Carotenoid Market Analysis, Share, Size & Trends 2031

Segments - Carotenoid Market by 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) and Geography (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

Author : Anuradha B. More

Fact-checked by : Vaibhav Chandola

Editor : Shruti Bhat

Report Description

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.

Attributes	Details
Report Title	Carotenoid Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2022
Historic Data	2016–2021
Forecast Period	2023–2031
Segmentation	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)
Geographical Scope	Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Report Coverage	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.

Segments

The carotenoid market has been segmented on the basis of

Type

Annatto
Astaxanthin
Beta-carotene
Canthaxanthin
Lutein
Lycopene
Zeaxanthin
Others

Source

Natural
Synthetic

Application

Animal Feed
Food & Beverages
Dietary Supplements
Cosmetics
Pharmaceuticals

Geography

Asia Pacific
North America
Latin America
Europe
Middle East & Africa

Key Players

BASF
D.D. Williamson & Co.
Royal DSM
Sensient technologies
Chr. Hansen Holding A/S

Competitive Landscape

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.

Global Carotenoid Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Carotenoid Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Carotenoid Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Carotenoid Market - Supply Chain
  4.5. Global Carotenoid Market Forecast
     4.5.1. Carotenoid Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Carotenoid Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Carotenoid Market Absolute $ Opportunity
5. Global Carotenoid Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Carotenoid Market Size and Volume Forecast by Types
     5.3.1. Annatto
     5.3.2. Astaxanthin
     5.3.3. Beta-carotene
     5.3.4. Canthaxanthin
     5.3.5. Lutein
     5.3.6. Lycopene
     5.3.7. Zeaxanthin
     5.3.8. Others
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Carotenoid Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Carotenoid Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Carotenoid Demand Share Forecast, 2019-2026
7. North America Carotenoid Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Carotenoid Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Carotenoid Market Size and Volume Forecast by Types
     7.4.1. Annatto
     7.4.2. Astaxanthin
     7.4.3. Beta-carotene
     7.4.4. Canthaxanthin
     7.4.5. Lutein
     7.4.6. Lycopene
     7.4.7. Zeaxanthin
     7.4.8. Others
  7.5. Basis Point Share (BPS) Analysis by Types
  7.6. Y-o-Y Growth Projections by Types
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Carotenoid Demand Share Forecast, 2019-2026
8. Latin America Carotenoid Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Carotenoid Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Carotenoid Market Size and Volume Forecast by Types
     8.4.1. Annatto
     8.4.2. Astaxanthin
     8.4.3. Beta-carotene
     8.4.4. Canthaxanthin
     8.4.5. Lutein
     8.4.6. Lycopene
     8.4.7. Zeaxanthin
     8.4.8. Others
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Carotenoid Demand Share Forecast, 2019-2026
9. Europe Carotenoid Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Carotenoid Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Carotenoid Market Size and Volume Forecast by Types
     9.4.1. Annatto
     9.4.2. Astaxanthin
     9.4.3. Beta-carotene
     9.4.4. Canthaxanthin
     9.4.5. Lutein
     9.4.6. Lycopene
     9.4.7. Zeaxanthin
     9.4.8. Others
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Carotenoid Demand Share Forecast, 2019-2026
10. Asia Pacific Carotenoid Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Carotenoid Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Carotenoid Market Size and Volume Forecast by Types
     10.4.1. Annatto
     10.4.2. Astaxanthin
     10.4.3. Beta-carotene
     10.4.4. Canthaxanthin
     10.4.5. Lutein
     10.4.6. Lycopene
     10.4.7. Zeaxanthin
     10.4.8. Others
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Carotenoid Demand Share Forecast, 2019-2026
11. Middle East & Africa Carotenoid Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Carotenoid Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Carotenoid Market Size and Volume Forecast by Types
     11.4.1. Annatto
     11.4.2. Astaxanthin
     11.4.3. Beta-carotene
     11.4.4. Canthaxanthin
     11.4.5. Lutein
     11.4.6. Lycopene
     11.4.7. Zeaxanthin
     11.4.8. Others
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Carotenoid Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Carotenoid Market: Market Share Analysis
  12.2. Carotenoid Distributors and Customers
  12.3. Carotenoid Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. BASF
     12.4.2. D.D. Williamson & Co.
     12.4.3. Royal DSM
     12.4.4. Sensient technologies
     12.4.5. Chr. Hansen Holding A/S
     12.4.6.