Carotenoids Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMFB2636 | Last Updated On: Aug 29 2022 | Available Formats

> Global Carotenoids Market Expected to reach a high CAGR of 4.8% By 2029: DataM Intelligence

Global Carotenoids Market is segmented By Type (Carotenes (Betacarotene, Alpha-carotene, Lycopene), Xanthophylls (Leutin, Astaxanthin, Zeaxanthin, Others)), By Source (Natural Carotenoids (Fruits and Vegetables, Algae, Others), Synthetic Carotenoids), By Application (Colorant, Vitamin Precursors, Anti-inflammatory, Others), By End-Use Industry (Food & Beverages, Animal Feed, Cosmetics, Dietary Supplements, Pharmaceuticals), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022 - 2029

 

Market Overview:

[150 Pages Report] The Global Carotenoids Market is predicted to reach a high CAGR of 4.8% during the forecast period (2022-2029).

Carotenoids Market - Strategic Insights

Metrics

Details

Market CAGR

4.8%

Segments Covered

By Type, By Source, By Application, By End-Use Industry, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Carotenoids are plant pigments that are responsible for the red, yellow and orange colour of the plants. These compounds play major role in the plant growth. Beyond fruits and vegetables, carotenoids are also present in several strains of algae and photosynthetic bacteria. Carotenoids also provide several health benefits to humans and animals owing to the antioxidant and anti-inflammatory nature of these compounds. Thus, carotenoids evolved as a vital ingredient in food and feed industries. Plant sources such as tomatoes, carrots, squash, melons, apricots and asparagus among others are ripen and processed to extract carotenoid powders. Utilization of carotenoids as natural colorant in food has been significantly rising with the growth of special foods and food service industry.

Market Dynamics:

Increasing adoption of nutraceutical products to propel market growth

The alternative treatment methods apart from allelopathic products for diabetes, eye disorders, and other lifestyle diseases are witnessing robust popularity. The intake of food rich in beta-carotene is recommended by governments and scientific organizations such as the U.S. Department of Agriculture (USDA) and the U.S. National Cancer Institute. Preventive medicine is a buzzword that has encouraged manufacturers and processors to come up with nutraceuticals such as dietary supplements and functional foods that utilize natural ingredients. Geriatric nutrition is one of the vital sectors for carotenes owing to its high antioxidant potential as they provide defense against oxidative stress, primarily attributed to aging processes, pollution, and others. All these factors are collectively contributing to the global sales of this market.

Along with the rise in health and wellness concerns, the consciousness regarding aesthetics and appearance among consumers has increased remarkably. This has escalated the demand for effective skincare and cosmetics products globally. Carotenoids have been identified as powerful antioxidants that can be used in skincare product formulations for improving skin tone, maintaining skin firmness, and protecting against UV light exposure. The rise in consumer spending on natural skin brightening and anti-aging creams are predictable to bring immense application opportunities for novel tetraterpenoids, which in turn is expected to boost their market growth. For instance, according to Lucas Meyers Cosmetics, an Asian cosmetic ingredient company, naturally occurring colorless carotenoids that are found in tomatoes can be easily used in the production of natural cosmetics products.

Market Segmentation

Beta-carotene is dominating due to high utilization across end-use industries

Beta-carotene is dominating with market revenue share of XX% in the year 2020, and their market demand is extremely high. The potential role of the beta-carotene in improving immunity, improving heart health, preventing diabetes, and inducing various significant health benefits are the major reasons behind its high popularity.

By source, natural segment is expected to grow with a highest CAGR of XX% during the forecast period. The demand for pigments sourced from natural sources is amplifying as consumers are inclining towards food, cosmetics and pharmaceuticals with other products that are produced by adopting natural ingredients. The segment is projected to grow at a substantial CAGR during the forecast period as consumer’s preferences are changing rapidly and the demand for organic products is rising at a steady pace.

Animal feed is the leading application segment for the product. Carotenoids are extensively used in animal feed products meant for poultry, fish, or shrimp for their coloring properties. The pigment of egg yolks, broiler skin, fish, and crustaceans is enhanced and improved by externally incorporating the product in their feed. Additionally, they have the potential to boost fertility and improve the overall health of animals. There has been a positive impact of feeding beta-carotene in enhancing the fertility of cattle, swine, and horses as observed by some field-studies.

Geographical Penetration

Presence of established animal feed sector & cosmetics industry in Europe to favor growth

By geography, Europe is leading the global market with a share of nearly XX% in dollar sales as of 2020. The wide range of food and drink categories that integrate carotenoids for its health and aesthetic benefits is responsible for this well-established market. Also, cosmetics industry in countries such as France, Italy, U.K. and Germany are boosting the demand for carotenoids in this region. The Netherlands, Germany and Denmark are some of the leading producers of carotenoids in the world.

Asia Pacific, the world’s largest poultry and aquaculture market evolved as the fastest growing region witnessing a growth of over 5% in the recent past. The consumption of Astaxanthin has been rapidly growing in the region owing to its preference in pigmenting fish. Asia-Pacific is an emerging market, as an increasing number of consumers are adopting preventive measures in the form of health supplements to prevent diseases. Changes in lifestyle and food consumption among consumers have also led to the growth of the carotenoid market in the Asia-Pacific region.

Competitive Landscape

The global carotenoids market is highly fragmented. Chr Hansen Holdings, D.D. Williamson & Co., Royal DSM, Sensient Technologies, and BASF among others are some of the key players operating in the market. Product launches are the most certain growth strategy in the market with a key focus on the development of natural formulations. With the scent of market saturation in the food industry in North America and Europe region, the companies are focusing on animal nutrition and the cosmetics industry to hold their business. Kemin Industries unveiled its organic carotenoid KEM GLO in March 2019. The product is developed to support North American poultry farmers in enhancing the color of yolks. In May 2019, Algatech announced the launch of AstaPure-EyeQ, a natural astaxanthin powder to support eye and brain health. The newly launched product is clinically supported and microencapsulated powder, which has double bioavailability as compared to standard products present within the market. In April 2019, ExcelVite, a reputed palm carotene producer, collaborated with United States Pharmacopeia (USP) for the publication of a new Plant Carotenes Monograph.

COVID-19 Impact: Positive impact on the carotenoids market

The sudden outbreak of the COVID-19 pandemic has negatively impacted almost all industries as it has restricted the regular operations performed by the workforce. The instabilities emerged in the supply chains of the product due to production limitations, complications in raw materials sourcing, and higher delivery costs that have impacted the overall market. Moreover, various governments have announced a temporary ban on foreign air travel and various state councils have imposed quarantine to prevent the spread of the virus. These aforementioned factors have impacted the sales of the product negatively in recent months. The limitations on the export and import of non-essential products owing to the temporary border closure situations in some countries is further hampering the growth of this market.

However, due to the rising demand for food and feed products as they come under the ambit of essential commodities, the demand and sales of food and feed ingredients such as tetraterpenoids is expected to revive in the upcoming months. To handle this chaotic situation caused due to the pandemic, various food and feed ingredient suppliers have established protocols, and are following code of practice to ensure continuity in the production and delivery. This is expected to further aid the market growth by re-establishing the disrupted supply chain.

Trending Topics

Beta Carotene Market

Carotenoids Market

Lycopene Market

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