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Carotenoids Market Trends, Growth, Industry & Revenue [2031]

Global Carotenoids Market

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Segments - by Types (Zeaxanthin, Lycopene, Lutein, Canthaxanthin, Beta-carotene, Astaxanthin, and Others), Sources (Synthetic and Natural), Formulations (Beadlet, Emulsion, Oil Suspension, and Powder), Applications (Cosmetics, Dietary Supplements, Feed, Food & Beverages, and Pharmaceuticals), and Regions (Asia Pacific, North America, Europe, Latin America, and Middle East & Africa) Forecasts, 2023-2031

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Report Description

Carotenoids Market Outlook 2031

The global carotenoids market size was USD 1.87 Billion in 2022 and is anticipated to reach USD 2.64 Billion by 2031 expand at a robust CAGR 3.9% during the forecast period, between 2023 - 2031. Carotenoids are one of the most well-known pigments derived from photosynthetic microorganisms, plants, and algae. Papaya, carrot, apricot, orange, pumpkin, pineapple, and corn are some of the other significant natural sources of carotenoids.

They are a type of phytonutrient that are vital for plant health and high in other nutrients such as vitamin A and antioxidants. These products function as antioxidants that help in protecting the body against cellular damage, chronic diseases, and the consequences of ageing. These nutrients are widely used in the food & beverage industry as the overall aesthetics of food products are enhanced by making them more aesthetically appealing.

Carotenoids Market Trends, Drivers, Restraints, and Opportunities:

Wide application of carotenoids in food products along with enhancing food quality is a key factor boosting the market.
Rising frequency of cancer and other age-related ophthalmic illnesses are primary reasons for driving market expansion.
Increasing use of the products in dietary supplements due to rising number of health-conscious population presents a key factor raising the demand of carotenoids.
Technological developments in extraction technologies as well as increased demand for natural coloring are expected to boost the market.
High price differential between natural tetraterpenoids and synthetic carotenoids is a major challenge. This is expected to be a major hindrance to market growth.
Growing R&D for the creation of high-value natural carotenoids is likely to open up new market growth opportunities.

Scope of The Carotenoids Market Report:

The report on the global carotenoids market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Attributes	Details
Report Title	Carotenoids Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2022
Historic Data	2016–2021
Forecast Period	2023–2031
Segmentation	Types (Zeaxanthin, Lycopene, Lutein, Canthaxanthin, Beta-carotene, Astaxanthin, and Others), Sources (Synthetic and Natural), Formulations (Beadlet, Emulsion, Oil Suspension, and Powder), Applications (Cosmetics, Dietary Supplements, Feed, Food & Beverages, and Pharmaceuticals)
Regional 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; AlgaTechnologies Ltd.; Koninklijke DSM; Chr. Hansen; Kemin Industries; Lycored Limited; Fuji Chemical Industry Co. Ltd.; Cyanotech Corporation; DDW The Color House; Novus International; Allied Biotech Corporation; Dohler Group; Farbest Brands; Dynadis SARL; and VIDYA HERBS

Global Carotenoids Market Segment Insights

Lutein segment to hold significant market share

Based on types, the global carotenoids market is fragmented into zeaxanthin, lycopene, lutein, canthaxanthin, beta-carotene, astaxanthin, and others. The lutein segment is projected to hold significant market share due to wide use of lutein for various applications across food items. Lutein is basically found in a variety of plants or vegetables including carrots, egg yolks, squash, spinach, grapes, kale, and pepper.

Additionally, it is found in both animal nutrition and human products. Its widespread acceptance as a treatment for age-related eye problems such as macular degeneration and cataracts is a key element driving the segment growth.

Natural source segment to account for substantial share

On the basis of sources, the market is bifurcated into synthetic and natural. The natural source segment is anticipated to account for substantial share of the market due to their low cost and simplicity of extraction.

However, the need for pigments derived from natural sources is increasing as customers tend to prefer toward natural ingredients products associated with pharmaceuticals, food, and cosmetics. Moreover, increasing number of population preferring organic products is a key driver of the segment growth.

Beadlet segment to expand at a robust growth pace

In terms of formulations, the global carotenoids market is segmented into beadlet, emulsion, oil suspension, and powder. The beadlet segment is anticipated to expand at a robust growth pace during the projected timeline as beadlets are free-flowing spherical particles created by the use of spray drying technology.

They are typically stored in a dry, cold place away from heat, direct light, and oxygen, in an aluminum foil bag. Other significant advantages of utilizing beadlet formulations include improved cold water dispersion, stability, and shelf life extension.

Feed segment to register a substantial growth rate

Based on applications, the market is segregated into cosmetics, dietary supplements, feed, food & beverages, and pharmaceuticals. The feed segment is projected to register a substantial growth rate in the coming years owing to extensive use of carotenoids in feed to color broiler skin, egg yolks, crustaceans, and fish.

These applications also aid in raising immunity and improving animal health by improving nutrition quality, which acts as a key driver accelerating the segment growth. Feeding beta-carotene can boost the swine, fertility of cattle, and horses, whereas canthaxanthin and astaxanthin aid in the growth of larval fishes and salmon.

