According to Custom Market Insights (CMI), The Global Carotenoid Market Size was valued at USD 1.5 billion in 2021 and is estimated to reach USD 2.1 billion by the end of 2030 at a CAGR of approximately 3.5% during the forecast period 2022-2030.
The term “carotenoids” refers to a number of organic pigments that give fruits and vegetables their vivid red, yellow, and orange hues. They belong to a group of phytonutrients that are critical for plant health and a plentiful supply of antioxidants & vitamin A. In addition to existing naturally in plants, algae, bacteria, and fungi, carotenoids can also be manufactured synthetically.
Papaya, pineapple, melon, apricot, carrot, tangerine, and corn are some of the other important natural sources of carotenoids. Among the most often used carotenoids that are used as coloring agents in food, cosmetics, as well as animal feed products are alpha and beta carotene, beta-cryptoxanthin, lutein, zeaxanthin, and lycopene. They help people treat disease, enhance vision, and promote physical growth and development.
Browse the full “Carotenoids Market Size, Trends and Insights By Product Type (Astaxanthin, Beta-Carotene, Lutein, Lycopene, Canthaxanthin, Zeaxanthin), By Source (Natural , Synthetic), By Application (Feed, Food & Beverages, Dietary Supplements, Cosmetics, Pharmaceuticals), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” report at https://www.custommarketinsights.com/report/carotenoids-market/
Carotenoid Market Dynamics
Drivers
Carotenoids are widely used to improve the nutrition and feed items for animals in order to increase their fertility and general immunity. This is expected to fuel the market even more, along with numerous technological developments in extraction techniques and the rising desire for natural coloring. One of the main elements fueling the market’s expansion is the rising incidence of cancer and other age-related ophthalmic illnesses. Additionally, the expanding use of carotenoids in medicinal products & dietary supplements is promoting market expansion. Consumer habits are shifting toward preventive healthcare solutions that can function as antioxidants and shield the body against chronic diseases, cellular damage, and negative impacts as a result of rising senior populations and increased health consciousness worldwide.
Restraints
The key reason limiting the market growth for carotenoid pigments may be the variable price of the synthetic carotenoid and the large price differential between the synthetic carotenoid and the natural tetraterpenoids. The market is also somewhat impacted by the unstable price among middle- and low-income society. Furthermore, the widespread overuse of carotene in industrialized nations is linked to serious health issues, which will probably impede market expansion in the future.
Opportunities
The market is gaining significant traction among gym goers due to a growing emphasis on dietary supplements and synthetic carotenoids like beta-Carotene in the healthcare industry. Manufacturers and suppliers of carotenoids have profitable expansion potential in the Asia Pacific region since processing carotenoids is more affordable and there is a significant market there. Additionally, the demand for nutritional supplements and baby food is rising rapidly, which is enhancing the growth prospects for carotenoids. Global manufacturers have profitable potential thanks to the pharmaceutical industry’s expanding use in the prevention of diseases like cancer.
Challenges
Cost-effective carotenoid manufacturing and supply have been observed in industries throughout the Asia-Pacific region, creating the profitable potential for the expansion of carotenoid pigments there. Additionally, the younger generation’s increased consumption of food and nutritional supplements has greatly enhanced the market potential for carotenoids. Additionally, there are many possibilities for carotenoid due to the enormous need for them in the pharmaceutical industry. It is well recognized that the pigment can effectively treat a number of disorders.
Market report
Based on product type, the beta-carotene segment dominated the carotenoid market in 2021. This market domination can be attributed to the increased consumer base for consuming organic and fortified food and dietary supplements to attain additional nutrition. Beta carotene is a food additive that adds extra nutrients, due to which people consume food rich in beta carotene.
Based on the source, the synthetic segment dominated the carotenoid market in 2021. This can be due to low-cost production and the easy manufacturing process of synthetic carotenoids. In addition, the synthetic carotenoids can be customized within the lab as per the preference. Therefore, synthetic carotenoids are used in various organic foods and as dietary supplements.
As per the application, the food and beverage segment dominated the carotenoid market in 2021. The increase in demand for the carotenoid from the food industry has led to the development of the carotenoid market.
Carotenoid adds nutritional value to any food, which is why it is used in the food industry to enhance the nutritional value of foods.
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Regional Snapshots
With wide uses in the animal feed industry and rising demand for health supplements, China is expected to see stable revenue growth from 2022 to 2032, surpassing the United States as the fastest-growing market for carotenoids in 2020. Throughout the projected period, the demand for carotenoids in China is anticipated to increase at a CAGR of 5.5%. Additionally, it is projected that the region’s highly developed cosmetics sector, which is supported by the presence of major producers like MDPI, Hindawi, and Zhejiang Tianhecheng Biotechnology Shares Co., Ltd, would aid in the growth of the carotenoids market. In addition, the cosmetic industry’s explosive growth has created a huge demand for carotenoid manufacturing across Europe. Furthermore, the creation of natural carotenoid pigments, which are utilized as a natural coloring agent, has been stimulated by the rise in health concerns brought on by the replacement of chemical-based carotenoids.
Key Players
- Koninklijke DSM
- BASF
- Hansen
- Kemin Industries
- Lycored Limited
- Cyanotech Corporation
- Fuji Chemical Industry Co Ltd
- Novus International
- DDW The Color House
- Dohler Group
- Allied Biotech Corporation
- I.D Parry
- Farbest Brands
- Excelvite Sdn. Bhd.
- AlgaTechnologies Ltd.
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