#Carotenoids Market

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The carotenoids market size is projected to reach USD 3.4 billion by 2029 from USD 2.5 billion by 2024, at a CAGR of 6.3% during the forecast period in terms of value.

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Carotenoids Market Rises with Nutraceutical Preference and Tech Evolution

Surging demand in nutraceuticals and advancements in extraction technologies is expected to drive the Global Carotenoids Market growth in the forecast period, 2025-2029

According to TechSci Research report, “Carotenoids Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029”, the Global Carotenoids Market stood at USD 1.78 Billion in 2023 and is anticipated to grow with a CAGR of 4.57% in the forecast period, 2025-2029. The Global Carotenoids Market is propelled by several key drivers. Primarily, the increasing consumer awareness about the health benefits of carotenoids, such as their antioxidant properties and their role in reducing the risk of chronic diseases, is driving market growth.

Additionally, the rising demand for natural colorants in the food and beverage industry is contributing to the market's expansion. Furthermore, the growth of the animal feed industry, where carotenoids are commonly used, is also a significant factor. Ongoing research and development, leading to the discovery of new health benefits and applications of carotenoids, acts as a catalyst for the market's growth.

The global carotenoids market is currently experiencing a remarkable growth trajectory. This surge can be attributed to multiple factors that are driving its expansion. Firstly, there is a growing consumer awareness about the various health benefits associated with carotenoid consumption. These benefits include not only improved vision, enhanced immune function, and a reduced risk of chronic diseases but also their potential role in supporting cardiovascular health and promoting healthy aging.

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As a result of this increasing awareness, there is a surging demand for carotenoids in the food and beverage industry, where natural colorants are highly sought after. Carotenoids are not only used to enhance the visual appeal of food products but also to provide added nutritional value. Their vibrant hues, ranging from yellow to red, not only make food visually appealing but also signify the presence of important antioxidants. Moreover, carotenoids play a crucial role in the cosmetics and pharmaceuticals sectors. Their antioxidant properties and ability to promote skin health have made them a popular ingredient in skincare products and supplements. In addition to their potential benefits for skin health, carotenoids are also being explored for their potential role in protecting against UV-induced skin damage and promoting a youthful complexion.

Looking ahead, the market's outlook remains highly positive. Ongoing innovation and research efforts are expected to unlock new applications for carotenoids in various industries in the coming years. For instance, there is growing interest in using carotenoids as functional ingredients in nutraceuticals and dietary supplements, as well as in the development of novel drug delivery systems. With their wide range of benefits and versatile properties, carotenoids are poised to play an even more significant role in promoting health and well-being across different sectors, contributing to the overall growth and expansion of the global carotenoids market. Furthermore, the increasing focus on sustainable and plant-based products has also contributed to the growth of the carotenoids market. Consumers are now more conscious of the environmental impact of their choices and are seeking natural alternatives. Carotenoids, derived from fruits, vegetables, and algae, provide a sustainable and eco-friendly option for various industries.

Additionally, technological advancements in extraction and purification techniques have improved the availability and quality of carotenoids, further fueling their market growth. These advancements have made it possible to extract carotenoids from a wider range of sources, including by-products from the food industry, reducing waste and maximizing resource utilization. The global carotenoids market is witnessing significant growth due to factors such as increasing consumer awareness, demand for natural colorants, and their versatile applications in various industries. With ongoing research and innovation, as well as the focus on sustainability, the market is expected to continue expanding in the coming years, offering new opportunities and benefits across different sectors.

The Global Carotenoids Market is segmented into source, type, application, formulation, regional distribution, and company

Based on formulation, Powder form currently dominates the market due to its broad range of applications in the food, feed, and pharmaceutical sectors. Its versatility makes it a preferred choice for various industries, allowing for convenient handling and storage. Additionally, the fine particle size and homogeneous nature of powdered substances contribute to improved solubility and dispersion, enhancing their effectiveness in different formulations and processes.

With its ability to dissolve easily, powdered substances offer enhanced solubility, ensuring that they can be effectively incorporated into various formulations. Moreover, their homogeneous nature enables consistent dispersion, guaranteeing uniformity throughout the product. This not only enhances the overall effectiveness of the substances but also facilitates their integration into different manufacturing processes. The convenience of handling and storage further adds to the appeal of powder form.