Europe is expected to dominate the market

In terms of regions, the global carotenoids market is categorized as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Europe is expected to dominate the market due to growing number of the ageing population and increasing demand for lycopene, lutein, and beta-carotene to treat cataracts and lower the risk of cancer, diabetes, and other heart-related diseases.

Segments

By Types

Zeaxanthin
Lycopene
Lutein
Canthaxanthin
Beta-carotene
Astaxanthin
Others

By Sources

Synthetic
Natural

By Formulations

Beadlet
Emulsion
Oil Suspension
Powder

By Applications

Cosmetics
Dietary Supplements
Feed
Food & Beverages
Pharmaceuticals

By Regions

Asia Pacific
North America
Latin America
Europe
Middle East & Africa

By Key Players

BASF
AlgaTechnologies Ltd.
Koninklijke DSM
Chr. Hansen
Kemin Industries
Lycored Limited
Fuji Chemical Industry Co. Ltd.
Cyanotech Corporation
DDW The Color House
Novus International
Allied Biotech Corporation
Dohler Group
Farbest Brands
Dynadis SARL
VIDYA HERBS

Competitive Landscape

Key players competing in the global carotenoids market are BASF; AlgaTechnologies Ltd.; Koninklijke DSM; Chr. Hansen; Kemin Industries; Lycored Limited; Fuji Chemical Industry Co. Ltd.; Cyanotech Corporation; DDW The Color House; Novus International; Allied Biotech Corporation; Dohler Group; Farbest Brands; Dynadis SARL; and VIDYA HERBS.

These players have actively engaged in several market development activities such as collaborations, agreements, mergers & acquisitions, production capacity expansion, new product launches, and partnerships to increase their market share.

