Carotenoids Market to Grow with a CAGR of 4.57% through 2029
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.
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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.
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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