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Global Carotenoids Market: By Product Type: Beta-Carotene, Astaxanthin, Lutein, Lycopene, Zeaxanthin, Canthaxanthin, Others; By Source: Synthetic, Natural; By Formulation; By Application; Regional Analysis; Historical Market and Forecast (2017-2027); Market Dynamics: SWOT Analysis; Competitive Landscape; Industry Events and Developments

Global Carotenoids Market Outlook

The global carotenoids market attained a value of about USD 1.8 billion in 2021. The market is estimated to grow at a CAGR of 4.1% in the forecast period of 2022-2027 to reach a value of nearly USD 2.29 billion by 2027.

 

Global Carotenoids Market

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Rising Health Awareness Across the World has Fuelled the Demand for Carotenoids

Increasing disorders like eye disorder, cancer, and diabetes, among others, are expected to fuel the demand for carotenoids, since it helps in boosting the immune system and reduces inflammation, and works as an antioxidant against several diseases. Moreover, carotenoids have anti-acne properties, and further help with pigmentation, anti-ageing and skin repair, leading to its use in the skincare products. Therefore, the rising awareness and demand for skincare products are likely to enhance the market growth in the forecast period. Further, the rising use of the product in food and beverages industry as a colourant is providing impetus to the market growth.

Geographically, the Europe region registered substantial growth over the past few years on account of the surging demand for health supplements, along with the rising demand for carotenoids to be used in animal feed. The market is also expected to be driven by the growing demand for quality food among consumers.

 

Carotenoids: Market Segmentation

Carotenoids are referred to the pigments present in plants, algae, and photosynthetic bacteria. These pigments generate bright yellow, red, and orange colours in vegetables, plants, and fruits. It acts as an antioxidant for humans.

 

Global Carotenoids Market by Segments

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Based on product type, the market is categorised into:

  • Beta-Carotene 
  • Astaxanthin 
  • Lutein 
  • Lycopene 
  • Zeaxanthin 
  • Canthaxanthin 
  • Others

On the basis of sources, the market is segmented into:

  • Synthetic
  • Natural

By formulation, the market is divided into:

  • Oil Suspension 
  • Powder 
  • Emulsion 
  • Beadlets

Based on application, the market is segregated into:

  • Animal Feed 
  • Dietary Supplements 
  • Food and beverages
  • Cosmetics 
  • Pharmaceuticals

The regional markets for carotenoids can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Global Carotenoids Market by Region

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The Growing Animal Feed Application to Drive the Market for Carotenoids

The extensive usage of carotenoids in animal nutrition products is augmenting the market growth. Shrimp, poultry, and fish do not have the ability to produce carotenoids on their own, which is why they require carotenoids in their feed. Carotenoids are incorporated into feeds to pigment egg yolks, broiler skin, fish, and crustaceans, leading to their healthy diet. Many companies have introduced innovative product lines for carotenoids, which is enhancing the market growth. For instance, Lucantin® and Lucarotin® brands of BASF offer cost-effective, stable, and highly bioavailable carotenoids in their product line.

In addition, beta-carotene is utilised as an antioxidant and a colourant, and act as a rich source of vitamin A in food, dietary supplements, feed, cosmetics, and medicines, which is propelling the market for carotenoids. Further, the use of beta-carotene to improve the fertility of swine, horses, and cattle, is also bolstering the market growth of carotenoids. According to the Journal of the National Cancer Institute, the consumption of fruits and vegetables rich in particular carotenoids and vitamins may decrease the risk of premenopausal breast cancer. In line with this, several studies and research pertaining to the use of carotenoids for various diseases are expected to further the market development over the forecast period.

