Global Carotenoids Market to Grow at a CAGR of 4.1% During 2024-2032, Aided by the Increasing Demand for Carotenoids Across Various Food and Beverage Applications

The rise in chronic conditions such as eye disorders, cancer, and diabetes is expected to drive the carotenoids market growth. Carotenoids support immune function and reduce inflammation. They also act as antioxidants, helping protect against disease. Carotenoids possess anti-acne properties and aid with pigmentation, anti-ageing, and skin repair. As a result, carotenoids are used in skincare products.

Growing awareness of personal care products' benefits is likely to bolster the market growth. Additionally, carotenoids' increasing use as colourants in the food and beverage industry is fuelling the market expansion. Carotenoids serve as immune boosters, antioxidants, and skin protectors, making them a valuable ingredient for health, wellness, and beauty products in an era of rising chronic illness.

Furthermore, the rise in demand for natural pigments as opposed to synthetic colours has created significant demand for carotenoid pigments across the cosmetics sector. Consumers today are more focused on skin health and seek naturally derived goods. This growing preference has boosted carotenoid usage among cosmetics manufacturers since it functions as a natural dye. With customers increasingly conscious of ingredients, carotenoid satisfies the need for colouration from a plant-based source without potential risks from artificial chemicals.

Innovations in production technologies by key players such as BASF SE (OTCMKTS: BASFY) and NovoNutrients are aiding the market growth. For instance, in March 2023, NovoNutrients announced innovation in carotenoid production technology by utilising renewable energy and CO2 through gas fermentation. The new process offers the advantage of scalability, sustainability, and cost savings. Through this, the company aims to reduce greenhouse gas emissions and meet the growing demand for high-quality protein.

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Market Breakup by Product Type, Source, Formulation, Application, and Region:

• On the basis of the product type, the market is categorised into beta-carotene, astaxanthin, lutein, lycopene, zeaxanthin, and canthaxanthin, among others.

• The market, based on source, is segmented into synthetic and natural.

• On the basis of the formulation, the market is divided into oil suspension, powder, emulsion, and beadlets. 

• The market is segmented based on application into animal feed, dietary supplements, food and beverages, cosmetics, and pharmaceuticals.

• By region, the market can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The widespread use of carotenoids in animal nutrition products is driving the market expansion. Shrimp, poultry, and fish lack the ability to produce carotenoids themselves, hence require carotenoids in their feed. Carotenoids are incorporated into feeds to colour egg yolks, broiler skin, fish, and crustaceans, resulting in healthy diets.

• Many companies have introduced innovative product lines, which are boosting the carotenoids market growth. For example, BASF's Lucantin® and Lucarotin® brands offer cost-effective, stable, and highly bioavailable carotenoids in their product portfolio.

• Beta-carotene is used as an antioxidant and colouring agent. It also serves as a rich source of vitamin A in foods, dietary supplements, animal feed, cosmetics, and medicines. This widespread utility has propelled the market for carotenoids. Additionally, utilising beta-carotene to enhance the fertility of pigs, horses, and cattle has further bolstered the market growth for carotenoids.

• The European market for carotenoids has experienced considerable expansion in recent years. Driven by surging demand for health supplements and rising usage of carotenoids in animal feed, the region has seen substantial growth. Consumer demand for quality food is also expected to further accelerate market development. Increased focus on nutrition, health and food safety is likely to continue propelling the Europe market for carotenoids in the coming years.

Key Offerings of the Report:

• The EMR report gives an overview of the global carotenoids market for the periods (2018-2023) and (2024-2032). 

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the product types, sources, formulations, applications, and major regions of carotenoids.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, trade data analysis, price analysis, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the carotenoids market are BASF SE, Allied Biotech Corporation, Divi's Laboratories Limited, Lycored Corp., and Cyanotech Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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