Mexico Carotenoids Market Size, Share, Trends, Analysis: By Type: Astaxanthin, Beta-Carotene, Lutein, Others; By Source Type: Natural, Synthetic; By Application: Animal Feed, Food and Beverages, Dietary Supplements, Others; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; 2024-2032

Mexico Carotenoids Market Size

The Mexico carotenoids market attained a value of USD 42.73 million in 2023. The market is estimated to grow at a CAGR of 7.4% during 2024-2032 to reach a value of USD 80.02 million by 2032.

Mexico Carotenoids Market Outlook

• In Mexico, food supplements sales exceeded USD 3 billion in 2023, indicating high potential for the carotenoid market.

• The burden of blindness and vision impairment was estimated at 11.01 million in Mexico. This is expected to drive the demand for lutein, a carotenoid that enhances eye health.

• Carotenoids are utilised in animal feed to enhance egg yolk colour. The growing private sector investment is expected to boost the production of poultry products to 4.9 million metric tons in 2024.

Mexico Carotenoids Market Growth Rate

Mexico is considered the largest food processor in the Americas, behind the United States and Brazil, and is among the top 15 worldwide. The increasing research and development activities on the health benefits of carotenoids are boosting its use in functional food products. The consumption of carotenoids reduces the incidence of cancers, lowers the risk of cardiovascular disease, and improves eye health.

In 2023, the Mexican population invested an average of USD 25.18 in food supplements, representing a 5% growth compared to 2022.

Obesity is a major health concern in Mexico and is a key reason causing premature deaths. As of 2022, Mexico occupies the 5th position in obesity in the world and it is estimated that the figure will rise by 35 million adults by 2030. This is equivalent to 36.8% of people of the total population of Mexico.  The inclusion of carotenoids in the diets of individuals is reported to cause reductions in weight, BMI, and other anthropometric measures in overweight and obese people, further contributing to its greater demand.

Figure: Overview of Obesity Among the Mexican Population, in percentage (2022)

Key Trends and Developments

Growing nutraceutical sector; rising poultry feed production; increasing popularity in the cosmetic sector; and expansion of the aquaculture sector are the key trends impacting the Mexico carotenoids market growth

Nov 29, 2022

In a strategic move to bolster its North American presence, DSM entered into a new partnership with LBB Specialties for the distribution of dietary supplement ingredients. This collaboration aims to leverage LBB Specialties' market expertise and propel DSM's position as a leading supplier of vitamins, lipids, carotenoids, and nutraceuticals within the North American market.

Jul 21, 2022

BASF established a new global business unit, Nutrition Ingredients, to solidify its position in vitamins and carotenoids. This initiative follows last year's investment in expanding the vitamin A plant at Ludwigshafen, Germany, further solidifying BASF's commitment to expanding world-scale vitamin A distribution.

May 26, 2022

Kemin Industries expanded its operations in Mexico by establishing a new 1,000+ metric ton capacity product distribution warehouse with a dedicated Kemin Application Solutions (KAS) area for customer-tailored system development and demonstrations.

Increasing utilisation of carotenoids in the nutraceutical sector

Carotenoids are used as an ingredient by the supplements sector due to its ability to offer benefits in the areas of weight management and cardiovascular disease. In Mexico, 36.9% of adults were affected by obesity in 2023, with forecasts suggesting a potential rise to 45% by 2030, thus expanding the applications of carotenoids.

Increasing poultry feed production

Carotenoids, a crucial natural antioxidant with pigmenting qualities, hold a significant position in poultry farming. The rise in poultry farming output from 20.7 million tons in 2018 to 21.5 million tons in 2023 has stimulated the demand for carotenoids.

Rising popularity of carotenoids in the cosmetics sector

With significant carotenoid production in the country, companies are expanding their cosmetics production base within the country. For instance, One of Unilever's top ten markets, Mexico serves as a major hub for the export of cosmetics and personal hygiene goods to 25 other nations and regions. Unilever Plc announced in 2023 that it would invest USD 400 million in Mexico, opening a manufacturing plant in the border state of Nuevo León in the north.

Rising aquaculture production presents significant opportunities for the carotenoid market

Mexico stands among the top 15 aquaculture producers worldwide, with the industry production reaching 237 thousand tons in 2023 and is further projected to reach about 296 thousand tons by 2030. This is increasing the demand for carotenoid due to its disease resistance and immunity enhancement properties in aquatic animals.

