Surging demand in nutraceuticals and advancements in extraction technologies is expected to drive the Carotenoids Market growth in the forecast period, 2025-2029.
According to TechSci Research report, “Carotenoids Market – Global Industry Size, Share, Trends, Competition, Forecast & Opportunities, 2029F”, the Global Carotenoids Market stood at USD 1.78 Billion in 2023 and is anticipated to grow with a CAGR of 4.57% through 2029. The Global Carotenoids Market is driven by several key factors. Increasing consumer awareness of the health benefits of carotenoids, such as their antioxidant properties and role in reducing the risk of chronic diseases, is a primary growth driver. The rising demand for natural colorants in the food and beverage industry significantly contributes to market expansion. Additionally, the growth of the animal feed industry, which extensively uses carotenoids, is another crucial factor. Continuous research and development uncovering new health benefits and applications for carotenoids also propel market growth.
The global carotenoids market is experiencing a remarkable growth trajectory due to several driving factors. Increasing consumer awareness of the health benefits of carotenoids, including improved vision, enhanced immune function, reduced chronic disease risk, cardiovascular health support, and promoting healthy aging, is fueling demand. This heightened awareness has led to a surge in demand for carotenoids in the food and beverage industry, where natural colorants are in high demand. Carotenoids not only enhance the visual appeal of food products with vibrant hues from yellow to red but also add nutritional value, signifying the presence of important antioxidants.
In the cosmetics and pharmaceuticals sectors, carotenoids are valued for their antioxidant properties and ability to promote skin health, making them popular in skincare products and supplements. They are also being explored for their potential in protecting against UV-induced skin damage and promoting a youthful complexion. Technological advancements in extraction and purification techniques have improved the availability and quality of carotenoids, further driving market growth. These advancements have enabled the extraction of carotenoids from a wider range of sources, including food industry by-products, thus reducing waste and maximizing resource utilization.
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The Global Carotenoids Market is segmented into source, type, application, formulation, regional distribution, and company.
Based on Formulation, Powder have emerged as the dominating segment in Global Carotenoids Market during the forecast period. This is attributed to its wide range of applications in the food, feed, and pharmaceutical sectors. Its versatility makes it a preferred choice across industries, offering convenient handling and storage. The fine particle size and homogeneous nature of powdered substances contribute to improved solubility and dispersion, enhancing their effectiveness in various formulations and processes. Powdered substances offer enhanced solubility, ensuring they can be effectively incorporated into various formulations.
Their homogeneous nature allows for consistent dispersion, guaranteeing uniformity throughout the product. This not only boosts the overall effectiveness of the substances but also facilitates their integration into different manufacturing processes. The convenience of handling and storage further enhances the appeal of powder form. The fine particle size allows for easy measurement and accurate dosing, making it a reliable choice for precise applications. The stability and longer shelf life of powdered substances ensure they can be stored for extended periods without compromising quality.
Based on Region, Asia Pacific have emerged as the fastest growing region in the Global Carotenoids Market in 2023. In the Asia Pacific region, there is a growing awareness among consumers about the health benefits of carotenoids. This heightened awareness is driving increased demand for carotenoid-rich products, especially in the dietary supplements and functional foods sectors. The animal feed industry is also expanding, fueled by rising meat consumption and livestock production.
Carotenoids are frequently added to animal feed to improve the health and coloration of livestock, particularly in poultry and aquaculture. Technological advancements in extraction and production are making carotenoids more accessible and cost-effective. This progress allows local manufacturers to produce high-quality carotenoids, effectively meeting the increasing demand.
Major companies operating in Global Carotenoids Market are:
- Koninklijke DSM N.V.
- BASF SE
- Chr. Hansen A/S
- Cyanotech Corporation
- Allied Biotech Corporation
- Kemin Industries Inc.
- Fuji Chemical Industries Co., Ltd.
- Novus International, Inc.
- Döhler GmbH
- Sensient Technologies Corporation
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“The future of the global carotenoids market looks exceptionally promising, driven by increasing health awareness among consumers and the rising demand for natural and organic beauty products. As people become more informed about the health benefits of carotenoids, especially their antioxidant properties and pro-vitamin A characteristics, their application in dietary supplements, food, and cosmetics is expected to expand significantly.
Environmental considerations, including concerns about synthetic additives and a preference for sustainable ingredients, further bolster market growth. This shift towards natural alternatives is set to transform the carotenoids market into a thriving and dynamic industry”, said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.
“Carotenoids Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Source (Synthetic Carotenoids and Natural Carotenoids), By Type (Astaxanthin, Beta-Carotene, Lutein, Lycopene, Canthaxanthin, and Zeaxanthin, Others), By Application (Feed, Food & Beverages, Dietary Supplements, Cosmetics, and Pharmaceuticals), By Formulation (Beadlet, Powder, Oil Suspension and Emulsion), By Region and Competition, 2019-2029F”, has evaluated the future growth potential of Global Carotenoids Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Carotenoids Market.
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