The fine particle size allows for easy measuring and accurate dosing, making it a reliable choice for precise applications. Additionally, the stability and longer shelf life of powdered substances ensure that they can be stored for extended periods without compromising their quality. Considering these factors, it's no wonder that powder form continues to dominate the market, catering to the diverse needs of industries and providing improved solubility, dispersion, and convenience.

Based on region, The North American region holds a dominant position in the global carotenoids market, mainly attributed to the increasing consumer awareness about the multitude of health benefits associated with carotenoids. These powerful antioxidants are known to promote eye health, boost immune function, and reduce the risk of chronic diseases. Moreover, the growing preference for natural and organic products among consumers has fueled the demand for carotenoids in various industries including food, pharmaceuticals, and cosmetics.

In addition to consumer awareness and demand, the strong presence of key market players in North America further contributes to its leading position. Established companies with extensive research and development capabilities are continuously innovating in the field of carotenoid extraction methods, resulting in improved product quality and efficiency. Technological advancements, such as advanced extraction techniques and sustainable sourcing methods, have propelled the market growth in this region. With a combination of consumer awareness, demand for natural products, and ongoing advancements in technology and research, North America continues to be a frontrunner in the global carotenoids market.

Major companies operating in Global Carotenoids Market are:

Koninklijke DSM N.V.

BASF SE

Chr. Hansen Inc.

Cyanotech Corporation

Allied Biotech Corporation

Lycored Limited

Kemin Industries Inc.

Fuji Chemical Industry Co Ltd.

Novus International Inc. (Carotenoid Technologies, S.A.)

Döhler Group

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“The future of the global carotenoids market looks incredibly promising as it is poised for substantial growth. This is primarily driven by the increasing awareness of health among consumers and the growing demand for natural and organic beauty products. As people become more knowledgeable about the numerous health benefits of carotenoids, especially their exceptional antioxidant properties and pro-vitamin A characteristics, their application in the dietary supplement, food, and cosmetics industries is expected to witness significant expansion.

Moreover, environmental factors also play a crucial role in shaping the future of the carotenoids market. With mounting concerns about synthetic additives and a growing preference for clean and sustainable ingredients, the demand for carotenoids is anticipated to further fortify the market's continued evolution and expansion. This shift towards natural alternatives is likely to drive the transformation of the global carotenoids market, making it a thriving and dynamic industry.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Carotenoids Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2019-2029 Segmented By Source (Synthetic Carotenoids and Natural Carotenoids), By Type (Astaxanthin, Beta-Carotene, Lutein, Lycopene, Canthaxanthin, and Zeaxanthin, Others), By Application (Feed, Food & Beverages, Dietary Supplements, Cosmetics, and Pharmaceuticals), By Formulation (Beadlet, Powder, Oil Suspension and Emulsion), By Region and Competition”, has evaluated the future growth potential of Global Carotenoids Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Carotenoids Market.

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Carotenoids Market Report 2023, Industry Size, Demand, Growth Drivers and Forecast till 2028

IMARC Group has recently released a new research study titled “Carotenoids Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios. How big is the carotenoids market? The global carotenoids…

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Carotenoids Market Will Hit Big Revenues In Future

The carotenoids market is projected to grow from USD 1.5 billion in 2019 to USD 2.0 billion by 2026, recording a CAGR of 4.2% during the forecast period. The factors driving the growth of the market are increasing awareness among consumers regarding the benefits carotenoids offer in preventive healthcare. Carotenoids have antioxidant properties and have high nutritional benefits. Carotenoids are known to help in reducing the risk of type 2 diabetes and prevents cardiovascular problems. Moreover, due to increasing demand for natural ingredients in food industry, carotenoids are now in high demand for use as a natural food colorant.

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Increasing application for astaxanthin as food color has led the segment to account for the highest market share in the carotenoids market

Astaxanthin accounts for the largest share in the market, during the forecast period. Astaxanthin is found in certain algae and has a red pigment. Due to its red pigment, it is now being widely used in meat products to impart color. It is used in food products such as salmon, lobster, trout, shrimp, and other seafood products. Moreover, it is also now being used as it helps in fighting diseases such as Parkinson’s disease, the prevention of macular degeneration, and the Alzheimer’s disease.

