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
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.
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 (000’ 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.