USD 1.69 billion
Carotenoids Market Size, Share, Growth Analysis, By Product(Astaxanthin, Zeaxanthin, Crocetin, Fucoxanthin), By Application(Food, Feed, Pharmaceuticals and Health Care, and Cosmetics), By Source(Synthetic sources, Natural Sources), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2612 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
94
|Figures:
73
Carotenoids Market Insights
Global Carotenoids Market size was valued at USD 1.69 billion in 2022 and is poised to grow from USD 1.8 billion in 2023 to USD 2.5 billion by 2031, growing at a CAGR of 4.3% in the forecast period (2024- 2031).
The global market for carotenoids is poised for significant growth, driven by expanding awareness regarding their potential benefits in addressing various health concerns such as macular degeneration, Parkinson's disease, Alzheimer's disease, and eye-related issues. Their role in protecting against heart disease and cancer, as well as their ability to slow down the aging process and exhibit potent antioxidant effects, further fuels their popularity.
Carotenoids have emerged as a preferred choice among both consumers and players in the food industry due to these compelling factors. Moreover, as consumer consciousness regarding synthetic additives in food deepens worldwide, there's a surging demand for clean-label products. This has spurred an increased need for natural coloring agents in the food industry, with carotenoids, known for their red pigment, finding widespread use in the meat sector to impart color to products like salmon, trout, and various meat and fish items.
Market Snapshot - 2024- 2031
Global Market Size
Largest Segment
Astaxanthin
Fastest Growth
Growth Rate
4.3% CAGR
Global Carotenoids Market By Product ($ Bn)
Country Share for North America Region (%)
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Carotenoids Market Segmental Analysis
The global carotenoids market is segmented into four segments i.e. by Product, source, application, and region. Based on source, the market is segmented as synthetic sources, and natural sources. Based on product, the market is segmented as, astaxanthin, zeaxanthin, crocetin, fucoxanthin, beta-carotenes, rhodoxanthin, and others. Based on application, the market is segmented as food, feed, pharmaceuticals and health care, and cosmetics. Based on Region the market is segmented as, North America, U.S., Canada, Mexico, Europe, Germany, UK, Italy, France, Spain, Rest of Europe, Asia-Pacific, Japan, China, India, South Korea, Australia, Rest of Asia-Pacific, LAMEA, Brazil, Saudi Arabia, Rest of LAMEA.
Analysis by Source
Synthetic sources held a commanding position within the industry, commanding a significant market share valued at USD 903.6 million. However, projections indicate a sluggish growth trajectory for this segment in the forecast period. This deceleration is primarily attributed to the burgeoning consumer inclination towards naturally sourced products.
The forecast for natural sources within the industry indicates a remarkable surge in both volume and revenue growth. These sources encompass an array of natural elements such as flowers, plant leaves, bird feathers, fruits, crustacean shells, and fish flesh. This anticipated growth trajectory is underpinned by an escalating consumer awareness regarding the myriad health benefits and advantages linked to natural products.
Analysis by Product
Beta-carotenes emerged as the dominant force within the industry, capturing a substantial 24% of the global volume share. Their multifaceted utility as a colorant, antioxidant, and significant source of vitamin A renders them indispensable across a spectrum of applications including food, feed, dietary supplements, cosmetics, and medicinal products. This versatility not only contributes to their prevalent use but also plays a pivotal role in stimulating the expansion of the carotenoids market size.
Astaxanthin is poised for substantial growth throughout the forecast period, driven by its expanding utilization across various domains. Its increasing application in animal feed ingredients, human antioxidant supplements, and as a coloring agent for shrimps, salmon, and trout positions it as a key player in the market's growth trajectory. Additionally, its unique properties, including promoting rapid wound recovery and enhancing human stamina, further contribute to the industry's development.
Global Carotenoids Market By Product
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Carotenoids Market Regional Insights
North America plays a significant role in the carotenoids market, standing as a key contributor to its growth and innovation. The region boasts a robust presence of leading carotenoid manufacturers and suppliers, driving advancements in research and development, formulation, and commercialization. North America's influence extends across various sectors, including food and beverages, pharmaceuticals, cosmetics, and animal feed industries, where carotenoids find extensive applications.