Natural segment is projected to grow at faster CAGR in the carotenoids market during the forecast period as consumers are demanding natural food products

The natural segment is forecasted to grow at higher CAGR in the market during the study period. This can be attributed to increase in biological activities and high antioxidant properties offered by natural carotenoids. During last few decades there has been increasing concern over the chemical ingredients used in various food products. Consumers across the globe are now demanding for food products with natural ingredients as they are perceived as safer fand healthier for consumption. This has driven the demand for natural carotenoids in food industry.

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The Europe region is projected to account for largest market share in the carotenoids market during the forecast period due to increase demand for clean-label products

The Europe region is forecasted to dominate the carotenoids market in terms of market share during the forecast period. This is due to the presence of consumers who are demanding natural and clean-label food products. The players in food and feed industry in Europe are widely using natural ingredients as a colorant in their products and easy availability of carotenoids makes it a preferrable option for these manufacturers. Furthermore, growing ageing population has led to increase in demand for carotenoids as it may benefit in curing cataract and other eye disorders. 

The prominent vendors in the carotenoids market include Koninklijke DSM (Netherlands), BASF (Germany), Chr. Hansen (Denmark), Kemin Industries (US), Lycored Limited (Israel), Cyanotech Corporation (US), Fuji Chemical Industry Co Ltd. (Japan), Novus International (US), DDW The Color House (US), and Dohler Group (Germany).

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Carotenoids Market Business Opportunities and Top Manufacture and Forecast by 2032 | ExcelVite, DEINOVE SA, Döhler, DSM

Carotenoids Market Business Opportunities and Top Manufacture and Forecast by 2032 | ExcelVite, DEINOVE SA, Döhler, DSM

Global research report named Carotenoids market was recently published by insightSLICE to provide guidance for the business. The new research study on Carotenoids market highlights on the current performance as well as on the upcoming opportunities. To understand the structure of global market, the report also gives statistical data on local and global consumption. The report includes profiles of…

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Carotenoids Market Growth, Overview with Detailed Analysis 2022-2028

Carotenoids Market Growth, Overview with Detailed Analysis 2022-2028

The Carotenoids Market research report 2022-2030 provides an in-depth analysis of the changing trends, opportunities, and challenges influencing the growth over the next decade. The study includes a detailed summary of each market along with data related to demand, supply and distribution. The report examines Carotenoids market growth strategies adopted by leading manufacturers which include new…

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Carotenoids Market

The Carotenoids market was valued at USD 1.63 billion in 2021 and is expected to reach USD 2.19 billion by the year 2028, at a CAGR of 4.3%.

 Carotenoids also called Tetraterpenoids, are yellow, orange, and red organic pigments that are produced by plants and algae, as well as several bacteria, and fungi. Carotenoids give the characteristic color to pumpkins, carrots, parsnips, corn, tomatoes, canaries, flamingos, salmon, lobster, shrimp, and daffodils. Carotenoids can be produced from fats and other basic organic metabolic building blocks by all these organisms. The only land-dwelling arthropods known to produce carotenoids are aphids, and spider mites, which acquired the ability and genes from fungi. It is also produced by endosymbiotic bacteria in whiteflies. Carotenoids from the diet are stored in the fatty tissues of animals, and exclusively carnivorous animals obtain the compounds from animal fat. In the human diet, absorption of carotenoids is improved when consumed with fat in a meal. Cooking carotenoid-containing vegetables in oil and shredding the vegetable both increase carotenoid bioavailability.

Carotenoid also continues to witness significant demand in the cosmetic industry attributed to increasing vitamin A properties. These factors are expected to impact growth of the global carotenoids market during the forecast period.

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Cross-Industry Collaborations in the Carotenoids Market

Introduction:

In an era of interconnectedness and shared expertise, cross-industry collaborations are emerging as catalysts for innovation, driving advancements in diverse fields including nutrition, healthcare, agriculture, and cosmetics. Within the carotenoids market, collaboration between stakeholders from different industries is fostering synergies, accelerating research, and expanding market opportunities.

This article explores the significance of cross-industry collaborations in the carotenoids market, recent examples of successful partnerships, and their impact on product development, sustainability, and market growth.

According to Next Move Strategy Consulting, the global Carotenoids Market is predicted to reach USD 2.43 billion by 2030 with a CAGR of 4% from 2024-2030.

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The Power of Collaboration:

Cross-industry collaborations bring together complementary expertise, resources, and perspectives to tackle complex challenges and seize new opportunities. By pooling knowledge from diverse fields such as biotechnology, food science, pharmaceuticals, and cosmetics, collaborators can leverage synergies, accelerate innovation cycles, and drive meaningful outcomes. In the carotenoids market, collaborations between researchers, manufacturers, suppliers, and end-users are facilitating the development of novel products, technologies, and applications with enhanced efficacy, safety, and sustainability.

Key Areas of Collaboration:

Cross-industry collaborations in the carotenoids market span a wide range of areas, including research and development, ingredient sourcing, formulation technology, and market access. For example, collaborations between food companies and agricultural suppliers are driving advancements in sustainable farming practices, biofortification, and crop breeding to enhance the nutritional content of staple crops with carotenoids.

Similarly, partnerships between pharmaceutical companies and research institutions are advancing the development of carotenoid-based therapies for various health conditions, including age-related macular degeneration (AMD), cancer, and cardiovascular diseases.

Geographical Analysis:

Europe emerges as the dominant force in the carotenoids market throughout the forecast period, driven by multiple commercial expansions and the active involvement of top market players operating and investing in the region. The continuous commitment and strategic initiatives of these key industry players significantly contribute to the robust growth and overall prominence of the carotenoids market in Europe thereby driving the market growth. The carotenoids market in the Asia-Pacific region is experiencing substantial growth, primarily driven by the presence of a large population in the region.

The significant demographic size in Asia-Pacific offers an expansive consumer base for the carotenoids market. The region's growing awareness of the health benefits and application of carotenoid products across various applications, including food, healthcare, and cosmetics, further fuels the market's expansion. The burgeoning food and beverage industry in the Asia-Pacific region complements the growth of the carotenoid market.

As this industry expands, there is an increased demand for natural additives and ingredients, including carotenoids, to meet consumer preferences for clean-label and healthier products. This presents a significant opportunity for carotenoid manufacturers to tap into the growing market in the Asia-Pacific region and cater to the evolving needs of food and beverage companies in this thriving market.

Recent Examples of Collaborations:

In recent years, there have been several notable examples of successful cross-industry collaborations in the carotenoids market. For instance, a partnership between a biotechnology company and a food manufacturer resulted in the development of a novel microalgae strain engineered to produce high levels of astaxanthin, a potent carotenoid with antioxidant properties. This collaboration enabled the commercialization of sustainable, plant-based astaxanthin supplements with superior purity and potency, meeting the growing demand for natural health products.

Similarly, a collaboration between a cosmetics company and a research institution led to the development of a patented delivery system for carotenoids in skincare formulations. By combining expertise in nanotechnology, dermatology, and cosmetic science, the partners created liposomal encapsulation technology that enhances the stability, bioavailability, and skin penetration of carotenoids, offering consumers effective protection against UV-induced oxidative stress and premature aging.

Future Outlook and Opportunities:

As the carotenoids market continues to expand and diversify, cross-industry collaborations are expected to play an increasingly vital role in driving innovation, sustainability, and market growth. With advancements in biotechnology, formulation technology, and consumer insights, collaborators can unlock new opportunities for developing novel products and applications that address evolving consumer preferences and market trends.

Moreover, collaborations between industry stakeholders and academic institutions can accelerate research and development efforts, foster knowledge exchange, and shape the future direction of the carotenoids market.

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Competitive Landscape:

The top market players operating in the carotenoids market are Koninklijke DSM, BASF SE, Chr. Hansen A/S, Kemin Industries, Lycored Ltd., Fuji Chemical Industry Co Ltd., Dohler Group Se, Allied Biotech Corporation, Farbest Brands, Excelvite Sdn. Bhd. and others. These market players are adopting various strategies such as product launches and collaborations to remain dominant in the market.

