Meticulous Research®—a leading global market research company, published a research report titled, ‘Carotenoids Market by Type (Astaxanthin, Beta-carotene, Lutein, Lycopene, Zeaxanthin), Form (Beadlets, Liquid), Source (Synthetic, Natural), Application (Feed, Food & Beverages, Dietary Supplements, Cosmetics, Pharmaceuticals) - Global Forecasts to 2030.’
The carotenoids market is expected to reach $2.26 billion by 2030, at a CAGR of 3.8% from 2023 to 2030. This market is driven by the increasing demand for natural colorants, rising incidence of eye diseases and cancer, increasing awareness regarding clean-label products, and growing demand for natural skincare cosmetics.
Furthermore, the increasing use of carotenoids in aquaculture and emerging economies in Asia-Pacific, Latin America, and the Middle East & Africa are expected to provide significant opportunities for the growth of this market. However, stringent regulatory and approval norms and the high cost of natural pigments hinder the growth of this market to a notable extent.
The carotenoids market is segmented by type, form, source, application, and geography.
Based on type, the carotenoids market is segmented into astaxanthin, beta-carotene, lutein, lycopene, canthaxanthin, zeaxanthin, and other carotenoids. In 2023, the astaxanthin segment is expected to account for the largest share of the carotenoids market. The large market share of this segment is attributed to the high demand for astaxanthin in nutraceutical applications due to its antioxidant properties, the rising demand for astaxanthin for the treatment of cancer, increased demand for astaxanthin in the aquaculture & animal feed industries, growth in the health-conscious population, and the rising adoption of novel technologies to increase the production of astaxanthin.
However, the lutein segment is expected to witness significant growth during the forecast period. The rapid growth of this segment is mainly attributed to its ability to treat age-related eye disorders, including cataracts and macular degeneration.
Based on form, the carotenoids market is segmented into beadlets, powder, liquid, gel, and other forms. In 2023, the beadlets segment is expected to account for the larger share of the carotenoids market. The large share of this segment is mainly attributed to its benefits, such as increased stability, cold water dispersion, high purity, and enhanced shelf life. Moreover, it is also expected to witness significant growth during the forecast period. Beadlet carotenoids are free-flowing spherical particles developed from spray drying technology. Beadlet carotenoids offer good flow properties for easy handling, good particle size distribution, and high strength during tableting with resistance to pressures up to 10 tonnes/cm2.
Based on source, the carotenoids market is segmented into synthetic carotenoids and natural carotenoids. In 2023, the synthetic carotenoids segment is expected to account for the larger share of the carotenoids market. However, the natural carotenoids segment is expected to witness significant growth during the forecast period. The rapid growth of this segment is mainly attributed to the growing consumer inclination towards food & beverages, cosmetics, pharmaceuticals, and other products that are produced by adopting natural ingredients. In addition, factors such as unique antioxidant and coloring properties, short life cycles, active isoprenoid metabolism precursors for the carotenogenic pathway, and adequate storage capacity make these ideal cell factories for producing high-value carotenoids are expected to fuel the growth of this segment.
Based on application, the carotenoids market is segmented into feed, food & beverage, dietary supplements, cosmetics, pharmaceuticals, and other applications. In 2023, the feed segment is expected to account for the largest share of the carotenoids market. The large market share of this segment is attributed to the rising growth of the aquaculture industry, increased seafood consumption, increased production of compound feed, growing demand for animal protein, and increasing demand for nutritious animal feed. Carotenoids also help increase immunity and improve livestock health by enhancing nutrition quality.
However, the dietary supplements segment is expected to witness significant growth during the forecast period. The rapid growth of this segment is mainly attributed to the rising prevalence of chronic diseases and the shift in consumer preferences towards natural carotenoids due to rising health awareness.
Based on geography, in 2023, Europe is expected to account for the largest share of the carotenoids market. The major market share of Europe is attributed to the growing food & beverage industry, rising health and wellness trend, rising meat consumption, and rising feed production, a well-established cosmetics industry, and the increasing demand for seafood as more and more people are becoming aware of the health benefits of fish consumption. 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 cataracts and reduce the risk of diabetes, cancer, and other heart-related issues.
The key players operating in the carotenoids are Allied Biotech Corporation (China), BASF SE (Germany), Chr. Hansen Holding A/S (Denmark), Cyanotech Corporation (U.S.), DDW, Inc. (U.S.), Deinove SA (France), Divi's Laboratories Limited (India), Döhler GmbH (Germany), ExcelVite Sdn. Bhd. (Malaysia), Kemin Industries, Inc. (U.S.), Koninklijke DSM N.V. (Netherlands), Lycored Corp. (Israel), Novus International, Inc. (U.S.), Vidya Europe SAS (France), and Zhejiang NHU Co., Ltd. (China).
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