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The Carotenoids Market is influenced by a myriad of factors that collectively determine its trajectory and growth. One key driver is the increasing awareness and demand for natural and organic food products. As consumers become more conscious of their health and well-being, there is a growing preference for natural ingredients like carotenoids, which are organic pigments responsible for the vibrant colors in fruits and vegetables. The health benefits associated with carotenoids, such as their antioxidant properties and role in promoting eye health, have led to their integration into a variety of food and beverage products.
The global trend towards a healthier lifestyle has propelled the Carotenoids Market forward, as these compounds are not only used as natural colorants but also for their nutritional value. Consumers are seeking products that not only look appealing but also contribute to their overall health, and carotenoids, found in sources like carrots, sweet potatoes, and tomatoes, fit this demand perfectly.
Furthermore, the expanding food and beverage industry plays a crucial role in shaping the Carotenoids Market. As manufacturers strive to meet consumer expectations for visually attractive and nutritious products, carotenoids have gained prominence as natural coloring agents. The versatility of carotenoids enables their use in a wide range of products, including beverages, confectionery, and processed foods. This demand from the food and beverage sector has a direct impact on the market's growth, driving innovation and product development.
Another significant factor influencing the Carotenoids Market is the rise in health and wellness trends. Carotenoids, such as beta-carotene and lutein, are recognized for their potential health benefits, including immune system support and protection against chronic diseases. As a result, dietary supplements containing carotenoids have gained popularity, contributing to the expansion of the market. The pharmaceutical industry also utilizes carotenoids for their therapeutic properties, adding to the overall market demand.
Globalization and the interconnectedness of markets have further contributed to the growth of the Carotenoids Market. The ease of transportation and the availability of carotenoid-rich sources from different regions have led to a diverse range of products in various markets. This globalization not only increases market reach for manufacturers but also exposes consumers to a variety of carotenoid options, fostering a more dynamic and competitive market environment.
The agricultural sector and factors related to crop production also impact the Carotenoids Market. Fluctuations in weather patterns, environmental conditions, and pest control measures can influence the availability and quality of carotenoid-rich fruits and vegetables. Any disruptions in the agricultural supply chain can have a cascading effect on the carotenoids market, affecting both the quantity and pricing of raw materials.
Government regulations and policies related to food safety, labeling, and quality standards are crucial market factors for carotenoids. Compliance with these regulations is essential for manufacturers to ensure the safety and quality of their products. Additionally, as consumers become more discerning about the origin and processing of their food, adherence to regulatory standards becomes a competitive advantage in the market.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2023 | USD 1.761 billion |
| Growth Rate | 3.14% (2024-2032) |
Carotenoids Market Highlights:
Global Carotenoids Market Overview
Carotenoids Market valued at USD 1.761 billion in 2023. The Carotenoids market industry is projected to grow from USD 1.82 Billion in 2024 to USD 2.337 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.14% during the forecast period (2024 - 2032). Increased awareness about the health benefits of carotenoids and varied applications in industry verticals are the key market drivers enhancing market growth.
Source: Primary Research, Secondary Research, MRFR Database, and Analyst Review
Carotenoids Market Trends
- Increasing demand for natural colorants is driving the market growth
The increasing demand for natural colorants is driving Market CAGR for carotenoids. The demand for natural colorants over synthetic colorants is rising because of the growing consumer awareness concerning organic products, the health hazards of synthetic colorants, and the health benefit of natural colorants. The utilization of artificial ingredients to improve food production has caused various health hazards; hence the rising health concerns and inclination towards environment-friendly products are boosting the demand for natural colorants.
Carotenoids are largely utilized as natural colorants in dairy & bakery products, like margarine, cheese, and confectionery items. Currently, natural carotenoids have obtained traction in the food and beverage industry as a replacement for synthetic carotenoids, which have been found to negatively impact human health upon consumption. There is increasing interest in natural carotenoids in the food & beverage industry because of their preventive effects on chronic diseases. The natural colorants or dyes are largely obtained from plants, animals, fruits, insects, and minerals, which makes them safe to use as a food additive, as they do not have harmful effects. The therapeutic use of natural colorants is also rising due to their non-toxic nature and lesser side effects as compared to synthetic colorants. The government of different countries supports the utilization of natural colorants because of their biodegradability and less pollution caused after disposal. Furthermore, various regulations have been passed to promote the use of natural colorants in many regions.
The demand for organic food is steadily growing, specifically due to the consumers' belief that they are healthier and safer than conventional foods. Organic food is developed without using synthetic fertilizers, pesticides, growth hormones, antibiotics, and genetically modified organisms. Natural colorants are largely utilized in organic foods to make them more attractive. Moreover, the expansion of the food & beverage industry has positively affected the market. Carotenoids are organic pigments that are present in different plants and organisms; the ingredient act as an antioxidant and shields the body against chronic diseases, cellular damage, and the effects of skin maturing. Carotenoids are commercially present in several forms consisting of beta-carotene, lutein, lycopene, astaxanthin, zeaxanthin, annatto, and canthaxanthin; these have substantial usage in human food, animal feed, dietary supplements, pharmaceuticals, and cosmetics as they provide excellent benefits. Thus, driving the Carotenoids market revenue.
Carotenoids Market Segment Insights
Carotenoids Type Insights
The Carotenoids market segmentation, based on type, includes Beta-carotene, Astaxanthin, Zeaxanthin, Lutein, Lycopene, and Others. The astaxanthin segment dominated the market of the carotenoid market because of the rise in the application of astaxanthin as a food colorant. It is a powerful antioxidant and a good source of Vitamin A, which is necessary for the good health of the eye. Increasing awareness about the natural ingredients that are used in cosmetics and personal care is growing the demand for algae-based astaxanthin.
Carotenoids Application Insights
The Carotenoids market segmentation, based on application, includes Food, Supplements, Feeds, pharmaceuticals, and cosmetics. The food segment for carotenoid application is the dominant, owing to the large application of beta-carotene and lycopene as a colorant in cheese spreads, yogurts, soups, sauces, bakery products, sources, and soup. The growing demand for carotenoids in animal feed is owing to the property of enhancing the fertility of cattle, swine, and horses.
Figure 1: Carotenoids Market, by Application, 2022 & 2032 (USD billion)
Source: Primary Research, Secondary Research, MRFR Database, and Analyst Review
Carotenoids Regional Insights
By Region, the study gives market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American weight loss market area will dominate this market, owing to an increase in the number of consumers' awareness about the health benefit and demand for the plant-based colorant in the food segment. The US carotenoids market is the largest contributor to the carotenoid market.
Further, major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: CAROTENOIDS MARKET SHARE BY REGION 2022 (%)
Source: Primary Research, Secondary Research, MRFR Database, and Analyst Review
Europe's Carotenoids market accounts for the second-largest market share due to the large animal feed industry and the increase in demand for health supplements. Further, the UK Carotenoids market held the largest market share in the European region
The Asia-Pacific Carotenoids Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to rising disposable income leading to the rise in consumer awareness regarding the health benefits of dietary supplements. Moreover, China’s Carotenoids market held the largest market share, and Japan's Carotenoids market was the fastest-growing market in the Asia-Pacific region.
Carotenoids Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Carotenoids market grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Carotenoids industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Carotenoids industry to benefit clients and increase the market sector. In recent years, the Carotenoids industry has offered some of the most significant advantages to various industry verticals. Major Carotenoid market players include Divi’s Nutraceutical, Royal DSM, Algatech, Kemin Industries, ExcelVite Sdn, and BASF SE. Allied Biotech Corporation, Nutralliance, DDW The Colour House, Vinayak Ingredients India Pvt. Ltd., and others are attempting to increase market demand by investing in research and development operations.
Divi's Nutraceutical is an expert in the manufacturing of carotenoids and stable application forms of fat-soluble Vitamins and Carotenoids. In September 2021, Divi's Nutraceutical launched CaroNat, which is a naturally based food component developed for the dark yellow to the orange color of a number of meals and beverages, including the dairy section. CaoNat is made of concentrated carrot juice that consists of beta-carotene. CaroNat proclaims that it assisted the company by switching to clean labeling by using only components that are of natural origin and manufacturing them without the use of silicon dioxide.
DSM is a purpose-led, science-based company in nutrition, health, and sustainable living. It focuses on economic prosperity, environmental progress, and social advances to create sustainable value for all stakeholders. It provides an innovative business solution for humans, personal care and aroma, medical devices, green products and applications, and new mobility and connectivity. The Royal DSM and Evonik signed an agreement in March 2017 in order to develop omega-3 fatty acid products from natural algae for animal nutrition. Furthermore, in July, DSM and Aerie Pharmaceutical announced a partnership agreement for the delivery of Aerie Compounds that will treat renal diseases. In October 2020, DSM announced the acquisition of Erber Group for the value of 980 Euro million. This acquisition of Erber Group's Biomin strengthened DSM's expertise and reputation as a principal provider of animal health and nutrition solutions that will help farm productivity and sustainability, with the importance of emission deduction, feed consumption efficiency, and proper use of water and land.
Key Companies in the Carotenoids market include
- Divi’s Nutraceutical
- Royal DSM
- Algatech
- Kemin Industries
- ExcelVite Sdn
- BASF SE
- Allied Biotech Corporation
- Nutralliance
- DDW The Colour House
- Vinayak Ingredients India Pvt. Ltd
Carotenoids Industry Developments
May 2019: AstraPure-EyeQ was launched by Algatech, a natural astaxanthin powder that supports eye and brain health. This newly launched product is clinically supported and micro-encapsulated powder that has doubled its bioavailability when compared to standard products present across the market.
March 2019: Organic KEM GLO was launched by Kemin Industries, which is a USDA-certified organic carotenoid that helps organic egg producers to escalate the color of egg yolks. This will help the company to attain a leading place in the feed carotenoid market.
February 2019: To publish a new plant carotenes monograph, ExcelVite Sdn. Bhd. Collaborated with US Pharmacopeia, which was developed based on mixed carotene complex, EVTene. This publication of the monograph will restore the efforts of the company to provide high ingredient standards.
Carotenoids Market Segmentation
Carotenoids Type Outlook
- Beta-carotene
- Astaxanthin
- Zeaxanthin
- Lutein
- Lycopene
- Others
Carotenoids Application Outlook
- Food
- Supplements
- Feeds
- Pharmaceuticals
- cosmetics
Carotenoids Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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