Carotenoids Market by Type (Astaxanthin, Beta-Carotene, Lutein, Lycopene, Canthaxanthin, Zeaxanthin), Formulations (Oil Suspension, Powder, Beadlet, and Emulsion), Source (Natural And Synthetic), Application and Region - Global Forecast to 2029

Carotenoids Market by Type (Astaxanthin, Beta-Carotene, Lutein, Lycopene, Canthaxanthin, Zeaxanthin), Formulations (Oil Suspension, Powder, Beadlet, and Emulsion), Source (Natural And Synthetic), Application and Region - Global Forecast to 2029

The global market for Carotenoids is estimated at USD 2.5 billion in 2024 and is projected to reach USD 3.4 billion by 2029, at a CAGR of 6.3% during the forecast period. Shifting consumer preferences towards organic and sustainably produced food products are further fueling the demand for carotenoids. People utilize various types of carotenoids for their diverse array of health benefits and functional properties. Some carotenoids, like β-carotene, are valued for their role as precursors to vitamin A, essential for vision and immune function. Others, such as lutein and zeaxanthin, are prized for their antioxidant properties, which help protect cells from damage caused by free radicals. Additionally, astaxanthin is sought after for its potential anti-inflammatory, skin-protective effects and feed use. Overall, the combination of increasing demand, growth of feed industry, changing consumer preferences, and supportive government policies is driving the growth of the carotenoids market, with promising prospects for further expansion in the future.

“Strong demand for carotenoids in dietary supplements.”

Carotenoids play a pivotal role in dietary supplements, offering a multitude of health benefits and contributing to overall well-being. As potent antioxidants, carotenoids such as beta-carotene, lutein, and lycopene help neutralize harmful free radicals, reducing the risk of chronic diseases like cancer and heart disease. Additionally, carotenoids like astaxanthin and zeaxanthin support eye health, protecting against age-related macular degeneration and improving visual acuity. The increasing awareness of preventive healthcare and the pursuit of healthy lifestyles have fueled the demand for dietary supplements globally. As people seek convenient ways to bolster their nutritional intake, the use of carotenoids in dietary supplements continues to rise, offering consumers a convenient and effective means to support their health and well-being.

“Astaxanthin is dominating in the Carotenoids market within the type segment. “

The astaxanthin market is experiencing robust growth due to its versatile applications and associated health benefits. As a potent antioxidant, astaxanthin finds extensive use in dietary supplements, cosmetics, and animal feed industries. Its ability to combat oxidative stress and inflammation, support cardiovascular health, and enhance skin appearance drives its popularity among consumers. Moreover, the rising demand for natural alternatives to synthetic additives in food and cosmetics further propels market expansion. Additionally, the increasing adoption of astaxanthin in aquaculture to improve the pigmentation and health of farmed fish contributes significantly to market growth, fueling its upward trajectory.

“Within the formulation segment of Carotenoids market, beadlet has highest market share during the forecast period.”

In the formulation segment of the Carotenoids market, the beadlet form is anticipated to witness continuous growth throughout the forecast period. This trend can be attributed to several factors driving the preference for beadlet over other forms of formulations. Beadlets represent the predominant formulation for delivering carotenoids, characterized by spherical granules ranging from 500 to 2000 µm in size, featuring uniform distribution. Their multi particulate nature offers notable technological advantages over conventional solid dosage forms. Produced through spray drying or starch catching drying methods, beadlet formulations exhibit facile solubility in cold water, rendering them particularly suitable for incorporation into food and beverage products and dietary supplements. With proper storage and packaging, carotenoid beadlets maintain a shelf life of approximately two years. This technology enables the incorporation of delicate ingredients into supplements, shielding them from the formulation stress associated with tablet compression, while also enhancing stability and shelf life.

“The Carotenoids market in Asia Pacific is anticipated to maintain highest CAGR throughout the forecast period.”

