Global Carotenoids Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2024-2032)

Global Carotenoids Market Outlook

The global carotenoids market attained a value of about USD 1.95 billion in 2023. The market is estimated to grow at a CAGR of 4.1% in the forecast period of 2024-2032 to reach a value of nearly USD 2.80 billion by 2032.

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Rising Health Awareness Across the World has Fuelled the Demand for Carotenoids

Increasing disorders like eye disorder, cancer, and diabetes, among others, are expected to fuel the demand for carotenoids, since it helps in boosting the immune system and reduces inflammation, and works as an antioxidant against several diseases. Moreover, carotenoids have anti-acne properties, and further help with pigmentation, anti-ageing and skin repair, leading to its use in the skincare products. Therefore, the rising awareness and demand for skincare products are likely to enhance the market growth in the forecast period. Further, the rising use of the product in food and beverages industry as a colourant is providing impetus to the market growth.

Geographically, the Europe region registered substantial growth over the past few years on account of the surging demand for health supplements, along with the rising demand for carotenoids to be used in animal feed. The market is also expected to be driven by the growing demand for quality food among consumers.

Carotenoids: Market Segmentation

Carotenoids are referred to the pigments present in plants, algae, and photosynthetic bacteria. These pigments generate bright yellow, red, and orange colours in vegetables, plants, and fruits. It acts as an antioxidant for humans.

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Based on product type, the market is categorised into:

• Beta-Carotene 
• Astaxanthin 
• Lutein 
• Lycopene 
• Zeaxanthin 
• Canthaxanthin 
• Others

On the basis of sources, the market is segmented into:

• Synthetic
• Natural

By formulation, the market is divided into:

• Oil Suspension 
• Powder 
• Emulsion 
• Beadlets

Based on application, the market is segregated into:

• Animal Feed 
• Dietary Supplements 
• Food and beverages
• Cosmetics 
• Pharmaceuticals

The regional markets for carotenoids can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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The Growing Animal Feed Application to Drive the Market for Carotenoids

The extensive usage of carotenoids in animal nutrition products is augmenting the market growth. Shrimp, poultry, and fish do not have the ability to produce carotenoids on their own, which is why they require carotenoids in their feed. Carotenoids are incorporated into feeds to pigment egg yolks, broiler skin, fish, and crustaceans, leading to their healthy diet. Many companies have introduced innovative product lines for carotenoids, which is enhancing the market growth. For instance, Lucantin® and Lucarotin® brands of BASF offer cost-effective, stable, and highly bioavailable carotenoids in their product line.

In addition, beta-carotene is utilised as an antioxidant and a colourant, and act as a rich source of vitamin A in food, dietary supplements, feed, cosmetics, and medicines, which is propelling the market for carotenoids. Further, the use of beta-carotene to improve the fertility of swine, horses, and cattle, is also bolstering the market growth of carotenoids. According to the Journal of the National Cancer Institute, the consumption of fruits and vegetables rich in particular carotenoids and vitamins may decrease the risk of premenopausal breast cancer. In line with this, several studies and research pertaining to the use of carotenoids for various diseases are expected to further the market development over the forecast period.

Key Industry Players in the Global Carotenoids Market

The report presents a detailed analysis of the following key players in the global carotenoids market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• BASF SE
• Allied Biotech Corporation
• Divi's Laboratories Limited
• Lycored Corp.
• Cyanotech Corporation
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report