Asia Pacific is forecasted to exhibit significant growth attributed to the escalating utilization of carotenoid additives across diverse applications such as feed, supplements, food, pharmaceuticals, and cosmetics. This growth trajectory is underpinned by several factors, including technological advancements, robust industrial expansion, and sustained economic growth within countries such as China, Japan, and India. Additionally, the region benefits from comparatively lower production costs, further stimulating market expansion.
Global Carotenoids Market By Region
- Largest
- Fastest
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Carotenoids Market Dynamics
Drivers
Growing Animal Feed Application to Drive Market
- The increasing utilization of carotenoids in animal nutrition products serves as a significant driver for market growth. Species such as shrimp, poultry, and fish lack the inherent capability to produce carotenoids, necessitating their inclusion in their feed. Carotenoids play a pivotal role in pigmenting egg yolks, broiler skin, fish, and crustaceans, contributing to their overall health and well-being. This crucial dietary supplementation aids in fostering a healthy diet for these animals.
Restraints
Stringent Regulations to Impede Market Growth
- The market for carotenoids faces several challenges that could impede its growth. Stringent regulations governing the use of carotenoids in human food present a hurdle, alongside concerns about potential adulteration. Additionally, naturally sourced carotenoids often come with a higher production cost compared to synthetic counterparts, posing an obstacle to widespread adoption. These factors collectively contribute to potential constraints on the market's growth, necessitating innovative strategies and solutions to navigate regulatory landscapes and address cost differentials to foster sustained market expansion.
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Carotenoids Market Competitive Landscape
The competitive environment of the global Carotenoids Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Leading brands invest in research and development to introduce new flavors, packaging formats, and health-focused variations to cater to changing consumer preferences. They often set the trends in the industry.
Top Player’s Company Profiles
- Allied Biotech
- Chenguang Biotech
- Dohler
- Chr. Hansen
- DDW
- Fuji
- Zhejiang NHU
- Jingzhou Natural Astaxanthin
- ENEOS (JX Nippon Oil & Energy)
- Alphy
- Divi's Nutraceuticals
- Lycored
- Kemin
- Synthite
Recent Developments
- In August 2023, Divi's showcased its cutting-edge Novel Application innovations at FI South America 2023, conceived in response to the escalating consumer preference for products with reduced additives. This groundbreaking initiative, initially conceptualized in June 2022, aimed to meet evolving consumer demands for cleaner product formulations.
- In June 2023, Divi's Nutraceuticals unveiled its innovative product, AstaBead, at IFT First 2023. This introduction stemmed from a collaborative partnership formed in 2022 with Algalif. Divi's Nutraceuticals highlighted that AstaBead beadlets demonstrated exceptional performance across various applications, notably in nutritional bars and powdered beverages. This development showcases Divi's commitment to leveraging collaborations and innovation to meet the evolving needs of consumers in the nutraceutical industry.
Carotenoids Key Market Trends
- The usage of carotenoids in animal nutrition products stands as a significant driver behind the market's growth trajectory. Creatures such as shrimp, poultry, and fish lack the ability to naturally produce carotenoids, necessitating their inclusion in their feed. Carotenoids play a pivotal role in pigmentation, enriching egg yolks, broiler skin, fish, and crustaceans, thereby contributing to their overall health. Numerous companies have introduced innovative product lines focusing on carotenoids, intensifying market growth. For instance, BASF's Lucantin® and Lucarotin brands offer a range of cost-effective, stable, and highly bioavailable carotenoids within their product line, emphasizing their commitment to providing quality solutions for enhanced animal nutrition.
Carotenoids Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The global Carotenoids market analysis reveals a dynamic marketplace with a number of standout trends and difficulties. The surge in health-related concerns is anticipated to drive heightened demand for healthier and natural food options, along with increased consumption of supplements. Carotenoids, being organic pigments found in various plants and organisms, play a pivotal role as antioxidants, shielding the body against chronic diseases, cellular damage, and the aging process. This rising awareness of health issues, coupled with the growing reliance on dietary supplements, fuels the escalating market demand for carotenoids.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 1.69 billion |
| Market size value in 2031 | USD 2.5 billion |
| Growth Rate | 4.3% |
| Base year | 2023 |
| Forecast period | 2024- 2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Carotenoids Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Carotenoids Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Carotenoids Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Carotenoids Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Carotenoids Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Carotenoids Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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