The anticipated consistent growth of the Carotenoids market in Asia Pacific can be attributed to several factors. The economic expansion across the Asia Pacific region has spurred urbanization and industrialization, leading to varying levels of carotenoid consumption in different countries. Research indicates that the feed industry represents the largest consumer of carotenoids, followed by health supplements. Factors driving this trend include consumer preferences for healthy foods and the escalating demand for meat and seafood. China emerges as the primary consumer of carotenoids in the region, trailed by Japan and India. The burgeoning pharmaceutical sector in countries like China, India, and Japan further propels the carotenoid market. Increasing meat production, particularly in China and India, is fueling demand for carotenoids to enhance feed quality and improve livestock health. These compounds not only boost the nutritional value of feed but also contribute to cost reduction and meat quality enhancement. Carotenoids play a crucial role in fortifying animal diets, thereby meeting the escalating demand for pork and poultry products in the region. This combination of factors is likely to sustain the growth trajectory of the Carotenoids market in Asia Pacific over the forecast period.

The Break-up of Primaries:

By Value Chain Side: Demand Side – 41% and Supply Side – 59%

By Designation: CXOs – 31%, Managers – 24%, Executives – 45%

By Region: North America – 25%, Europe – 25%, APAC – 25%, South America – 15%, and Middle East and Africa - 10%

Key players in this market include DSM (Netherlands), BASF SE (Germany), Cyanotech Corporation (US), Givaudan (Switzerland), ADM (US), NHU (China), Divi's Laboratories Limited (India), Allied Biotech Corporation (Taiwan), Lycored (US), Kemin Industries, Inc. (US), Fuji Chemical Industries Co., Ltd. (Japan), EW Nutrition (Germany), Döhler GmbH (Germany), ExcelVite (Malaysia) and Farbest Brands (US).

Research Coverage:

The report segments the carotenoids market based on type, formulation, application, source, and region. In terms of insights, this report has focused on various levels of analyses—the competitive landscape, end-use analysis, and company profiles, which together comprise and discuss views on the emerging & high-growth segments of the carotenoids market, high-growth regions, countries, government initiatives, drivers, restraints, opportunities, and challenges. A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, services, key strategies, contracts, partnerships, and agreements. New product launches, mergers and acquisitions, and recent developments associated with the carotenoids market. Competitive analysis of upcoming startups in the Carotenoids market ecosystem is covered in this report.

Reasons to buy this report:

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall carotenoids market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities. The report provides insights on the following pointers:

Analysis of key drivers (carotenoids are beneficial in preventive healthcare, increasing use of natural carotenoids as food colorants, the growth of the end-user industries is projected to drive the demand for carotenoids, innovative technologies for the extraction of carotenoids, & increase in consumer preference for organic products), restraints (Stringent regulatory norms are projected to hamper the market growth & Risks associated with high doses of carotenoids) opportunities (opportunity to expand in the high-growth potential markets such as developing countries from Asia Pacific and South America region, expanding scope of research within the feed industry & safety reassessment of synthetic food colors), and challenges (difficulty in meeting the requisite quality standards & high production costs restrict the entry of smaller players).

Product Development/Innovation: Detailed insights on research & development activities and new product launches in the carotenoids market.

Market Development: Comprehensive information about lucrative markets – the report analyses the carotenoids market across varied regions.

Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the carotenoids market.

Competitive Assessment: In-depth assessment of market shares, growth strategies, and product offerings of leading players like DSM (Netherlands), BASF SE (Germany), Cyanotech Corporation (US), Givaudan (Switzerland), ADM (US), NHU (China), Divi's Laboratories Limited (India), Allied Biotech Corporation (Taiwan), Lycored (US), Kemin Industries, Inc. (US), Fuji Chemical Industries Co., Ltd. (Japan), EW Nutrition (Germany), Döhler GmbH (Germany), ExcelVite (Malaysia), Farbest Brands (US), Solabia Group (France), VIDYA EUROPE SAS (France), AROMATAGROUP SRL CON SOCIO UNICO (Italy), Valensa International (US), BGG World (China), Kalsec Inc. (US), Ambe Phytoextracts Pvt. Ltd. (India), Vidya Herbs Pvt. Ltd. (India), ASTAMAZ NZ LTD. (New Zealand), Xiamen Sinoway Co., Ltd. (China).