Carotenoids Market Size By Source (Natural, Synthetic), By Product (Beta-carotene, Lutein, Astaxanthin, Canthaxanthin, Lycopene), By Application (Food & Beverages, Pharmaceutical, Cosmetics, Animal Feed, Dietary supplements), Industry Analysis Report, Regional Outlook (U.S, Canada, Germany, UK, France, Spain, Italy, Russia, Poland, The Netherlands, China, Japan, India, Australia, Malaysia, Indonesia, Thailand, Singapore, South Korea, Brazil, Argentina, South Africa, UAE, Saudi Arabia), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024

Published Date: Dec 2016  |  Report ID: GMI855  |  Authors: Kunal Ahuja, Amit Rawat

Report Format: PDF   |   Pages: 260   |   Base Year: 2015




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Global Carotenoids Market size was valued at over USD 200 million in 2015 and is anticipated to witness over 4% CAGR up to 2024.
 

Europe Carotenoids Market, By Product, 2015 & 2024, (USD Million)
Europe Carotenoids Market, By Product, 2015 & 2024, (USD Million)

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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 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.
 

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 overall market share.
 

Rising consumer awareness about health benefits from the carotenoid intake is likely to drive market demand. 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 thus proliferating the market growth.  
 

Carotenoids Market Report Coverage
Report Coverage Details
Base Year: 2015
Historical Data for: 2013 to 2015 Forecast Period: 2016 to 2024
Pages: 260 Tables, Charts & Figures: 280
Geographies covered (24): U.S, Canada, Germany, UK, France, Spain, Italy, Russia, Poland, The Netherlands, China, Japan, India, Australia, Malaysia, Indonesia, Thailand, Singapore, South Korea, Brazil, Argentina, South Africa, UAE, Saudi Arabia
Segments covered: Source, Product, Application and Region
Companies covered (27): DSM, BASF, Chr. Hansen Holding A/S, FMC Corporation, Lycored, Cyanotech Corporation, Kemin Industries, Inc., Divis Laboratories, Dohler Group, Allied Biotech Corporation, D.D. Williamson & Co., Inc, ExcelVite Sdn. Bhd., Naturex, Vidya Europe SAS, Brenntag North America, Inc., Dynadis SARL, Zhejiang Medicine Co. Ltd., Zhejiang NHU Co. Ltd., Deinove, Cognis,

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Carotenoids Market, By Source

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 Product

North America Carotenoids Market, By Product, 2015 (Volume %)

North America Carotenoids Market, By Product, 2015 (Volume %)

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Beta carotene is expected to hold over 25% market share by 2024. Growing demand for natural food colors from the food processing industry will drive market growth. Factors including improving the nutritional efficiency of food along with benefits such as healthy skin, eye, and prevention of cardiovascular diseases will boost the market share. For instance, beta carotene-rich food is recommended by organizations such as the U.S. National Cancer Institute (NCI) and the U.S. Department of Agriculture (USDA). Also, its rich pigmentation level is beneficial in the pharmaceutical industry thereby supporting business expansion.
 

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 thereby augmenting the market share. Increasing demand from health care industry for the treatment of diseases related to heart, eye, bone, and weight will support industry expansion.
 

Carotenoids Market, By Application

Dietary supplements are expected to witness gains at over 5% up to 2024. The shift in trend towards weight loss and calorie reduction mainly in China, Italy and the U.S. to promote health & wellness drive the product demand. 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.
 

India Carotenoids Market, By Application, 2015 (Volume %)

India Carotenoids Market, By Application, 2015 (Volume %)

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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 market growth. Moreover, factors such as increasing ovulation rates, improved embryo quality & fertility, and high hatchability are key benefits offered by carotenoids-based feeds, thereby fueling market growth.
 

Carotenoids Market, By Region

Asia Pacific is expected to witness the growth of more than 4.5% by 2024. Increasing prevalence of chronic disease and rising awareness regarding benefits of carotenoids will foster the market size. 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.  
 

Asia Pacific Carotenoids Market, By Country, 2024 (USD Million)

Asia Pacific Carotenoids Market, By Country, 2024 (USD Million)

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Europe 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.
 

Competitive Market Share

The market 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, and Cyanotech Corporation. Other prominent players in the market include Divis Laboratories, Allied Biotech Corporation, D.D. Williamson & Co., Inc, and 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. Carotenoids not only act as a vital precursor to amino acids but also has antioxidant and colouring properties thereby driving product demand. Also, expansion of various end-use industries including food & beverage, pharmaceutical, cosmetics, dietary supplement, and animal feed will further boost overall industry share.  


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