Carotenoids Market Share Projections: CAGR of 4.50% Envisions Market Size of $2.95 Billion by 2032
Carotenoids are widely used as natural colorants in the food and beverage industry. Rising customer inclination for natural and clean-label ingredients to propel market growth. Europe emerged as the largest market for the global carotenoids market, with a 39.98% share of the market revenue in 2022.
Newark, Feb. 06, 2024 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights, the global carotenoids market is expected to grow from USD 1.90 billion in 2022 to USD 2.95 billion by 2032, at a CAGR of 4.50% during the forecast period 2023-2032.
Carotenoids are a group of naturally occurring colors tracked down in plants, algae, and photosynthetic bacteria. They are responsible for the dynamic varieties in many fruits, vegetables, and other plants. Carotenoids play an important part in photosynthesis by capturing light energy and changing it into chemical energy. Apart from their part in photosynthesis and giving color to fruits and vegetables, carotenoids are also known for their antioxidant properties. Antioxidants assist with killing radicals in the body, which can cause oxidative stress and damage cells. Beta-carotene is one of the carotenoids that have provitamin A, which means that they can be converted into vitamin A in the body, which is necessary for vision, immune function, and skin health. Carotenoids contribute to skin well-being by safeguarding against UV radiation and oxidative stress. They might assist with premature skin ageing, reduce the risk of sunburn, and contribute to a healthy complexion. A higher intake of carotenoids is associated with a natural boost in immune health. Acetylenics, a group of metabolites that have been investigated for their potential role in promoting wellbeing and boosting immune function, are known to be present in carotenoids in addition to antioxidants. Carotenoids play a crucial role in the feed industry, especially in animal nutrition. They are significant parts that contribute to the overall health, well-being, and performance of various livestock species. Carotenoids act as antioxidants, assisting with moderating oxidative pressure in creatures. This is especially significant in circumstances where animals may be exposed to environmental stressors, like changes in temperature, transportation, or illness challenges. Carotenoids, particularly beta-carotene, contribute to the proper functioning of the immune system. This is vital for disease resistance and overall health in animals.
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High production costs will restrict the market’s growth. The extraction of carotenoids from natural sources can be expensive, impacting the overall production costs. Developing cost-effective extraction methods that maintain the quality of carotenoids is a continuous challenge for the industry. However, the rising demand for functional foods and ongoing research into the health benefits of carotenoids and their potential applications in various industries may open up new opportunities for market growth.
Market Growth & Trends
Consumers have been progressively looking for natural and clean label products, which has driven the interest for natural colorants. Carotenoids, natural pigments, are strategically set up to satisfy this need, particularly in the food and beverage industry. The worldwide trend toward better ways of life and an emphasis on preventive healthcare has added to the interest in functional foods and dietary supplements. With their antioxidant properties and potential health benefits, Carotenoids have gained popularity. Carotenoids are generally utilized in the nutraceutical business because of their relationship with different medical advantages. The market has seen a development of carotenoid applications in dietary supplements, functional foods, and beverages targeted at promoting overall health and well-being. Continuous progressions in extraction technologies and formulation methods have worked on the productivity of carotenoid creation and extended their applications. Stable formulations that are suitable for a variety of industries are made possible by these innovations.
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• In 2022, the astaxanthin segment dominated the market with the largest market share of 25.68% and market revenue of USD 0.49 billion.
The type segment is divided into astaxanthin, beta-carotene, lutein, lycopene, canthaxanthin, zeaxanthin and others. In 2022, the astaxanthin segment dominated the market with the largest market share of 25.68% and market revenue of USD 0.49 billion.
• In 2022, the beadlets segment accounted for the largest share of the market, with 35.68% and a market revenue of USD 0.68 billion.
The form segment is divided into beadlets, powder, liquid and gel. In 2022, the beadlets segment accounted for the largest share of the market, with 35.68% and a market revenue of USD 0.68 billion.
• In 2022, the synthetic segment dominated the market with the largest market share of 68.24% and market revenue of USD 1.30 billion.
The source segment is divided into synthetic and natural. In 2022, the synthetic segment dominated the market with the largest market share of 68.24% and market revenue of USD 1.30 billion.
• In 2022, the feed segment dominated the market with the largest market share of 35.28% and market revenue of USD 0.67 billion.
The application segment is divided into feed, food & beverages, dietary supplements, cosmetics and pharmaceuticals. In 2022, the feed segment dominated the market with the largest market share of 35.28% and market revenue of USD 0.67 billion.
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Regional Segment Analysis of the Carotenoids Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the Europe region emerged as the largest market for the global carotenoids market, with a market share of around 39.98% and USD 0.76 billion of the market revenue in 2022. The Europe region is expected to be the largest market over the forecast period. The carotenoids market in Europe has seen consistent development, driven by factors such as rising customer awareness of medical advantages related to carotenoids and a rising interest in natural colorants in the food and beverage industry. Carotenoids are generally utilized in the food and beverage industry as natural colorants and nutritional additives. They are incorporated into products like beverages, confectionery, dairy, and snacks. Carotenoids are used as feed additives in the agriculture sector, particularly for poultry and aquaculture, to enhance the color of egg yolks and flesh. Carotenoids, which are known for their antioxidant properties and potential health benefits, including supporting eye health and boosting the immune system, have contributed to the demand for health and wellness products.
Key players operating in the global Carotenoids market are:
• Allied Biotech Corporation
• Algatech Ltd.
• BASF SE
• Kemin Industries
• Chr. Hansen Holdings A/S
• DDW The Color House
• DOHLER GmbH
• FMC Corporation
• Novus International Inc.
• Sensient Technologies
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This study forecasts global, regional, and country revenue from 2019 to 2032. The Brainy Insights has segmented the global Carotenoids market based on the below-mentioned segments:
Global Carotenoids Market by Type:
Global Carotenoids Market by Form:
Global Carotenoids Market by Source:
Global Carotenoids Market by Application:
• Food & Beverages
• Dietary Supplements
About the report:
The global Carotenoids market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.
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