Carotenoids Market key players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Carotenoids 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. Carotenoids Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Carotenoids Market - Supply Chain
  4.5. Global Carotenoids Market Forecast
     4.5.1. Carotenoids Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Carotenoids Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Carotenoids Market Absolute $ Opportunity
5. Global Carotenoids 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. Carotenoids Market Size and Volume Forecast by Types
     5.3.1. Zeaxanthin
     5.3.2. Lycopene
     5.3.3. Lutein
     5.3.4. Canthaxanthin
     5.3.5. Beta-carotene
     5.3.6. Astaxanthin
     5.3.7. Others
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Carotenoids Market Analysis and Forecast by Applications
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Applications
     6.2.2. Y-o-Y Growth Projections by Applications
  6.3. Carotenoids Market Size and Volume Forecast by Applications
     6.3.1. Cosmetics
     6.3.2. Dietary Supplements
     6.3.3. Feed
     6.3.4. Food & Beverages
     6.3.5. Pharmaceuticals
  6.4. Absolute $ Opportunity Assessment by Applications
  6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Carotenoids Market Analysis and Forecast by Region
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by Region
     7.2.2. Y-o-Y Growth Projections by Region
  7.3. Carotenoids Market Size and Volume Forecast by Region
     7.3.1. North America
     7.3.2. Latin America
     7.3.3. Europe
     7.3.4. Asia Pacific
     7.3.5. Middle East and Africa (MEA)
  7.4. Absolute $ Opportunity Assessment by Region
  7.5. Market Attractiveness/Growth Potential Analysis by Region
  7.6. Global Carotenoids Demand Share Forecast, 2019-2026
8. North America Carotenoids 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
  8.2. North America Carotenoids Market Size and Volume Forecast by Country
     8.2.1. U.S.
     8.2.2. Canada
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. North America Carotenoids Market Size and Volume Forecast by Types
     8.4.1. Zeaxanthin
     8.4.2. Lycopene
     8.4.3. Lutein
     8.4.4. Canthaxanthin
     8.4.5. Beta-carotene
     8.4.6. Astaxanthin
     8.4.7. Others
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. North America Carotenoids Market Size and Volume Forecast by Applications
     8.7.1. Cosmetics
     8.7.2. Dietary Supplements
     8.7.3. Feed
     8.7.4. Food & Beverages
     8.7.5. Pharmaceuticals
  8.8. Basis Point Share (BPS) Analysis by Applications
  8.9. Y-o-Y Growth Projections by Applications
  8.10. Market Attractiveness/Growth Potential Analysis
     8.10.1. By Country
     8.10.2. By Product Type
     8.10.3. By Application
  8.11. North America Carotenoids Demand Share Forecast, 2019-2026
9. Latin America Carotenoids 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. Latin America Average Pricing Analysis
  9.2. Latin America Carotenoids Market Size and Volume Forecast by Country
      9.2.1. Brazil
      9.2.2. Mexico
      9.2.3. Rest of Latin America
   9.3. Absolute $ Opportunity Assessment by Country
  9.4. Latin America Carotenoids Market Size and Volume Forecast by Types
     9.4.1. Zeaxanthin
     9.4.2. Lycopene
     9.4.3. Lutein
     9.4.4. Canthaxanthin
     9.4.5. Beta-carotene
     9.4.6. Astaxanthin
     9.4.7. Others
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Latin America Carotenoids Market Size and Volume Forecast by Applications
     9.7.1. Cosmetics
     9.7.2. Dietary Supplements
     9.7.3. Feed
     9.7.4. Food & Beverages
     9.7.5. Pharmaceuticals
  9.8. Basis Point Share (BPS) Analysis by Applications
  9.9. Y-o-Y Growth Projections by Applications
  9.10. Market Attractiveness/Growth Potential Analysis
     9.10.1. By Country
     9.10.2. By Product Type
     9.10.3. By Application
  9.11. Latin America Carotenoids Demand Share Forecast, 2019-2026
10. Europe Carotenoids 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. Europe Average Pricing Analysis
  10.2. Europe Carotenoids Market Size and Volume Forecast by Country
     10.2.1. Germany
     10.2.2. France
     10.2.3. Italy
     10.2.4. U.K.
     10.2.5. Spain
     10.2.6. Russia
     10.2.7. Rest of Europe
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Europe Carotenoids Market Size and Volume Forecast by Types
     10.4.1. Zeaxanthin
     10.4.2. Lycopene
     10.4.3. Lutein
     10.4.4. Canthaxanthin
     10.4.5. Beta-carotene
     10.4.6. Astaxanthin
     10.4.7. Others
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Europe Carotenoids Market Size and Volume Forecast by Applications
     10.7.1. Cosmetics
     10.7.2. Dietary Supplements
     10.7.3. Feed
     10.7.4. Food & Beverages
     10.7.5. Pharmaceuticals
  10.8. Basis Point Share (BPS) Analysis by Applications
  10.9. Y-o-Y Growth Projections by Applications
  10.10. Market Attractiveness/Growth Potential Analysis
     10.10.1. By Country
     10.10.2. By Product Type
     10.10.3. By Application
  10.11. Europe Carotenoids Demand Share Forecast, 2019-2026
11. Asia Pacific Carotenoids 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. Asia Pacific Average Pricing Analysis
  11.2. Asia Pacific Carotenoids Market Size and Volume Forecast by Country
     11.2.1. China
     11.2.2. Japan
     11.2.3. South Korea
     11.2.4. India
     11.2.5. Australia
     11.2.6. Rest of Asia Pacific (APAC)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Asia Pacific Carotenoids Market Size and Volume Forecast by Types
     11.4.1. Zeaxanthin
     11.4.2. Lycopene
     11.4.3. Lutein
     11.4.4. Canthaxanthin
     11.4.5. Beta-carotene
     11.4.6. Astaxanthin
     11.4.7. Others
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Asia Pacific Carotenoids Market Size and Volume Forecast by Applications
     11.7.1. Cosmetics
     11.7.2. Dietary Supplements
     11.7.3. Feed
     11.7.4. Food & Beverages
     11.7.5. Pharmaceuticals
  11.8. Basis Point Share (BPS) Analysis by Applications
  11.9. Y-o-Y Growth Projections by Applications
  11.10. Market Attractiveness/Growth Potential Analysis
     11.10.1. By Country
     11.10.2. By Product Type
     11.10.3. By Application
  11.11. Asia Pacific Carotenoids Demand Share Forecast, 2019-2026
12. Middle East & Africa Carotenoids Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Middle East & Africa Average Pricing Analysis
  12.2. Middle East & Africa Carotenoids Market Size and Volume Forecast by Country
     12.2.1. Saudi Arabia
     12.2.2. South Africa
     12.2.3. UAE
     12.2.4. Rest of Middle East & Africa (MEA)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Middle East & Africa Carotenoids Market Size and Volume Forecast by Types
     12.4.1. Zeaxanthin
     12.4.2. Lycopene
     12.4.3. Lutein
     12.4.4. Canthaxanthin
     12.4.5. Beta-carotene
     12.4.6. Astaxanthin
     12.4.7. Others
  12.5. Basis Point Share (BPS) Analysis by Types
  12.6. Y-o-Y Growth Projections by Types
  12.7. Middle East & Africa Carotenoids Market Size and Volume Forecast by Applications
     12.7.1. Cosmetics
     12.7.2. Dietary Supplements
     12.7.3. Feed
     12.7.4. Food & Beverages
     12.7.5. Pharmaceuticals
  12.8. Basis Point Share (BPS) Analysis by Applications
  12.9. Y-o-Y Growth Projections by Applications
  12.10. Market Attractiveness/Growth Potential Analysis
     12.10.1. By Country
     12.10.2. By Product Type
     12.10.3. By Application
  12.11. Middle East & Africa Carotenoids Demand Share Forecast, 2019-2026
13. Competition Landscape
  13.1. Global Carotenoids Market: Market Share Analysis
  13.2. Carotenoids Distributors and Customers
  13.3. Carotenoids Market: Competitive Dashboard
  13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     13.4.1. BASF
     13.4.2. AlgaTechnologies Ltd.
     13.4.3. Koninklijke DSM
     13.4.4. Chr. Hansen
     13.4.5. Kemin Industries
     13.4.6. Lycored Limited
     13.4.7. Fuji Chemical Industry Co. Ltd.
     13.4.8. Cyanotech Corp

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