What Has Been the Growth of the Carotenoids Market So Far?
The carotenoids market has seen considerable growth due to a variety of factors.
• In the past few years, there has been a significant growth in the carotenoids market size. The market, which is projected to escalate from $1.9 billion in 2024 to $2 billion in 2025, is growing at a compound annual growth rate (CAGR) of 5.1%.
The expansion during the historic period can be credited to the escalating awareness of health advantages, increasing demand in the food and beverage sector, growth in the nutraceutical industry, an uptick in usage in animal feed, and government rules favoring natural ingredients.
What Is the Forecasted Market Size and Growth Rate for The Carotenoids Market Size In The Coming Years?
The carotenoids market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for carotenoids is anticipated to witness robust expansion in the coming years, growing to $2.44 billion by 2029, with a compound annual growth rate (CAGR) of 5.0%.
The forecasted growth is largely attributed to rising emphasis on sustainable sourcing, sustained growth in functional foods and beverages, wider pharmaceutical applications, burgeoning demand for natural colorants, and increased usage in personal care products. Other notable trends driving growth during this period include improvements in extraction technologies, expanding markets in emerging regions, growing demand for fortified and functional foods, increased popularity of natural carotenoids, and a heightened awareness of their health benefits.
What Factors Are Driving Growth In The Carotenoids Market?
The carotenoids market is set for a surge in growth, fueled by the escalating demand for health supplements. Generally, health supplements are products specifically developed to enrich a diet, emphasizing, enhancing, and fostering the overall well-being of the human body by augmenting the body's healthy functions. In health supplements, carotenoids are applied for their antioxidant properties, offering a multitude of benefits for preventing or managing age-related macular degeneration (AMD), and promoting overall health and well-being. For example, data released by the Organic Trade Association (OTA), a U.S.-based organization for the organic industry, in May 2023 showed that organic food sales in the U.S. hit $61.7 billion in 2022, reflecting a 4.3% increase from the $59.1 billion reported in 2021. It marked the first time sales exceeded the $60 billion threshold. As a result of these developments, the growing demand for health supplements is powering the expansion of the carotenoids market.
Carotenoids Market Driver: Surge in Eye Diseases Boosts Growth in The Carotenoids Market
What Are The Main Segments Of The Global Carotenoids Market?
The carotenoids market covered in this report is segmented –
1) By Type: Astaxanthin, Beta-Carotene, Lutein, Lycopene, Canthaxanthin, Zeaxanthin, Other Types
2) By Source: Natural, Synthetic
3) By Form: Beadlets, Powder, Liquid, Gel, Other Forms
4) By Application: Feed, Food And beverages, Dietary Supplements, Cosmetics, Pharmaceuticals
Subsegments:
1) By Astaxanthin: Natural Astaxanthin, Synthetic Astaxanthin
2) By Beta-Carotene: Natural Beta-Carotene, Synthetic Beta-Carotene
3) By Lutein: Lutein Esters, Free Lutein
4) By Lycopene: Natural Lycopene, Synthetic Lycopene
5) By Canthaxanthin: Natural Canthaxanthin, Synthetic Canthaxanthin
6) By Zeaxanthin: Zeaxanthin Esters, Free Zeaxanthin
7) By Other Types: Cryptoxanthin, Other Carotenoid Variants
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Which Emerging Market Trends Are Altering The Carotenoids Industry?
Leading firms in the carotenoids market are focusing on breakthrough production technologies to enhance their market share profitability. The advanced technologies are essentially used to boost efficiency, productivity, and to make the carotenoid production processes more sustainable. For instance, NovoNutrients, a biotech firm based in the U.S., unveiled a groundbreaking innovation in carotenoid production technology in March 2023. This technology not only is more efficient, but also reduces the production's environmental footprint, potentially making carotenoids more cost-effective and accessible. Another significant advantage is its scalability, implying that it can generate large carotenoid volumes, a benefit that could address the increasing global demand for carotenoids. Furthermore, this opens up diverse potentials for carotenoid applications.
Who Are the Key Players In The Carotenoids Market?
Major companies operating in the carotenoids market report are:
• BASF SE
• F. Hoffmann-La Roche AG
• Novo Nordisk
• Koninklijke DSM N.V.
• Givaudan
• FMC Corporation
• Sun Pharmaceutical Industries Ltd.
• Dohler Group
• Cipla Limited
• Chr. Hansen Holding A/S
• Brenntag North America Inc.
• Zhejiang Medicine Co. Ltd.
• Divis Laboratories Ltd.
• Zhejiang NHU Co. Ltd.
• Kemin Industries Inc.
• Naturex SA
• E.I.D. Parry Limited
• Novus International Inc.
• LycoRed Corp.
• Beijing Gingko Group
• Cyanotech Corporation
• ExcelVite Sdn. Bhd.
• Fuji Chemical Industry Co Ltd.
• Allied Biotech Corporation
• Sensient Colors LLC
• Vinayak Ingredients India Pvt. Ltd.
• Bio Extracts Ltd.
• Algatechnologies Ltd.
• Valensa International LLC
• Nutralliance Inc.
What Is The Most Dominant Region In The Carotenoids Market?
Europe was the largest region in the carotenoids market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the carotenoids market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
