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Carotenoids Market

Carotenoids Market - By Source, By Product, By Vertical, By Formulation & Global Region - Market Size, Share, Trends and Forecast 2020-2025

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  • Status : Ongoing
  • Published on: May 2021
  • Report ID: KDMI-3094
  • Available Format: PDF/Execel/DOC
  • Delivery Time: 24-48 hrs

Market Introduction

Carotenoids are called as tetraterpenoidswhich arethe pigments present in plants, algae, and photosynthetic bacteria which produces the bright yellow, red, and orange colours in plants, vegetables, and fruits. It acts as an antioxidant for humans. Out of 600 different types of carotenoids some can be converted into vitamin A when released in the body. Further this generated vitamin A provides benefits to the immune system and for eye health.  The most common carotenoids include beta-carotene, lutein, astaxanthin, canthaxanthin and lycopene. Another function of Carotenoids is in biological oxygenation. In plant cells they are involved in the control of trans-membrane transport of molecular oxygen released in photosynthesis. In animals it is used to support oxygen in its transport, storage and metabolism. The global carotenoids market size was valued at USD 1.56 billion in 2020.

Market Drivers

The expansion of nutraceutical industry will create positive impact on the carotenoids market.  The nutraceutical industry comprises of three main segments which include functional foods, dietary supplements, and herbal/natural products. Global nutraceutical market has an estimated worth of USD 117 billion. In 19th century, the average life per person was more as compared to the 20th century. This is because of the increasing stressful life, pollution and other factors associated in that region. Further there is a surge rising the early age death and early age diseases especially diabetes and cancer. So, the adoption towards some dietary supplements and herbal/natural products is rising which will increase the demand for the nutraceutical products. Thus, rising inclination towards the healthy lifestyle will proliferate the market of carotenoids.

Similarly, the market will be driven by the following factors -

  • Rising consumer awareness about health benefits from the carotenoid intake.
  • Increasing demand for animal protein and dairy products will support carotenoid market growth for the forecast period.

The beta carotene-rich food is recommended by the U.S. National Cancer Institute (NCI) and the U.S. Department of Agriculture (USDA). Also, its rich pigmentation level is beneficial in the pharmaceutical industry thereby supporting business expansion. So, beta carotene carotenoids dominated the industry share in the forecast period.

In terms of source the synthetic carotenoids are having the largest share, but the fastest growing segment will be the natural carotenoids. As the consumer inclination towards the natural products which will support business growth.  In the end use industries, feed will take the more percentage in the market. Dietary supplements are expected to witness the highest growth in the forecast period due to the adoption towards the energy and weight management, acceptance of sports as a career is expected to increase the demand for sports nutrition which will further create the surge for the growth of carotenoids.In terms of formulation the beadlet segment is estimated to dominate the carotenoids market due to its increasing use in dietary supplements and pharmaceutical. 

Carotenoids Market Segmentation

Carotenoids Market, by Source

  • Natural
  • Synthetic

Carotenoids Market, by Product

  • Beta-carotene
  • Lutein
  • Astaxanthin
  • Canthaxanthin
  • Lycopene
  • Others

Carotenoids Market, by Vertical

  • Food & Beverages
  • Pharmaceutical
  • Dietary Supplements
  • Cosmetics
  • Feed
  • Others

Carotenoids Market, by Formulation

  • Oil suspension
  • Powder
  • Beadlet
  • Emulsion

Regional Analysis

Europe accounted for the largest market proportion in the carotenoids market. In dietary supplements, carotenoids are one of the basic ingredients in the production process. The nutritional supplements production is comparatively high in European countries, especially in Germany, the UK, France, and western European countries. Similarly, the consumption of dietary supplements is also high in several European countries, which is anticipated to act as a major driver in the Europe carotenoids market during the forecast period. The increase in the aging population in the region has led to a flow in demand for lutein, lycopene, and beta-carotene to treat cataract and reduce the risk of diabetes, cancer, and other heart-related issues.

The pharmaceutical manufacturing in the Asia Pacific region is the fastest growing market due to huge customer demand and disease incidence. The adoption of technologies and digital transformation is helping to achieve sustainable patient care in this region.   So, the rising demand for the pharmaceutical industry in the Asia Pacific region will create new opportunities for the carotenoids market. The support has been provided by the government for the innovation in this sector such as big data and artificial intelligence (AI) in China, Japan, India and other Asian countries. The State Council of China approved the guidelines for the promotion of the healthcare big data and AI with specific emphasis on its application in healthcare. These factor in the Asia Pacific will proliferate the carotenoids market in the forecast period.

North America accounted for moderate growth during the forecast period. Increasing production of animal feed products in Asia Pacific region will create the large demand in Asia Pacific region.

Few Prominent Carotenoids Market players:

  • Koninklijke DSM
  • BASF
  • Chr. Hansen
  • Kemin Industries
  • Lycored Limited
  • Cyanotech Corporation
  • Fuji Chemical Industry Co Ltd.
  • Novus International
  • DDW The Color House
  • Dohler Group
  • Allied Biotech Corporation
  • E.I.D Parry
  • Farbest Brands
  • ExcelviteSdn. Bhd.
  • AlgaTechnologies Ltd.
  • Zhejiang NHU Co. Ltd.
  • Dynadis SARL
  • Deinove SAS
  • Vidya Europe SAS
  • Divi’s Laboratories

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