Home > Food & Beverages > Food Additives > Food Colorings > Carotenoids Market

Carotenoids Market Size, Share and Industry Analysis Report by Source (Natural, Synthetic), Product (Beta-carotene, Lutein, Astaxanthin, Canthaxanthin, Lycopene) and Application (Food & Beverages, Pharmaceutical, Cosmetics, Animal Feed, Dietary supplements), Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2016 – 2024

  • Report ID: GMI855
  • Published Date: Dec 2016
  • Report Format: PDF

Carotenoids Market Size

Global Carotenoids Market size was valued at over USD 200 million in 2015 and is anticipated to witness over 4% CAGR up to 2024. Increasing prevalence of cancer, obesity, and diabetes has triggered a paradigm shift towards the use of carotenoids owing to its nutraceutical benefits against the treatment of such diseases.

Positive application outlook across various end-use industries such as food & beverage, pharmaceutical, cosmetics, animal feed, and dietary supplements will drive the carotenoids market share. Further, government initiatives to promote a healthy diet to reduce the adverse effects of diseases caused due to obesity will promote industry expansion.

carotenoids market outlook

Shifting consumer preference for ingredients that support health functions such as bone density and immunity will provide new avenues for product penetration. Increasing demand for antioxidants, micronutrients, and vitamins will fuel the product adoption across myriad end-use sectors. Additionally, increasing demand for natural food colors such as lycopene and beta-carotene will further boost the overall carotenoids market.

Rising consumer awareness about health benefits from the carotenoid intake is likely to drive the carotenoids market value. Increase the prevalence of lifestyle and early age problems in the present generation is encouraging customers to consume naturally derived food ingredients. Moreover, the market also stands to benefit from the advancements of biotechnological processes that aid the industrial production of natural carotenoids.

Increasing demand for animal protein and dairy products will support carotenoid market growth for the forecast period. As per FAO, animal meat production is projected to surpass 376 million tons by 2030. Carotenoids are incorporated in animal feeds to enhance the color of broiler skin, fish, egg yolks and crustaceans as poultry, fish, and shrimp. Also, the ability of carotenoids to improve fertility and support healthy body functions will further increase its penetration across animal feed segment.

Rising demand for skincare products due to varying climatic conditions will encourage the use of carotenoids such as phytoene and phytofluene owing to its UV ray absorbing property. Exposure to UV rays is the main factor that causes skin cells to become cancer cells. Growing awareness regarding the negative impact of UV rays will support the demand for carotenoid enriched skincare products. 

Carotenoids Market Analysis

North America carotenoids market by product

Beta carotene is expected to hold over 25% market share by 2024 owing to the growing demand for natural food colors from the food processing industry. Factors including improving the nutritional efficiency of food along with benefits such as healthy skin, eye, and prevention of cardiovascular diseases will boost the carotenoids market share.

Lutein registered sales of over USD 40 million in 2015. Increasing prevalence of eye diseases such as cataracts, glaucoma, diabetic retinopathy, and AMD is expected to fuel the market growth. The product helps to maintain macular pigment optical density and support vision health. Increasing demand from health care industry for the treatment of diseases related to heart, eye, bone, and weight will support carotenoids market trends.

carotenoids market by product

Synthetic carotenoids dominated the industry share in 2015. This type of carotenoid is used as internal standards for HPLC analyses of lipid phase plasma micronutrients thereby supporting market growth. The synthetic variant costs higher than its synthetic counterpart and is used in trace quantities in during the formulation of aquafeed. Additionally, increasing R&D in collaboration with science & technology, genetic materials, biological system, and engineering to design & redesign will boost the segment share.

Natural carotenoids are anticipated to witness significant gains at over 4.5% by 2024. Shifting preference for naturally derived carotenoids owing to increasing demand for natural ingredients will support business growth. Natural sources of carotenoids are plants, algae, bacteria, and several fungi. Factors, such as abundant availability of natural resources, low production cost, and fewer regulations will provide an impetus the market growth.

carotenoids market by application

Dietary supplements are expected to witness gains at over 5% up to 2024 owing to the shift in trend towards weight loss and calorie reduction mainly in China, Italy and the U.S. to promote health & wellness. Consumer awareness about the benefits of dietary supplements and easy access to products are key factors driving regional growth. Also, high demand from the healthcare sector for the treatment of cardiovascular diseases will provide a positive outlook for business expansion.

