Carotenoids are a family of over 600 natural lipid-soluble pigments that are only produced by phytoplankton, algae, plants, and a limited number of fungi and bacteria. The carotenoids are responsible for the wide variety of colors they provide in nature, most noticeably in the vivid yellow and red colors of fruits, vegetables, and leaves. Carotenoids are widely used in nutraceuticals and the food & beverage industry and are generally consumed in supplement form or added to food products as the human body cannot synthesize them.
Carotenoids such as zeaxanthin and lutein prevent diseases related to the eyes, and they also absorb the blue light that passes into the eyes and damages the most. The intake of carotenoids blocks or reduces the production of the Reactive Oxygen Species (ROS), prevents the deterioration of lipids, DNA, and cells, and prevents carcinogenesis incidence. The increase in awareness about the beneficial health properties of carotenoids, along with their need for normal biological activities, are the major factors contributing to the increasing demand for carotenoids across the globe.
However, there are some factors which are likely to hamper the market growth. The high processing and extraction costs and the strict regulatory approvals of carotenoids are a few factors which are anticipated to hamper the growth of the carotenoids market over the upcoming years. Moreover, specific attributes, including low water solubility, the oxygen and heat-sensitive nature of the carotenoids, and the large particle size, are a few factors that limit the applications in pharmaceuticals.
Food industry pushing the carotenoids market growth
Carotenoids are primarily used as colorants to restore food products’ natural color in the global food industry. It offers fresh texture to food products, which is boosting its demand. Moreover, carotenoids are used as precursors of many compounds that work as flavoring agents and fragrances. Moreover, the applications of carotenoids also include color intensification of fish, yolk, chicken skin, and milk, which further augments the demand for carotenoids across the globe. Furthermore, animal nutrition is one of the major industries in which carotenoids are widely used. They are incorporated into feeds for their coloring properties to pigment egg yolks, broiler skin, fish, and crustaceans. The fertility of cattle, swine, and horses can be improved through feeding beta-carotene. Astaxanthin and canthaxanthin, in contrast, have health and growth improving potential in larval fish and in salmonid fingerlings. Phytogenic feed additives, known as PFAs or botanicals, are substances of plant origin added to animal diets at recommended levels with the aim of improving animal performance.
Europe has a significant market for carotenoids
The demand for nutraceuticals is skyrocketing in the European region, owing to increasing health consciousness among the population. In addition, the presence of major players in Europe such as BASF (Germany), Koninklijke DSM (Netherlands), Chr. Hansen (Denmark), and Dohler Group (Germany) further give a boost to the regional growth of the market. Moreover, the significant presence of the animal feed & nutrition industry in Europe is further bolstering the demand for carotenoids. In North America, the demand for naturally sourced carotene is very high due to increased awareness about the beneficial health properties of naturally sourced carotenoids. Additionally, in the Asia Pacific, the surge in the applications of carotenoids in the food & feed industry propelling the overall growth. However, Latin America and the MEA region have a significantly higher demand for carotenoids in beauty and personal care products.
Market Structure and Competition Landscape
The global carotenoids market is fragmented, and the key producers of carotenoids are making more investments in R&D to launch ingredient-based innovative products. Key players operating in the global carotenoids market are Chr. Hansen Holding A/S, Koninklijke DSM N.V., Döhler GmbH, Allied Biotech Corp., Lycored Corp., BASF SE, Kemin Industries Inc., Cyanotech Corp., Divis Laboratories Ltd., FMC Corp., Novus International Inc., and Sensient Colors LLC among others. The key manufacturers are focusing on new launches as well as acquisition strategies to increase their product portfolio. For instance,
- In September 2021, Divis Laboratories launched CaroNat, a food ingredient naturally intended for the dark yellow to orange coloration for several food and beverage products, including dairy products.
- In March 2019, Kemin Animal Nutrition and Health announced the addition of Organic KEM GLO to its comprehensive line of carotenoids, commonly known as pigments. Organic KEM GLO is a USDA-certified organic additive that helps organic egg producers intensify the color of egg yolks.
- In April 2019, Dohler SA acquired most of the shares of ZUCASA; this acquisition supported the company in increasing its carotenoids-based product portfolio.
Key Market Segmentation
RationalStat has segmented the global carotenoids market based on source, type, end use, and region.
- By Source
- Natural
- Synthetic
- By Type
- Carotene
- Alpha-Carotene
- Beta-Carotene
- Beta-Cryptoxanthin
- Lutein
- Lycopene
- Astaxanthin
- Zeaxanthin
- Others (Canthaxanthin etc.)
- Carotene
- By End Use
- Food & Beverage
- Cosmetics & Personal Care
- Nutraceuticals
- Animal Feed & Nutrition
- Others (Pharmaceuticals etc.)
- By Region
- North America
- US
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Western Europe
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- Rest of Eastern Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- GCC
- South Africa
- Turkey
- Rest of the Middle East & Africa
- North America
Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecast, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
Secondary Sources
- Annual reports, company filings, investor presentations, product catalogs, white papers, research reports, trade fairs, and company documents.
- Available industry and market-related documents in the public domain.
- Paid database including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, Thomson Reuters, among others.
- Whitepapers, research papers, and industry blogs
Why Buy this Report?
The report is intended for carotenoids manufacturers, food & beverage industry, pharmaceutical industry, cosmetic & personal care industry, and other End User industry, raw material suppliers and dealers, government organizations, regulatory agencies, research organizations, and market research firms, among others. The report provides an in-depth analysis of market size, consumption pattern, ongoing market trends and challenges, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights to clients to find the right answers to their business questions.
Frequently Asked Questions (FAQs)
The global carotenoids market is expected to grow at a CAGR of approximately 6% during the forecast period 2022-2028.
Europe holds a prominent share of the market.
The global market for carotenoids was US$ 1.8 Billion in 2021.
The increasing use of carotenoids by various industries is expected to influence the growth of the global carotenoids market.
Major companies operating in the Global carotenoids market are Chr. Hansen Holding A/S, Koninklijke DSM N.V., Döhler GmbH, Allied Biotech Corp., Lycored Corp., BASF SE, Kemin Industries Inc., Cyanotech Corp., Divis Laboratories Ltd., FMC Corp., Novus International Inc., and Sensient Colors LLC among others.