 

Key Industry Players in the Global Carotenoids Market

The report presents a detailed analysis of the following key players in the global carotenoids market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

  • BASF SE
  • Allied Biotech Corporation
  • Divi's Laboratories Limited
  • Lycored Corp.
  • Cyanotech Corporation
  • Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

1    Preface 
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions   
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments  
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
    6.1    Global
    6.2    Region
7    Industry Opportunities and Challenges  
8    Global Carotenoids Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Carotenoids Historical Market (2017-2021) 
    8.3    Global Carotenoids Market Forecast (2022-2027)
    8.4    Global Carotenoids Market by Product Type
        8.4.1    Beta-Carotene
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2017-2021)
            8.4.1.3    Forecast Trend (2022-2027)
        8.4.2    Astaxanthin
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2017-2021)
            8.4.2.3    Forecast Trend (2022-2027)
        8.4.3    Lutein
            8.4.3.1    Market Share
            8.4.3.2    Historical Trend (2017-2021)
            8.4.3.3    Forecast Trend (2022-2027)
        8.4.4    Lycopene
            8.4.4.1    Market Share
            8.4.4.2    Historical Trend (2017-2021)
            8.4.4.3    Forecast Trend (2022-2027)
        8.4.5    Zeaxanthin
            8.4.5.1    Market Share
            8.4.5.2    Historical Trend (2017-2021)
            8.4.5.3    Forecast Trend (2022-2027)
        8.4.6    Canthaxanthin
            8.4.6.1    Market Share
            8.4.6.2    Historical Trend (2017-2021)
            8.4.6.3    Forecast Trend (2022-2027)
        8.4.7    Others
    8.5    Global Carotenoids Market by Source
        8.5.1    Synthetic
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2017-2021)
            8.5.1.3    Forecast Trend (2022-2027)
        8.5.2    Natural
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2017-2021)
            8.5.2.3    Forecast Trend (2022-2027)
    8.6    Global Carotenoids Market by Formulation
        8.6.1    Oil Suspension
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2017-2021)
            8.6.1.3    Forecast Trend (2022-2027)
        8.6.2    Powder
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2017-2021)
            8.6.2.3    Forecast Trend (2022-2027)
        8.6.3    Emulsion
            8.6.3.1    Market Share
            8.6.3.2    Historical Trend (2017-2021)
            8.6.3.3    Forecast Trend (2022-2027)
        8.6.4    Beadlets
            8.6.4.1    Market Share
            8.6.4.2    Historical Trend (2017-2021)
            8.6.4.3    Forecast Trend (2022-2027)
    8.7    Global Carotenoids Market by Application
        8.7.1    Animal Feed
            8.7.1.1    Market Share
            8.7.1.2    Historical Trend (2017-2021)
            8.7.1.3    Forecast Trend (2022-2027)
        8.7.2    Dietary Supplements
            8.7.2.1    Market Share
            8.7.2.2    Historical Trend (2017-2021)
            8.7.2.3    Forecast Trend (2022-2027)
        8.7.3    Food and Beverages
            8.7.3.1    Market Share
            8.7.3.2    Historical Trend (2017-2021)
            8.7.3.3    Forecast Trend (2022-2027)
        8.7.4    Cosmetics
            8.7.4.1    Market Share
            8.7.4.2    Historical Trend (2017-2021)
            8.7.4.3    Forecast Trend (2022-2027)
        8.7.5    Pharmaceuticals
            8.7.5.1    Market Share
            8.7.5.2    Historical Trend (2017-2021)
            8.7.5.3    Forecast Trend (2022-2027)
    8.8    Global Carotenoids Market by Region
        8.8.1    Market Share
            8.8.1.1    North America
            8.8.1.2    Europe
            8.8.1.3    Asia Pacific
            8.8.1.4    Latin America
            8.8.1.5    Middle East and Africa
9    Regional Analysis
    9.1    North America
        9.1.1    Historical Trend (2017-2021)
        9.1.2    Forecast Trend (2022-2027)
        9.1.3    Breakup by Country
            9.1.3.1    United States of America 
            9.1.3.2    Canada
    9.2    Europe
        9.2.1    Historical Trend (2017-2021)
        9.2.2    Forecast Trend (2022-2027)
        9.2.3    Breakup by Country 
            9.2.3.1    United Kingdom
            9.2.3.2    Germany
            9.2.3.3    France
            9.2.3.4    Italy
            9.2.3.5    Others
    9.3    Asia Pacific
        9.3.1    Historical Trend (2017-2021)
        9.3.2    Forecast Trend (2022-2027)
        9.3.3    Breakup by Country
            9.3.3.1    China
            9.3.3.2    Japan
            9.3.3.3    India
            9.3.3.4    ASEAN
            9.3.3.5    Australia
            9.3.3.6    Others
    9.4    Latin America
        9.4.1    Historical Trend (2017-2021)
        9.4.2    Forecast Trend (2022-2027)
        9.4.3    Breakup by Country
            9.4.3.1    Brazil
            9.4.3.2    Argentina
            9.4.3.3    Mexico
            9.4.3.4    Others
    9.5    Middle East and Africa
        9.5.1    Historical Trend (2017-2021)
        9.5.2    Forecast Trend (2022-2027)
        9.5.3    Breakup by Country
            9.5.3.1    Saudi Arabia
            9.5.3.2    United Arab Emirates
            9.5.3.3    Nigeria
            9.5.3.4    South Africa
            9.5.3.5    Others
10    Market Dynamics
    10.1    SWOT Analysis
        10.1.1    Strengths
        10.1.2    Weaknesses
        10.1.3    Opportunities
        10.1.4    Threats
    10.2    Porter’s Five Forces Analysis
        10.2.1    Supplier’s Power
        10.2.2    Buyer’s Power
        10.2.3    Threat of New Entrants
        10.2.4    Degree of Rivalry
        10.2.5    Threat of Substitutes
    10.3    Key Indicators for Demand
    10.4    Key Indicators for Price
11    Value Chain Analysis
12    Trade Data Analysis (HS Code- 320419)

    12.1    Major Exporting Countries
        12.1.1    By Value
        12.1.2    By Volume
    12.2    Major Importing Countries
        12.2.1    By Value
        12.2.2    By Volume 
13    Price Analysis
14    Competitive Landscape

    14.1    Market Structure
    14.2    Company Profiles
        14.2.1    BASF SE
            14.2.1.1    Company Overview
            14.2.1.2    Product Portfolio
            14.2.1.3    Demographic Reach and Achievements
            14.2.1.4    Certifications
        14.2.2    Allied Biotech Corporation
            14.2.2.1    Company Overview
            14.2.2.2    Product Portfolio
            14.2.2.3    Demographic Reach and Achievements
            14.2.2.4    Certifications
        14.2.3    Divi's Laboratories Limited
            14.2.3.1    Company Overview
            14.2.3.2    Product Portfolio
            14.2.3.3    Demographic Reach and Achievements
            14.2.3.4    Certifications
        14.2.4    Lycored Corp. 
            14.2.4.1    Company Overview
            14.2.4.2    Product Portfolio
            14.2.4.3    Demographic Reach and Achievements
            14.2.4.4    Certifications
        14.2.5    Cyanotech Corporation
            14.2.5.1    Company Overview
            14.2.5.2    Product Portfolio
            14.2.5.3    Demographic Reach and Achievements
            14.2.5.4    Certifications
        14.2.6    Others
15    Industry Events and Developments

 