Animal feed dominated the industry share in 2015 owing to the growing demand for high-quality meat and seafood products. Pork, aquaculture, and poultry industry expansion owing to increasing consumer consumption have driven the carotenoids market growth. Moreover, factors such as increasing ovulation rates, improved embryo quality & fertility, and high hatchability are key benefits offered by carotenoids-based feeds.

Asia Pacific carotenoids market is expected to witness the growth of more than 4.5% by 2024 owing to the increasing prevalence of chronic disease and rising awareness regarding benefits of carotenoids. Changing climatic scenario owing to global warming will drive cosmetic application growth. The surge in the consumption of animal meat and dairy products will further provide a positive outlook for segment growth. Also, favourable policies regarding synthetically derived products will further influence regional growth for the forecast period.

carotenoids market by region

Europe carotenoids market accounted for over 40% market share in 2015. Presence of key manufacturers of cosmetic products such as Loreal, Unilever, Henkel, and Beiersdorf is anticipated to support segment growth. Extensive R&D investment for new product development will further fuel market expansion in this region. For instance, BASF launched the next generation of carotenoid formulations Lucantin NXT in the European Union. Also, increasing demand for health supplements among the geriatric population will promote business expansion.

Carotenoids Market Share

The carotenoids industry is fragmented in nature due to the presence of international and regional players. Key industry players include

  • BASF
  • DSM
  • Chr. Hansen
  • FMC Corporation
  • Dohler Group
  • Lycored
  • Kemin Industries, Inc
  • Cyanotech Corporation

Other prominent players in the market include

  • Divis Laboratories
  • Allied Biotech Corporation
  • D.D. Williamson & Co., Inc
  • Naturex

New product development, R&D investment, mergers & acquisitions, portfolio expansion, and strategic collaborations are among the key strategies adopted by the industry participants for elevating their market share. For instance, in July 2011, DSM announced the acquisition of Vitatene SAU intending to expand its market share in the natural carotenoid segment.

Industry Background

The market is driven by strong R&D investment and new product developments. This has prompted research towards microbial generation as a means of obtaining a better yield. Expansion of production facilities and product innovations are boosting overall industry growth. Technological advancements in synthetic engineering will support market growth as it can reduce the production cost of synthetically derived products. Also, expansion of various end-use industries including food & beverage, pharmaceutical, cosmetics, dietary supplement, and animal feed will further boost overall carotenoids market.

Carotenoids market report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Tons and revenue in USD Million from 2016 to 2024, for the following segments:

Click here to Buy Section of this Report

By Source

  • Synthetic
  • Natural

By Product

  • Beta-carotene
  • Lutein
  • Astaxanthin
  • Canthaxanthin
  • Lycopene
  • Others (Zeaxanthin, Capsanthin, Annatto)

By Application

  • Food & beverage
  • Pharmaceutical
  • Cosmetics
  • Animal Feed
  • Dietary supplements

The above information is provided on a regional and country basis for the following:

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Poland
    • Russia
    • The Netherlands
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • Malaysia
    • Indonesia
    • Thailand
    • Singapore
  • Latin America
    • Brazil
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
Authors: Kunal Ahuja, Tushar Malkani

Frequently Asked Questions (FAQ) :

The global carotenoids market share reached a valuation of $200 million in 2015 and is expected to register more than 4% CAGR through 2024.

Beta carotene is anticipated to capture more than 25% share of the global carotenoids market by 2024 due to the growing demand for organic food colors from the food processing sector and its several benefits for eye, skin, and heart health.

Natural carotenoids may register a steady CAGR of more than 4.5% in the overall industry through 2024 as customers are increasingly demanding natural ingredients due to their abundant availability, fewer regulations, and low production cost.

The dietary supplement application is predicted to observe over 5% CAGR through 2024 as several customers are becoming health conscious and are increasing their consumption of low-calorie diets to lose weight.

Asia Pacific carotenoids market size is anticipated to register over 4.5% CAGR through 2024 due to the rising occurrence of chronic diseases and the growing awareness among people of the advantages of carotenoids.

Leading organizations, such as BASF, DSM, FMC Corporation, Hansen, Dohler Group, Cyanotech Corporation, and Kemin Industries, Inc, among many others, are favoring the global carotenoids industry trends.

Carotenoids Market Scope

Buy Now

Premium Report Details

  • Base Year: 2015
  • Companies covered: 27
  • Tables & Figures: 280
  • Countries covered: 24
  • Pages: 260
 Download Free Sample