Carotenoid Market Outlook 2031
The carotenoid market size was USD 1.70 Billion in 2022 and is projected to reach USD 2.46 Billion by 2031 register a substantial CAGR 4.2% during the forecast period, 2023–2031. The growth of the market is attributed to the rising demand for food fortified with carotenoids as consumers become aware of clean-label solutions and health-based items, which presents a significant potential for manufacturers, particularly in developing nations such as Asia-Pacific.
Plants, algae, and photosynthetic bacteria produce carotenoids, which are natural pigments. Carotenoids are mostly obtained from plants, according to the producers. Papaya, apricot, pineapple, peach, pumpkin, orange, carrot, and corn are good sources of carotenoids. Carotenoids contain antioxidant qualities that aid in the prevention of oxidative stress a major cause of ageing and degeneration.
Increased intake of carotenoids is linked to improvements in a number of indicators that aid in immune function. They also have anticancer, anti-inflammatory, and chemo protective effects, which aid in the prevention of infections, illnesses, and severe diseases like cancer. Carotenoids are powerful antioxidants that can help your immune system and protect you from illness.
Vitamin A, which is required for development, immune system function, and eye health, may be produced from provitamin A carotenoids. They are organic pigments present in a wide range of plants and animals.
Carotenoid Market Trends, Drivers, Restraints, and Opportunities
- Rising awareness of clean-label solutions and health-based items among customers is projected to fuel the market during the forecast period.
- Increasing significance of food quality and aesthetics are key factors propelling the market in the coming years.
- Stringent government rules governing product approval is expected to restrict the market growth.
- High carotenoids dosages that cause hazardous side effects act as major challenge that can hinder the market during the forecast period.
- R&D investment and technological advancement is expected to created lucrative opportunities for the market players.
Scope of The Carotenoid Market Report
The report on the carotenoid market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Carotenoid Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Type (Annatto, Astaxanthin, Beta-carotene, Canthaxanthin, Lutein, Lycopene, Zeaxanthin, and Others), Source (Natural and Synthetic), Application (Animal Feed, Food & Beverages, Dietary Supplements, Cosmetics, and Pharmaceuticals)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
BASF; D.D. Williamson & Co.; Royal DSM; Sensient technologies; and Chr. Hansen Holding A/S
Carotenoid Market Segment Insights
The lutein segment is projected to hold a major market share
Based on type, the carotenoid market is divided into annatto, astaxanthin, beta-carotene, canthaxanthin, lutein, lycopene, zeaxanthin, and others. The lutein segment is expected to represent a key share of the market during the forecast period. Lutein is produced by plants and is found in a variety of foods, including egg yolks, carrots, spinach, kale, squash, grapes, and pepper.
It can be found in both human and animal nutrition products. Its widespread acceptance as a treatment for age-related eye diseases such as cataracts and macular degeneration is a major element driving demand. A substantial amount of research suggests that lutein provides a number of health benefits, particularly for eye health.
The natural segment is expected to grow at a rapid pace
On the basis of source, the carotenoid market is bifurcated into natural and synthetic. The natural segment is expected to represent a key share of the market during the forecast period. The buyer's purchasing interest rises when businesses claim to use natural colors, and customers expect more transparency in their food and drinks.
Carotenoids, like lycopene in tomatoes and beta-carotene in carrots, generate a variety of hues from yellow to red, while anthocyanin’s, like grape skin extract, produce red, blue, and purple colors in fruits and vegetables. The worldwide carotenoid market is being driven by growing awareness and use of naturally derived colors from sources such as tomato and carrot.
The animal feed segment is anticipated to expand at a high CAGR
In terms of application, the carotenoid market is segregated into animal feed, food & beverages, dietary supplements, cosmetics, and pharmaceuticals. The animal feed segment is expected to represent a key share of the market during the forecast period. Due to coloring qualities, carotenoids are widely used in animal nutrition products and are put into feed to color egg yolks, broiler skin, fish, and crustaceans.
Animal feed is the food that is fed to domestic animals, particularly cattle, in the course of their care. Beta-carotene improves the fertility of cattle, pigs, and horses, whereas astaxanthin and canthaxanthin aid salmon and larval fish development.
Europe is expected to dominate the market
On the basis of geography, the carotenoid market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Europe is anticipated to dominate the market during the forecast period. Due to rising need for clean label goods and increased health consciousness, the carotenoid market in North America and Europe is the leading.
Furthermore, growing food safety concerns in the UK are pressuring manufacturers to adopt clean labeling, which is driving demand for natural colors. Changes in consumer lifestyle and food consumption have boosted the carotenoid market in the Asia-Pacific region.
The carotenoid market has been segmented on the basis of
- Animal Feed
- Food & Beverages
- Dietary Supplements
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
Key players competing in the carotenoid market include BASF, D.D. Williamson & Co., Royal DSM, Sensient technologies, and Chr. Hansen Holding A/S.
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.