Global Carotenoids Market 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
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.
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 (000’ 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