BASF and Cargill expanded their partnership to offer high-performance enzyme solutions to animal protein producers. This collaboration aims to provide innovative enzyme-based solutions, generating distinctive value for animal feed customers. The extended partnership includes the development, production, marketing, and sale of customer-centric enzyme products and solutions.

Recent News:

In a recent development, a company  announced a strategic partnership with [Research Institution] to explore the therapeutic potential of carotenoids in combating inflammatory bowel diseases (IBD). Leveraging expertise in microbiology, immunology, and nutritional science, the partners will conduct preclinical studies to investigate the anti-inflammatory effects of carotenoids on gut health and immune function. This collaboration underscores the growing interest in leveraging carotenoids as natural remedies for chronic inflammatory conditions, paving the way for future dietary interventions and therapeutic applications.

Furthermore, a Ingredient Supplier and a Food Company announced a collaborative initiative to develop sustainable sourcing practices for carotenoid-rich ingredients. By working together to establish fair trade agreements, promote regenerative agriculture, and support smallholder farmers, the partners aim to ensure a stable and ethical supply chain for carotenoids while preserving biodiversity and environmental integrity. This collaboration reflects a shared commitment to sustainability and responsible sourcing in the carotenoids market, addressing growing consumer demand for transparent and ethical food production practices.

Conclusion:

Cross-industry collaborations are driving innovation, sustainability, and market growth in the carotenoids market, enabling stakeholders to harness the full potential of these valuable compounds for health, nutrition, and well-being. By fostering partnerships between researchers, manufacturers, suppliers, and end-users, collaborators can leverage collective expertise and resources to overcome challenges, seize opportunities, and create meaningful impact across diverse sectors.

As the pace of innovation accelerates and consumer expectations evolve, collaborative approaches will continue to shape the future of the carotenoids market, unlocking new possibilities for improving human health, environmental sustainability, and societal well-being.

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Carotenoids Market Size, Share, Types, Products, Trends, Growth, Applications and Forecast 2023 to 2030

The Carotenoids market was valued at USD 1.63 billion in 2021 and is expected to reach USD 2.19 billion by the year 2028, at a CAGR of 4.3%.

The carotenoids market encompasses a wide range of industries, from food and beverages to pharmaceuticals and cosmetics. Carotenoids are natural pigments responsible for the vibrant colors seen in many fruits and vegetables, and they also have antioxidant properties that offer various health benefits. The food and beverage industry is a significant consumer of carotenoids, using them as natural colorants to enhance the visual appeal of products. They are added to a variety of food items, including juices, dairy products, snacks, and confectionery, to impart shades of red, orange, and yellow. With consumers increasingly favoring natural ingredients over synthetic ones, the demand for carotenoids in this sector is expected to remain strong.

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Leading players involved in the Carotenoids Market include:

Allied Biotech, BASF SE, Dohler GmbH, FMC Corporation, Sensient Technologies, Chr Hansen Holdings A/S, Kemin Industries, Algatech Tech, Novus International Inc., DDW The Color House, Lycored Ltd, Fuji Chemical Industry Co. Ltd., E.I.D. Parry, Divi's Laboratories, Farbest Brands, Deinove SAS and others Major Players. 

Updated Version 2024 is available our Sample Report May Includes the:

Scope For 2024

Brief Introduction to the research report.

Table of Contents (Scope covered as a part of the study)

Top players in the market

Research framework (structure of the report)

Research methodology adopted by Worldwide Market Reports

Moreover, the report includes significant chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis which help to understand the market direction and movement in the current and upcoming years.

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Segmentation of Carotenoids Market:

By Type

Astaxanthin

Beta-Carotene

Canthaxanthin

Capsanthin

Others

By Source

Synthetic

Natural

By Application

Animal Feed

Food & Beverages

Personal Care & Cosmetics

Dietary Supplements

Pharmaceuticals

An in-depth study of the Carotenoids industry for the years 2023–2030 is provided in the latest research. North America, Europe, Asia-Pacific, South America, the Middle East, and Africa are only some of the regions included in the report's segmented and regional analyses. The research also includes key insights including market trends and potential opportunities based on these major insights. All these quantitative data, such as market size and revenue forecasts, and qualitative data, such as customers' values, needs, and buying inclinations, are integral parts of any thorough market analysis.

