To improve the website's functionality, we use cookies, including third-party cookies. Read our Privacy Policy for more information
I AgreeAnalysis of Carotenoids market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global market for carotenoids is expected to exhibit steady growth of around 5% over the 2021-2031 forecast period.
Sales of carotenoids are likely to surpass US$ 2 Bn by 2031 attributed to the growing emphasis on healthy and natural food along with supplement consumption on account of rising health issues.
According to Fact.MR- a market research and competitive intelligence provider- the global carotenoids market expanded at a CAGR of 4% during the historic period 2016-2020. The emerging food additives sector along with the cosmetics and personal care industry propelled growth in the aforementioned years.
Owing to bolstering demand for dietary supplements & nutraceutical ingredients, the market is projected to expand nearly 2x by 2031, surpassing US$ 2 Bn. Forecasted CAGR for the 2021-2031 forecast period is around 5%.
According to the latest study by PMC-NCBI, carotenoids are proven to have an inverse relationship with cancer and other health benefits which have surged the global demand for carotenoids in the pharmaceutical sector worldwide.
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
According to the report, the dietary supplements market is providing huge traction to the global demand for carotenoids. Synthetic carotenoids such as α-carotene, β-carotene, lycopene, lutein, zeaxanthin, and β-cryptoxanthin are most prevalently used in dietary supplements especially in the North-American region.
However, there is an increasing demand for naturally sourced carotenoids in the pharmaceutical industry and opportunities to expand in the high-growth potential markets is likely to boost the global demand for carotenoids.
A recent survey by NHANES has revealed that more than 40% of the U.S population consume some form of dietary supplement. With the growth in sales of supplements, the market for carotenoids will expand eventually in the forthcoming years 2021-2031.
As per Fact.MR, Asia is likely to exhibit maximum growth potential for the carotenoids market, expected to expand almost 2x by 2031.
The market continues to build momentum, with the growing demand for carotenoids obtained from natural sources. It is projected to grow at the highest CAGR in the carotenoids market during the forecast period.
Accounting for increasing demand for pork, poultry, and aquaculture products in the APAC region, key manufacturers such as Allied Biotech Corporation, Zhejiang NHU Co. Ltd are focusing on enhancing the appearance with the use of carotenoids.
More Insights, Lesser Cost (-50% off)
Insights on import/export production,
pricing analysis, and more – Only @ Fact.MR
Carotenoid production through chemical synthesis or extraction from plants is limited by low yields that result in high production costs. This will impede the market growth of natural carotenoids market in future.
On the other hand, limitations on exports and imports of non-essential products owing to the temporary border closure situations in some countries are further hampering the growth of this market.
The Asia Pacific region offers profitable growth opportunities to manufacturers and suppliers of carotenoids as the processing of carotenoids is cheaper in this region and witnesses a high demand in this region.
Additionally, an exponential increase in demand for supplements and nutritional products among the youth and infants are bolstering growth opportunities for carotenoids. Increasing application in the pharmaceutical sector in protection from diseases like cancer offers lucrative opportunities for global manufacturers.
With a growing emphasis on dietary supplements and synthetic carotenoids like beta-Carotene in the healthcare sector, the market is gaining high traction among gym enthusiasts.
For instance, 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 which are likely to boost the demand for natural carotenoids.
Furthermore, increasing concerns among youngsters for social media image spiked the demand for organic cosmetic additives in the beauty and personal care segment.
The aforementioned trends are likely to direct the market on a positive trajectory over the forecast period due to changing lifestyles and growing concerns for maintaining a healthy body.
Extensive applications across end-use industries such as food and beverage colourants and cosmetics and personal care additives have surged the demand for carotenoids across the U.S. As per Fact.MR, the market in the U.S is slated to grow at a CAGR of around 5% until 2031.
Furthermore, rising internet penetration and smartphone users are positively impacting the e-commerce sector, thereby propelling the online sales of beauty & personal care products. Hence, uptake of carotenoids to manufacture the same is increasing.
In 2020, China was estimated to be the fastest-growing market for carotenoids and is projected to witness steady revenue growth from 2021 to 2031 amid extensive applications in the animal feed industry and rise in demand for health supplements.
Demand for carotenoids in China is forecast to grow at 5% CAGR throughout the forecast period. Moreover, the highly established cosmetics industry owing to the presence of key manufacturers such as Zhejiang Tianhecheng Biotechnology Shares Co., Ltd, MDPI and Hindawi is anticipated to supplement the growth of the carotenoids market in the region.
Moreover, beta-carotene is the largest segment in the regional market which is experiencing booming demand, especially in the pharmaceutical industry.
Synthetically sourced carotenoids remain most popular, owing to their low cost compared to naturally sourced carotenoids. The segment is projected to account for over 60% demand until 2031.
Recent discoveries of health-related benefits of carotenoids are resulting in increasing use of carotenoids as nutraceuticals for pharmaceuticals and the cosmetics industry. Henceforth, the synthetic source of carotenoids is likely to gain momentum in upcoming years.
Owing to the wide application of lycopene and beta-carotene in cheese spreads, yoghurts, soups, sauces, bakery products, and sauce and soup colorants, the global market is anticipated to expand size in upcoming years.
Moreover, consumer awareness of the benefits of carotenoids for eye health, immune function, and cardiovascular health remain a key growth driver. It is expected that demand for carotenoids in this sector will likely expand at a CAGR of 4% in forthcoming years.
Don't Need a Global Report?
Save 40% on Country & Region specific reports
In a rapidly changing business and competitive landscape, organizations need to keep up with the ongoing market trends to stay ahead of their industry rivals. To achieve this, global manufacturers of carotenoids are taking bold steps to expand their business reach. They are focusing on adopting innovative marketing strategies, technological developments, and mergers and acquisitions.
Attribute |
Details |
Forecast Period |
2021-2031 |
Historical Data Available for |
2016-2020 |
Market Analysis |
US$ Mn for Value & ‘000 Units for Volume |
Key Regions Covered |
|
Key Countries Covered |
|
Key Market Segments Covered |
|
Key Companies Profiled |
|
Pricing |
Available upon Request |
- Premium Report Details -
- Let's Connect -
- Quick Contact -
- Get Started -
Get insights that lead to new growth opportunities
Buy NowGet A Special pricing for start-ups and universities
Enquiry Before Buying- Humble, Yet Honored -
- Related Reports -
The global market is set to progress with the CAGR of 5% by the end of forecast period.
The global market is segmented on the basis of product, by source, by end use and by regions.