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Carotenoid Market to Attain US$ 2.45 Billion at a CAGR of 5.4% by 2034: Fact.MR Report

Stringent Regulations Limiting Use of Synthetic Colorants in Food Products Benefiting Market for Natural Carotenoids

Rockville , Nov. 30, 2023 (GLOBE NEWSWIRE) — As per Fact.MR, a provider of market research and competitive intelligence, the global Carotenoid Market is witnessing robust growth and is projected to reach a valuation of US$ 2.45 billion by the end of 2034, advancing at a CAGR of 5.4% between 2024 and 2034. Increasing need for functional ingredients, health supplements, and natural colorants in a variety of industries is driving market growth.

Carotenoids are in high demand due to their antioxidant capabilities and wide range of applications. As consumers become increasingly health-conscious, carotenoids are being used as natural colorants in the food and beverages, pharmaceutical, and cosmetics industries.

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Key Segments of Carotenoid Industry Research Report

By Type By Source By Application By Region
  • Annatto
  • Astaxanthin
  • Beta-carotene
  • Canthaxanthin
  • Lutein
  • Lycopene
  • Zeaxanthin
  • Others
  • Natural
  • Synthetic
  • Food
  • Supplements
  • Feed
  • Pharmaceuticals
  • Cosmetics
  • Others
  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Middle East & Africa

Customers are looking for carotenoid-fortified foods for a variety of health benefits, including eye health, skin enhancement, and immune system support, as the emphasis on health and well-being grows. Carotenoids are finding new applications in nutraceuticals, animal feed, and aquaculture, broadening their market reach and spurring product innovation.

Key Takeaways from Market Study

  • The global carotenoid market is estimated at a valuation of US$ 1.45 billion in 2024.
  • The market is forecasted to reach US$ 2.45 billion by 2034-end.
  • Demand for carotenoids is projected to rise at a CAGR of 5.4% from 2024 to 2034.
  • The market in East Asia is predicted to expand at 6.4% CAGR over the next 10 years.
  • The food application segment is set to hold 28.4% market share in 2024.
  • Based on source, natural carotenoids are projected to account for 60.2% market share in 2024.
  • North America accounts for 23.5% of the global market share in 2024.

“As more consumers prioritize health-conscious options, demand for natural and functional ingredients such as carotenoids has risen significantly. Their diverse uses across industries point to a bright future, driven by both health concerns and the search for natural alternatives in a variety of products,” says a Fact.MR analyst.

Incorporation of Carotenoids in Animal Feed Formulations to Enhance Nutritional Value

Carotenoids improve overall health in addition to giving animal products a more appealing appearance. Carotenoids are essential micronutrients that help the immune systems, reproductive health, and overall well-being of cattle and aquaculture animals.

Growing demand for high-quality animal products has boosted the importance of carotenoid inclusion in animal diets. Carotenoids have been related to better animal health, reproductive, and general performance in addition to visual attractiveness. These chemicals, in addition to their involvement in pigmentation, operate as antioxidants, fighting free radicals and encouraging better immunological function in animals. The addition of carotenoids in animal feed coincides with the growing demand for naturally derived and healthier products, supporting growth potential in the feed sector.

Growing awareness of the benefits of carotenoids in the animal feed industry has fueled research and development activities focused on enhancing formulations and distribution systems. Manufacturers are looking for new ways to improve the absorption and usage of carotenoids in animal diets, enhancing their therapeutic effects.

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Report Attribute Details
Value Projection (2034) USD 2.45 Billion
Growth Rate (2024-2034) 5.4% CAGR
No. of pages 170 Pages
No. of Tables 112 Tables
No. of Figures 153 Figures

Competitive Scenario

Leading players in the carotenoid industry, including BASF SE, Kemin Industries, and Chr. Hansen Holding A/S, embody a fusion of innovation and expansive product portfolios. The competitive landscape is dynamic, featuring a mix of well-established frontrunners, inventive entrants, strategic partnerships, and an unwavering commitment to differentiation and sustainability, addressing the diverse requirements of consumers across various sectors.

  • Divi’s Nutraceuticals introduced its groundbreaking product, AstaBead, during IFT First 2023 in June. This milestone resulted from a collaboration in 2022 with Algalif. As per Divi, AstaBead beadlets showcase exceptional performance in applications such as nutritious bars and powdered beverages.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the carotenoid market for 2018 to 2023 and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on type (annatto, astaxanthin, beta-carotene, canthaxanthin, lutein, lycopene, zeaxanthin, others), source (natural, synthetic), and application (food, supplements, feed, pharmaceuticals, cosmetics, others), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).

Checkout More Related Studies Published by Fact.MR Research:

Lycopene Market: The global lycopene market currently accounts for a valuation of US$ 141.9 million and is expected to reach US$ 232.3 million by the end of 2032. Global demand for lycopene is predicted to increase at a CAGR of 5% from 2022 to 2032.

Lutein Market: Worldwide demand for lutein is expected to surge at a CAGR of 6.3% from 2022 to 2032. In 2022, the global lutein market is valued at US$ 330.3 million and is anticipated to reach US$ 611.2 million by the end of 2032.

Carotenes Market: The carotenes market is expected to register a CAGR of 9% in the forecast period 2018-2028. North America is expected to possess 44% market share for carotenese market in the forecast period 2018-2028.

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