Mexico Carotenoids Market Trends

Owing to the increased health consciousness, ageing population, and rising disposable income, the market for nutraceutical and dietary supplements is growing, which is expected to drive the demand for carotenoid-based supplements in Mexico. The carotenoid market in Mexico is thus expected to benefit from the growing emphasis on health and well-being.

Mexico’s strategic location offers significant advantages for exporting carotenoid-based products. Being close to major markets like the United States and Canada gives Mexican producers a significant advantage. The USMCA trade agreement, which succeeded NAFTA, guarantees continued preferential access to North American markets. By reducing tariffs and streamlining trade procedures, USMCA makes it easier for Mexican companies to export products like annatto-based natural food colourings.

Mexico Carotenoids Industry Segmentation

“Mexico Carotenoids Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Beta-Carotene

• Astaxanthin

• Lutein

• Others

Market Breakup by Source Type

• Synthetic

• Natural

Market Breakup by Application

• Animal Feed

• Food and Beverages

• Dietary Supplements

• Others

Market Breakup by Region

• Baja California

• Northern Mexico

• Bajio

• Central Mexico

• Pacific Coast

• Yucatan Peninsula

Mexico Carotenoids Market Share

Based on application, the animal feed sector accounts for a significant share of the market

Carotenoids are mostly used in animal feed as supplements to bolster animal health. In 2023, Mexico produced 43.1 million tons of feed rising from 40.2 million tons in 2018, with the broiler industry averagely consuming about 450 million grams and the layer sector consuming an additional 50 million grams of xanthophylls.

Carotenoids, such as beta-carotene, lutein, and zeaxanthin, are commonly found in supplements. Supplement consumption in Mexico is rapidly increasing as health awareness grows among the middle class and professionals.

Based on type, beta carotene is a major contributor to the Mexico carotenoids market revenue

Individuals with high blood levels of carotenoids such as beta carotene can lower their risk of macular degeneration by up to 35%.

Beta carotenes can reduce the symptoms of Alzheimer’s disease and age-related cognitive decline, increasing its adoption among the elderly population. As of 2022, Mexico had an elderly population of 8.32%. In Mexico, it is estimated that the number of dementia cases will increase by 209% between 2019 and 2050, reaching a total of 1,843,049 individuals.

Astaxanthin, primarily from microalgae, is being used in the feed and food sector for its pigment and antioxidant properties. In 2023, Mexican aquaculture production reached 237 thousand tons and is projected to reach about 296 thousand tons by 2030, thus, increasing the demand for astaxanthin due to its immunity enhancement properties in aquatic animals.

Mexico Carotenoids Market Manufacturers

The market players are focusing on providing high quality products at competitive prices, with improved customer service, product support, and performance features.

BASF SE

Headquartered in Germany, the company specialises in the production and distribution of a range of products, including chemicals, plastics, performance products, crop protection products, and oil and gas, among others.

DSM-Firmenich AG

DSM-Firmenich is a pioneer in nutrition, health, and beauty. Based in Switzerland, the company offers a wide range of products and ingredients that are used in food, beverages, personal care products, and more.

Kemin Industries, Inc.

Kemin Industries, headquartered in the US, is a global manufacturer of ingredients, offers solutions across diverse sectors including animal health, nutraceuticals, pet food, food technologies, crop technologies, textiles, aquaculture, and animal vaccines.

IOSA Industrial Orgánica

Founded in 1966, IOSA, is a prominent Mexican corporation, involved in the entire value chain of natural carotenoids, encompassing research, development, production, and commercialization.

Piveg, Inc.

Piveg is a global manufacturer of high-specification ingredients for the Nutraceutical, Agricultural, Food and Beverage, Feed, and Cosmetics industries. Founded in 1959, Piveg currently operates four factories in Mexico and Peru and has distributors in Asia, Europe, and North and South America.

Mexico Carotenoids Market Analysis by Region

Carotenoid-based supplements help preserve clear central vision and enhance overall visual performance, lowering the risk of age-related vision impairment. 43% of individuals aged 16 and older in Mexico City experience severe dry eye symptoms, which is expected to drive the applications of carotenoids.

Carotenoids are crucial for the pigmentation of egg yolks, skin, legs, beaks, combs, feathers, and fat in birds. Notably, egg production in Baja California has risen significantly, from an estimated 24.75 million tons in 2018 to 31.84 million tons in 2023.

Key Highlights of the Report

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.