Carotenoids Global Market Report 2024

The carotenoids market size has grown strongly in recent years. It will grow from $1.81 billion in 2023 to $1.9 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth observed in the historical period can be attributed to the increasing awareness of health benefits, a rising demand in the food and beverage industry, the expansion of the nutraceutical industry, an increased use in animal feed, and government regulations that promote the use of natural ingredients.

The carotenoids market size is expected to see steady growth in the next few years. It will grow to $2.3 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The anticipated growth in the forecast period can be attributed to an increased emphasis on sustainable sourcing, ongoing expansion in functional foods and beverages, broader applications in pharmaceuticals, heightened demand for natural colorants, and an increasing presence in personal care products. Key trends expected in the forecast period encompass technological advancements in extraction methods, market expansion in developing regions, a rising demand for fortified and functional foods, an increasing demand for natural carotenoids, and a growing awareness of health benefits.

The anticipated surge in the demand for health supplements is poised to drive the growth of the carotenoids market in the future. Health supplements are designed to complement a diet and enhance overall well-being by promoting healthy bodily functions. Carotenoids, known for their antioxidant properties, are incorporated into health supplements. These compounds offer benefits such as preventing or addressing conditions such as age-related macular degeneration (AMD) and supporting overall health. A survey conducted by the Council for Responsible Nutrition in October 2021 revealed that 80% of US respondents reported using supplements, marking a 7% increase from the previous year. Notably, the use of vitamin D increased from 42% in 2020 to 52% in 2021, and vitamin C usage grew from 35% to 40% during the same period. Consequently, the rising demand for health supplements is a key driver propelling the growth of the carotenoids market.

The increasing prevalence of eye diseases is expected to contribute to the growth of the carotenoids market in the future. Eye diseases encompass various medical conditions affecting the health and function of the eye and its associated structures. The rise in eye diseases can boost the demand for carotenoid-based products and stimulate advancements in the carotenoid market. Carotenoids play a role in reducing the risk of cataracts and age-related macular degeneration while enhancing visual function. According to the Centers for Disease Control and Prevention (CDC) in December 2022, over 40 million Americans aged 40 and above have at least one cataract, constituting 17.2% of the population. It is projected that approximately 30 million people will have cataracts by 2028. Hence, the increasing prevalence of eye diseases is a driving force behind the growth of the carotenoids market.

The elevated cost associated with naturally sourced carotenoids represents a significant constraint for the carotenoids market moving forward. The intricate extraction process and limited availability of natural sources contribute to the high price of naturally sourced carotenoids compared to their synthetic counterparts. These costs pose limitations on accessibility and hinder market growth. As highlighted by the National Library of Medicine, chemical synthesis or plant extraction for carotenoid production faces challenges such as low yields, resulting in increased production expenses. Therefore, the high cost of naturally sourced carotenoids is a substantial obstacle impeding market growth and adoption across various industries.

Major companies in the carotenoids market are investing in advanced production technologies to enhance profitability. Advanced production technologies aim to improve the efficiency, productivity, and sustainability of carotenoid production processes through innovative approaches. In March 2023, NovoNutrients, a US-based biotechnology company, introduced an innovative carotenoid production technology that is more efficient and environmentally friendly. This advancement could reduce the environmental impact of carotenoid production, making them more affordable and accessible. The scalability of this technology allows for large-scale carotenoid production, meeting the increasing global demand. It also opens up new opportunities for carotenoid applications across various industries.

In December 2021, Givaudan, a Switzerland-based chemicals company, acquired DDW The Color House for an undisclosed amount. This strategic acquisition aimed to strengthen Givaudan's presence in the global natural color market, aligning with its 2025 strategy and reinforcing its position in the natural color market. DDW The Color House, a US-based chemical company, specializes in providing natural colors using carotenoids, including beta-carotene concentrate.

Major companies operating in the carotenoids market report are BASF SE, F. Hoffmann-La Roche AG, Novo Nordisk, Koninklijke DSM N.V., Givaudan, FMC Corporation, Sun Pharmaceutical Industries Ltd., Dohler Group, Cipla Limited, Chr. Hansen Holding A/S, Brenntag North America Inc., Zhejiang Medicine Co. Ltd., Divis Laboratories Ltd., Zhejiang NHU Co. Ltd., Kemin Industries Inc., Naturex SA, E.I.D. Parry Limited, Novus International Inc., LycoRed Corp., Beijing Gingko Group, Cyanotech Corporation, ExcelVite Sdn. Bhd., Fuji Chemical Industry Co Ltd., Allied Biotech Corporation, Sensient Colors LLC, Vinayak Ingredients India Pvt. Ltd., Bio Extracts Ltd., Algatechnologies Ltd., Valensa International LLC, Nutralliance Inc.

Europe was the largest region in the carotenoids market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the carotenoids market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa The countries covered in the carotenoids market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The carotenoids market consists of sales of neoxanthin, antheraxanthin, violaxanthin, zeta-carotene, cryptoxanthin, alpha-carotene, and apocarotene. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The primary types of carotenoids include astaxanthin, beta-carotene, lutein, lycopene, canthaxanthin, zeaxanthin, and others. Astaxanthin, belonging to the xanthophyll group of carotenoids, is a naturally occurring pigment. Extracted from both natural and synthetic sources, astaxanthin is available in various forms such as beadlets, powder, liquid, gel, and others, utilized in diverse applications including feed, food and beverages, dietary supplements, cosmetics, and pharmaceuticals.

The carotenoids market research report is one of a series of new reports that provides carotenoids market statistics, including carotenoids industry global market size, regional shares, competitors with a carotenoids market share, detailed carotenoids market segments, market trends and opportunities, and any further data you may need to thrive in the carotenoids industry. This carotenoids market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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