoids like carotene, zeaxanthin, lutein, and pro-vitamin A are beneficial for eye health, being naturally present in the human eye's retina. This has led to an increased uptake of carotenoids in dietary supplements, as they play a role in preventing diseases like macular degeneration, heart disease, cancer, and others. The growing emphasis on preventive healthcare further contributes to the rising demand for carotenoids in the market.

This comprehensive industry report provides market estimates and forecasts, accompanied by a detailed examination of the product, source, end user, and region aspects. It delivers a quantitative analysis of the market, empowering stakeholders to leverage existing market opportunities. Furthermore, the report identifies key segments for potential opportunities and strategies, drawing insights from market trends and the approaches of leading competitors.

The global carotenoids market has been extensively analyzed by categorizing it according to various sub-segments in order to provide accurate forecasts of industry size and assess trends within specific areas.

The global market for carotenoids can be segmented by product: annatto, apocarotenal, astaxanthin, beta carotene, canthaxanthin, capsanthin, lutein, lycopene, zeaxanthin, others. In 2023, the astaxanthin segment made up the largest share of revenue generated by the carotenoids market.

Carotenoids market is further segmented by source: natural, synthetic. Synthetic held the highest share in the global carotenoids market. However, the natural segment is forecast to register the highest CAGR during the forecast period 2024 - 2030.

Based on end user, the carotenoids market is segmented into: animal feed, cosmetics, dietary supplements, food and beverages, pharmaceuticals, others. The animal feed segment is estimated to account for the largest share of the global carotenoids market.

On the basis of region, the carotenoids market also can be divided into: North America, Europe, Asia-Pacific, MEA (Middle East and Africa), Latin America. Europe held the highest share in the global carotenoids market. However, Asia-Pacific is forecast to register the highest CAGR during the forecast period 2024 - 2030.

The report also provides analysis of the key companies of the industry and their detailed company profiles including Allied Biotech Corporation, Archer-Daniels-Midland Company (ADM), BASF SE, Beijing Gingko Group Co., Ltd., Cyanotech Corporation, Divi's Laboratories Limited, Döhler Group SE, EID Parry Limited, Fuji Chemical Industries Co., Ltd., Givaudan SA, Guangzhou Juyuan Bio-chem Co., Ltd., Guangzhou Leader Bio-Technology Co., Ltd., Guangzhou Wisdom Biotechnology Co., Ltd., Jiangxi Kexing Pharmaceuticals Co., Ltd., Kemin Industries, Inc., Koninklijke DSM N.V., Lycored Ltd. (ADAMA Ltd), Oterra A/S (Chr. Hansen Natural Colors A/S), Piveg, Inc., Sensient Technologies Corp., Shandong Tianyin Biotechnology Co., Ltd., Shengzhou Chengxi Biotechnology Co., Ltd., Solabia SAS, Synthite Industries Ltd., Zhejiang Medicine Co., Ltd., Zhejiang NHU Co. Ltd., among others. In this report, key players and their strategies are thoroughly analyzed to understand the competitive outlook of the market.

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Market Segments Covered in Global Carotenoids Industry Analysis:

i.) Product

• Annatto
• Apocarotenal
• Astaxanthin
• Beta carotene
• Canthaxanthin
• Capsanthin
• Lutein
• Lycopene
• Zeaxanthin
• Others

ii.) Source

• Natural
• Synthetic

iii.) End user

• Animal feed
• Cosmetics
• Dietary supplements
• Food and beverages
• Pharmaceuticals
• Others

iv.) Region

• North America
• Europe
• Asia-Pacific
• MEA (Middle East and Africa)
• Latin America