Market Segment by Regions: -

North America (US, Canada, Mexico)

Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)

Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)

Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)

Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)

South America (Brazil, Argentina, Rest of SA)

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Carotenoids Market Size, Top Key Players, Growth, Trend Analysis, and Forecast To 2029

The carotenoids market size is projected to reach USD 3.4 billion by 2029 from USD 2.5 billion by 2024, at a CAGR of 6.3% during the forecast period in terms of value. Demand for dietary supplements is increasing, leading to higher consumption of natural carotenoids. There is a growing need for sustainable, natural, clean label, natural carotenoids that contribute to market expansion. Changing dietary preferences and the awareness of health and wellness further propel market growth. Overall, these trends highlight the growing significance and adoption of carotenoids.

Carotenoids Market Trends

Here are some of the carotenoids market trends-

Growing Demand in Food and Beverage Industry: Carotenoids are widely used as natural colorants and nutritional additives in various food and beverage products. The increasing consumer preference for natural ingredients has been driving the demand for carotenoids in this sector.

Health and Wellness Trends: Carotenoids such as beta-carotene, lycopene, and astaxanthin are renowned for their antioxidant properties and health benefits. With the rising awareness of the importance of nutrition in maintaining health and preventing diseases, the demand for carotenoid-rich supplements and functional foods has been on the rise.

Expansion in Cosmetics Industry: Carotenoids are also utilized in the cosmetics industry for their skin-enhancing properties. They are incorporated into skincare and beauty products due to their antioxidant and anti-inflammatory characteristics. The trend towards natural and organic cosmetics has further boosted the demand for carotenoids in this sector.

Technological Advancements in Production: Continuous advancements in biotechnology and extraction techniques have enabled more efficient and sustainable production of carotenoids. This has contributed to an increase in the availability of carotenoid-rich ingredients for various applications.

Focus on Sustainability and Clean Labeling: Consumers are increasingly concerned about the environmental impact of the products they consume. As a result, there is a growing demand for sustainably sourced carotenoids and products with clean labelling, indicating natural and environmentally friendly ingredients and processes.

Rising Demand in Emerging Markets: Emerging economies, particularly in Asia-Pacific and Latin America, are witnessing a surge in demand for carotenoids due to changing dietary habits, increasing disposable income, and growing awareness of health and wellness. This presents significant opportunities for market expansion in these regions.

Research and Development: Ongoing research into the health benefits and potential applications of carotenoids continues to drive innovation in the industry. This includes exploring novel sources of carotenoids, developing new formulations, and discovering additional health-promoting properties, which could further fuel market growth.

Carotenoids Market Driver: Increased use of natural carotenoids as food and beverage colorant.

The shift towards natural and clean label ingredients in the food industry has spurred increased utilization of natural carotenoids as food colorants. Carotenoids, found in fruits, vegetables, and algae, serve as appealing substitutes to synthetic colors due to their perceived health benefits and clean label appeal. Consumers seek products with recognizable, natural ingredients like beta-carotene, lycopene, and astaxanthin, which not only provide vibrant colors but also offer antioxidant properties. With a growing demand for natural ingredients and a preference for brightly colored foods, food manufacturers must prioritize understanding these trends to effectively meet consumer expectations and influence purchasing decisions. Consequently, incorporating natural carotenoid extracts across dairy, bakery, confectionery, beverages, and snacks enables versatile color applications in response to evolve consumer preferences.

In by application segment, food & beverage segment is expected to grow at highest CAGR during the forecast period.

The food and beverage segment in the carotenoid market is witnessing the highest growth rate due to several key drivers. Firstly, increasing consumer demand for natural and healthy food additives drives the incorporation of carotenoids as natural colorants and functional ingredients. Secondly, growing awareness of the health benefits associated with carotenoids, such as antioxidant properties and potential disease prevention, fuels their utilization in a wide range of food and beverage products. Additionally, the rise in innovative product development and the introduction of clean-label products further stimulate market growth in this segment, catering to evolving consumer preferences for natural and nutritious food options.

