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 Forecast to 2032

The Carotenoids Market is expected to reach $2.26 billion by 2032, at a CAGR of 3.8% during the forecast period of 2025 to 2032. 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 are the key factors driving the growth of the carotenoids market. 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 players operating in this market.

The Impact of COVID-19 on the Carotenoids Market

The COVID-19 outbreak created a severe public health emergency globally, with its quick spread in more than 150 countries. Numerous countries worldwide declared emergencies and announced complete nationwide, statewide, or citywide lockdowns to combat & control the spread of this disease, halting all travel, transport, manufacturing, educational institutions, and non-essential trade, significantly impacting many industries globally, including animal feed, food & beverage, dietary supplements, and cosmetics.

The lockdowns forced the temporary closure of manufacturing facilities. Governments also enforced restrictions on operating capacities to ensure social distancing and curb the spread of the infection. Supply chains were disrupted, resulting in production limitations, complications in raw materials sourcing, and higher delivery costs, impacting the overall carotenoids market. Moreover, governments announced a temporary ban on foreign air travel. These factors affected the sales of carotenoid products.

Moreover, the global cosmetic industry is a multi-billion-dollar industry that took a financial hit in 2020 due to the COVID-19 pandemic. Several factors, such as the shutdown of retail businesses; in-store shopping, salons, and beauty boutiques; working from home; physical distancing; and mandatory wearing of masks in many countries, impacted the cosmetic industry. Also, the global export of chicken, beef, and pork witnessed a significant decline due to the challenges posed by the outbreak of the COVID-19 pandemic.

Further, the U.S. government imposed curfews, resulting in many farmers resorting to panic-buying of animal feed to avoid potential shortages. According to the American Feed Association, estimated animal feed consumption at the beginning of 2020 was 252.6 million tons; later, the consumption rate fell to 1.7%, at an estimated 248.4 million tons, with 4.2 million tons less feed consumed. Additionally, the transportation & logistics sector was significantly affected due to employees contracting COVID-19, which reduced deliveries and compelled farmers to stock their animal feed supplies. In addition, restrictions on the export and import of non-essential products due to temporary border closures in some countries further hindered the growth of this market.

However, according to an article published by Nutrition Outlook, the sales of dietary supplements increased during the pandemic due to their ability to strengthen the immune system against COVID-19. During the last week of March 2020, the sales of dietary supplements in the U.S. sharply increased by more than 35%. Thus, the growing demand for dietary supplements is expected to propel the growth of the carotenoids market.

Click here to: Get Free Sample Copy of this report

Increasing Demand for Natural Colorants Drive the Growth of the Carotenoids Market

The preference for natural colorants over synthetic colorants is increasing due to growing consumer awareness regarding organic products, the health hazards of synthetic colorants, and the health benefits of natural colorants. The use of artificial ingredients to enhance food production has led to various health hazards. Nowadays, consumers’ rising health consciousness and growing inclination towards environment-friendly products are driving the demand for naturally grown food products across the globe. Thus, to cater to the growing demand for natural food products, food manufacturers widely use natural food colors to restore the attractiveness of food & beverage products after processing.

Natural colorants or dyes are mainly obtained from plants, animals, fruits, insects, and minerals, making them safe to use as a food additive, as they are free from harmful side effects. The therapeutic use of natural colorants is also increasing due to their non-toxic/less toxic nature and fewer side effects than artificial colorants. Also, governments of various countries are supporting the use of natural colorants as they are biodegradable and do not cause pollution after disposal. Moreover, several regulations promoting the use of natural colorants have been passed in many regions, which is further expected to drive the demand for natural colorants across the globe.

The demand for organic foods is constantly increasing, mainly due to consumers’ perception that they are healthier and safer than conventional foods. Organic food is produced without synthetic fertilizers, pesticides, growth hormones, antibiotics, and Genetically Modified Organisms (GMOs). Natural colorants are widely used in organic foods to make them more attractive. Furthermore, the expansion of the food & beverage industry has positively impacted the global natural colorants market, as natural food consumption is increasing globally.  

Also, carotenoids are widely used as natural colorants in dairy & bakery products, such as margarine, cheese, and confectionery items. Recently, natural carotenoids have gained much traction in the food & beverage industry as a substitute for synthetic carotenoids, which have been discovered to negatively impact human health upon consumption. There is a growing interest in natural carotenoids in the food & beverage industry due to their preventive effects on chronic diseases. Therefore, the growing demand for organic foods and the expanding food & beverage industry fuel the demand for natural colorants such as natural carotenoids, which is expected to boost the growth of the carotenoids market.   

Key Findings in the Carotenoids Market Study:

In 2025, the Astaxanthin Segment to Dominate the Carotenoids Market

Based on type, in 2025, 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.

In 2025, the Beadlets Segment to Dominate the Carotenoids Market

Based on form, in 2025, the beadlets segment is expected to account for the largest 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. 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.

The Natural Carotenoids Segment to Witness Highest Demand During the Forecast Period

Based on source, in 2025, the natural carotenoids segment is projected to witness significant growth during the forecast period of 2025–2032. 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. 

In 2025, the Feed Segment to Dominate the Carotenoids Market

Based on application, in 2025, 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. These also help increase immunity and improve the health of livestock by enhancing the quality of nutrition, thus making the feed segment the largest in the carotenoids market based on application.

Asia-Pacific: Fastest-growing Regional Market

Based on geography, in 2025, Europe is expected to account for the largest share of the carotenoids market, followed by North America, Asia-Pacific, Latin America, and the Middle East & Africa. 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.

However, the market in Asia-Pacific is slated to register the fastest growth rate during the forecast period. The fast growth of this regional market is mainly due to the growing animal feed industry, increasing adoption of natural carotenoids in the food & beverage industry, increasing consumer preference for natural ingredients, and growing consumer awareness regarding the negative effects of synthetic carotenoids.

Key Players

The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by leading market participants in the carotenoids market between 2020 and 2025. The key players profiled in this carotenoids market study 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).

Scope of the Report

Carotenoids Market, by Type

• Astaxanthin    
• Beta-carotene    
• Lutein    
• Lycopene    
• Canthaxanthin    
• Zeaxanthin    
• Other Carotenoids  

Carotenoids Market, by Form                            

• Beadlets    
• Powder    
• Liquid    
• Gel    
• Other Forms

Carotenoids Market, by Source         

• Synthetic Carotenoids
• Natural Carotenoids
  • Plant-sourced Natural Carotenoids    
  • Microorganism-sourced Natural Carotenoids    
  • Algae-sourced Natural Carotenoids

Carotenoids Market, by Application 

• Feed    
• Food & Beverages    
• Dietary Supplements    
• Cosmetics    
• Pharmaceuticals
• Other Applications

Carotenoids Market, by Geography

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Rest of Europe (RoE)
• Asia-Pacific (APAC)
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia-Pacific (RoAPAC)
• Latin America (LATAM)
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America (RoLATAM)
• Middle East & Africa (MEA)

Key Questions Answered in the Report: