Reports
Global Carotenoids Market Size, Share, Growth, Forecast: By Product Type: Beta-Carotene, Astaxanthin, Lutein, Lycopene, Zeaxanthin, Canthaxanthin, Others; By Source: Synthetic, Natural; By Formulation; By Application; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; 2024-2032
Global Carotenoids Market Outlook
The global carotenoids market attained a value of about USD 1.95 billion in 2023. The market is estimated to grow at a CAGR of 4.1% in the forecast period of 2024-2032 to reach a value of nearly USD 2.80 billion by 2032.
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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.
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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.
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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.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product Type |
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| Breakup by Source |
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| Breakup by Formulation |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Trade Data Analysis |
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| Price Analysis |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR 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 Opportunities and Challenges in the Market
8 Global Carotenoids Market Analysis
8.1 Key Industry Highlights
8.2 Global Carotenoids Historical Market (2018-2023)
8.3 Global Carotenoids Market Forecast (2024-2032)
8.4 Global Carotenoids Market by Product Type
8.4.1 Beta-Carotene
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Astaxanthin
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Lutein
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Lycopene
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.4.5 Zeaxanthin
8.4.5.1 Historical Trend (2018-2023)
8.4.5.2 Forecast Trend (2024-2032)
8.4.6 Canthaxanthin
8.4.6.1 Historical Trend (2018-2023)
8.4.6.2 Forecast Trend (2024-2032)
8.4.7 Others
8.5 Global Carotenoids Market by Source
8.5.1 Synthetic
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Natural
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Carotenoids Market by Formulation
8.6.1 Oil Suspension
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Powder
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Emulsion
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Beadlets
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.7 Global Carotenoids Market by Application
8.7.1 Animal Feed
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Dietary Supplements
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Food and Beverages
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Cosmetics
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Pharmaceuticals
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
8.8 Global Carotenoids Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2023)
8.8.4.2 Forecast Trend (2024-2032)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2023)
8.8.5.2 Forecast Trend (2024-2032)
9 North America Carotenoids Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Carotenoids Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Carotenoids Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Carotenoids Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Carotenoids Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Trade Data Analysis (HS Code- 320419)
16.1 Major Exporting Countries
16.1.1 By Value
16.1.2 By Volume
16.2 Major Importing Countries
16.2.1 By Value
16.2.2 By Volume
17 Price Analysis
18 Competitive Landscape
18.1 Market Structure
18.2 Company Profiles
18.2.1 BASF SE
18.2.1.1 Company Overview
18.2.1.2 Product Portfolio
18.2.1.3 Demographic Reach and Achievements
18.2.1.4 Certifications
18.2.2 Allied Biotech Corporation
18.2.2.1 Company Overview
18.2.2.2 Product Portfolio
18.2.2.3 Demographic Reach and Achievements
18.2.2.4 Certifications
18.2.3 Divi's Laboratories Limited
18.2.3.1 Company Overview
18.2.3.2 Product Portfolio
18.2.3.3 Demographic Reach and Achievements
18.2.3.4 Certifications
18.2.4 Lycored Corp.
18.2.4.1 Company Overview
18.2.4.2 Product Portfolio
18.2.4.3 Demographic Reach and Achievements
18.2.4.4 Certifications
18.2.5 Cyanotech Corporation
18.2.5.1 Company Overview
18.2.5.2 Product Portfolio
18.2.5.3 Demographic Reach and Achievements
18.2.5.4 Certifications
18.2.6 Others
19 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Carotenoids Market: Key Industry Highlights, 2018 and 2032
2. Global Carotenoids Historical Market: Breakup by Product Type (USD Billion), 2018-2023
3. Global Carotenoids Market Forecast: Breakup by Product Type (USD Billion), 2024-2032
4. Global Carotenoids Historical Market: Breakup by Source (USD Billion), 2018-2023
5. Global Carotenoids Market Forecast: Breakup by Source (USD Billion), 2024-2032
6. Global Carotenoids Historical Market: Breakup by Formulation (USD Billion), 2018-2023
7. Global Carotenoids Market Forecast: Breakup by Formulation (USD Billion), 2024-2032
8. Global Carotenoids Historical Market: Breakup by Application (USD Billion), 2018-2023
9. Global Carotenoids Market Forecast: Breakup by Application (USD Billion), 2024-2032
10. Global Carotenoids Historical Market: Breakup by Region (USD Billion), 2018-2023
11. Global Carotenoids Market Forecast: Breakup by Region (USD Billion), 2024-2032
12. North America Carotenoids Historical Market: Breakup by Country (USD Billion), 2018-2023
13. North America Carotenoids Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Europe Carotenoids Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Europe Carotenoids Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Asia Pacific Carotenoids Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Asia Pacific Carotenoids Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Latin America Carotenoids Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Latin America Carotenoids Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Middle East and Africa Carotenoids Historical Market: Breakup by Country (USD Billion), 2018-2023
21. Middle East and Africa Carotenoids Market Forecast: Breakup by Country (USD Billion), 2024-2032
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 2018-2028
27. Global Carotenoids Market Structure
Key Questions Answered in the Report
The global carotenoids market attained a value of about USD 1.95 billion in 2023.
The market is estimated to grow at a CAGR of 4.1% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach nearly USD 2.80 billion by 2032.
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 1.95 billion in 2023, 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 2024-2032, growing at a CAGR of 4.1%. The market is further assessed to attain nearly USD 2.80 billion by 2032.
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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