Top Carotenoids Companies

The key players in the market include BASF SE (Germany), DSM (Netherlands), Cyanotech Corporation (US), Givaudan (Switzerland), ADM (US), NHU (China), Divi's Laboratories Limited (India), Allied Biotech Corporation (Taiwan), Lycored (US), Kemin Industries, Inc. (US), Fuji Chemical Industries Co., Ltd. (Japan), EW Nutrition (Germany), Döhler GmbH (Germany), ExcelVite (Malaysia) and Farbest Brands (US). These market participants are emphasizing the expansion of their footprint via agreements and partnerships. They maintain a robust presence in North America, Asia Pacific, South America, RoW, and Europe, and they are supported by manufacturing facilities and well-established distribution networks spanning these regions.

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Functional Food and Nutraceuticals Market - Forecast(2023 - 2028)

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Growth Strategies Adopted by Major Players in the Carotenoids Market

The carotenoids market is projected to grow from USD 1.5 billion in 2019 to USD 2.0 billion by 2026, recording a CAGR of 4.2% during the forecast period. This is attributed to the increasing awareness regarding the potential benefits of caortenoids in preventing heart diesaes, cancer, and treating eye disorders, parkinson’s disease, alzhmier’s disease and macular denegraton. Moreover, carotenoids has high antioxidant properties and helps in slowing the ageing process. These factors have made carotenoids a popular preference among consumera and players in food industry.

Furthermore, consumers across the world are demanding clean-label products due to increasing concnern over use of synthetic ingredients in food. This has driven the demand fornatural colorants in food industry and carotenoids being a red pigment is now being widely applied in meat industry to impart color to products such salmon, trout, and other meat and seafood products.

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The lutein segment is projected to grow at the highest rate during the forecast period

The lutein segment, on the basis of type, is projected to grow at the highest CAGR, in terms of value, during the forecast period. Lutein is synthesized by plants and found in some of the major food items, such as egg yolks, carrot, spinach, kale, squash, grapes, and pepper. It is used in both, human nutrition and animal nutrition products. Its wide acceptability due to its ability to treat age-related eye disorders, including cataracts and macular degeneration, is a key factor driving its demand.

By application, the feed segment is estimated to account for the largest market share in 2019 in the carotenoids market

Carotenoids are extensively used in animal nutrition products due to their coloring properties and are incorporated in feed to pigment the egg yolks, broiler skin, fishes, and crustaceans. These also help in increasing the immunity and improving the health of livestock by enhancing the quality of nutrition. The fertility of cattle, swine, and horses can be improved by feeding beta-carotene, whereas astaxanthin and canthaxanthin help in improving the growth of salmons and larval fishes.

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Europe is projected to account for the largest share in the carotenoids market during the forecast period

The European market accounted for the largest share in 2018 due to the presence of leading manufacturers, such as Koninklijke DSM (Netherlands), BASF (Germany), Chr. Hansen (Denmark), and Dohler Group (Germany). Further, the increase in the aging population in the region has led to a surge in demand for lutein, lycopene, and beta-carotene to treat cataract and reduce the risk of diabetes, cancer, and other heart-related issues. Although synthetic carotenoids account for a high share in the market, consumers prefer opting for natural and clean label products, which is projected to drive the growth of the naturally-sourced carotenoids market in this region.

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Carotenoids Market

The Carotenoids market was valued at USD 1.63 billion in 2021 and is expected to reach USD 2.19 billion by the year 2028, at a CAGR of 4.3%.

Carotenoids Market Share, Size, Growth, Trends, & Industry Forecast Analysis Report, By Type, Application and Regional Segment Forecast, 2022 - 2028, provides an extensive analysis of current market dynamics and predicted future trends.

Carotenoids are hydrophilic colorants blended by plants, fungi, algae, and bacteria. In plants, carotenoids contribute to the photosynthetic functions and defense them as anti-photodamage, in addition to supporting the production of phytohormones. As pigments, they are at fault for the red, orange, pink, and yellow colors of the leaves of plants, fruits, vegetables, and some birds, insects, fish, and crustaceans. About 750 types of carotenoids have been recognized in nature, but only about 100 are present in detectable amounts within the human diet. From 30 and 40 carotenoids have been discovered in human blood samples and the six most massive carotenoids are made of around 95% of the carotenoids discovered in blood plasma such as lycopene, lutein, β-carotene, β-cryptoxanthin, α-carotene, and zeaxanthin.