List of Key Figures and Tables

1.    Global Carotenoids Market: Key Industry Highlights, 2017 and 2027
2.    Global Carotenoids Historical Market: Breakup by Product Type (USD Billion), 2017-2021
3.    Global Carotenoids Market Forecast: Breakup by Product Type (USD Billion), 2022-2027
4.    Global Carotenoids Historical Market: Breakup by Source (USD Billion), 2017-2021
5.    Global Carotenoids Market Forecast: Breakup by Source (USD Billion), 2022-2027
6.    Global Carotenoids Historical Market: Breakup by Formulation (USD Billion), 2017-2021
7.    Global Carotenoids Market Forecast: Breakup by Formulation (USD Billion), 2022-2027
8.    Global Carotenoids Historical Market: Breakup by Application (USD Billion), 2017-2021
9.    Global Carotenoids Market Forecast: Breakup by Application (USD Billion), 2022-2027
10.    Global Carotenoids Historical Market: Breakup by Region (USD Billion), 2017-2021
11.    Global Carotenoids Market Forecast: Breakup by Region (USD Billion), 2022-2027
12.    North America Carotenoids Historical Market: Breakup by Country (USD Billion), 2017-2021
13.    North America Carotenoids Market Forecast: Breakup by Country (USD Billion), 2022-2027
14.    Europe Carotenoids Historical Market: Breakup by Country (USD Billion), 2017-2021
15.    Europe Carotenoids Market Forecast: Breakup by Country (USD Billion), 2022-2027
16.    Asia Pacific Carotenoids Historical Market: Breakup by Country (USD Billion), 2017-2021
17.    Asia Pacific Carotenoids Market Forecast: Breakup by Country (USD Billion), 2022-2027
18.    Latin America Carotenoids Historical Market: Breakup by Country (USD Billion), 2017-2021
19.    Latin America Carotenoids Market Forecast: Breakup by Country (USD Billion), 2022-2027
20.    Middle East and Africa Carotenoids Historical Market: Breakup by Country (USD Billion), 2017-2021
21.    Middle East and Africa Carotenoids Market Forecast: Breakup by Country (USD Billion), 2022-2027
22.    Major Exporting Countries by Value
23.    Major Importing Countries by Value
24.    Major Exporting Countries by Volume
25.    Major Importing Countries by Volume
26.    Historical Price Trends and Forecast 2017-2027
27.    Global Carotenoids Market Structure

Key Questions Answered in the Report

The global carotenoids market attained a value of about USD 1.8 billion in 2021.

The market is estimated to grow at a CAGR of 4.1% between 2022 and 2027.

The market is estimated to witness a healthy growth in the forecast period of 2022-2027 to reach nearly USD 2.29 billion by 2027.

The major industry drivers include the growing demand for carotenoids for health treatments, increasing usage in dietary supplements, and the rising significance of food quality.

The key market trend guiding the growth of the industry includes shifting consumer preference toward better healthcare products, surging usage of carotenoids in pharmaceutical products, and various product launches by the key players.

The major regions in the industry are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The different product types of the market include beta-carotene, astaxanthin, lutein, lycopene, zeaxanthin, and canthaxanthin, among others.

The various sources for carotenoids in the market include natural and synthetic.

The significant formulations include oil suspension, powder, emulsion, and beadlets.

The different applications of the product are animal feed, dietary supplements, food and beverages, cosmetics, and pharmaceuticals.

The key market players are BASF SE, Allied Biotech Corporation, Divi's Laboratories Limited, Lycored Corp., and Cyanotech Corporation, among others.

Analyst Review

The global carotenoids market attained a value of about USD 1.8 billion in 2021, driven by the increasing demand for carotenoids in the cosmetics industry and animal feed industry. Aided by the rising efforts taken by industry players to boost the production of carotenoids, the market is estimated to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 4.1%.  The market is further assessed to attain nearly USD 2.29 billion by 2027.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. The market for carotenoids, by product type, is divided into beta-carotene, astaxanthin, lutein, lycopene, zeaxanthin, and canthaxanthin, among others. On the basis of source, the market is categorised into synthetic and natural. Based on formulation, the market is segmented into oil suspension, powder, emulsion, and beadlets. Based on application, the market is classified into animal feed, dietary supplements, food and beverages, cosmetics, and pharmaceuticals. The major regional markets for carotenoids are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include BASF SE, Allied Biotech Corporation, Divi's Laboratories Limited, Lycored Corp., and Cyanotech Corporation, among others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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