Carotenoids Market - Forecast(2023 - 2028)

Carotenoids Market size is estimated to reach $1.8 billion by 2027, growing at a CAGR of 3.2% during the forecast period 2022-2027. Carotenoids are an important constituent of all photosynthetic organisms owing to their distinguished photoprotective and antioxidant characteristics. However, their occurrence is not limited to plants, algae, and cyanobacteria, as certain fungi and non-photosynthetic bacteria can synthesize carotenoids also, and numerous animals depend on food-borne carotenoids as visual pigments, antioxidants, or colorants. Astaxanthin is a xanthophyll carotenoid that is discovered in different microorganisms and marine animals. It is a red fat-soluble pigment that does not have pro-Vitamin A activity in the human body, though certain investigations recorded that astaxanthin has more powerful biological activity than other carotenoids. Beta-carotene is a precursor of Vitamin A. Beta-carotene belongs to the family of carotenoids. The typical carotenoids in cereal grains are alpha and beta-carotene, beta-cryptoxanthin, lutein, and zeaxanthin with lutein being the dominant carotenoid compound. Lycopene is a red color plant pigment that serves as an essential intermediate in the biosynthesis of numerous carotenoids inclusive of beta-carotene and xanthophyll. However, contrary to beta carotene, lycopene has no pro-vitamin A activity. Canthaxanthin is a keto-carotenoid pigment extensively distributed in nature.

The surging demand for natural food products including natural carotenoids like astaxanthin is set to drive the Carotenoids Market. The expanding acceptance of nutraceutical products like dietary supplements and functional foods using natural constituents together with geriatric nutrition is set to propel the growth of the Carotenoids Market during the forecast period 2022-2027. This represents the Carotenoids Industry Outlook.

Report Coverage

The report: “Carotenoids Market Forecast (2022-2027)”, by Industry ARC, covers an in-depth analysis of the following segments of the Carotenoids Market.

By Type: Annatto, Astaxanthin, Beta-carotene, Canthaxanthin, Lutein, Lycopene, Zeaxanthin, Others.
By Source: Natural, Synthetic.
By Application: Animal Feed, Food And Beverages, Dietary Supplements, Cosmetics, Pharmaceuticals.
By Geography: North America (U.S, Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand, and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia, Rest of South America), and Rest Of The World (Middle East, Africa).

Key Takeaways

• Geographically, Europe Carotenoids Market accounted for the highest revenue share in 2021 and it is poised to dominate the market over the period 2022-2027 owing to Europe being the largest market currently with carotenoids including beta carotene being the most preferred food coloring agents in the European region.
• Carotenoids Market growth is being driven by the different health advantages connected with the intake of food including tetraterpenoids with beta carotene being a member of carotenes which are terpenoids (isoprenoids). However, the soaring price difference between synthetic carotenoids and natural tetraterpenoids is one of the major factors hampering the growth of the Carotenoids Market. 
• Carotenoids Market Detailed Analysis of the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Carotenoids Market report. 

Carotenoids Market: Market Share (%) by Region, 2021

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Carotenoids Market Segment Analysis – By Type:

The Carotenoids Market based on type can be further segmented into Annatto, Astaxanthin, Beta carotene, Canthaxanthin, Lutein, Lycopene, Zeaxanthin, and Others. The Beta carotene Segment held the largest market share in 2021. This growth is owing to the surging inclination of consumers towards nutritious and organic food. Beta carotene has been confirmed to decrease the impacts of oxidative stress. The soaring addition of beta carotene in animal feed as a color additive is further propelling the growth of the Beta Carotene segment.

Furthermore, the Lutein segment is estimated to grow with the fastest CAGR of 5.4% during the forecast period 2022-2027 owing to the proliferating application of lutein and marigold extracts as organic coloring agents and their use in pharmaceuticals, nutraceuticals, and in the pet food industry for animal and fish feed.

Carotenoids Market Segment Analysis – By Application

The Carotenoids Market based on the application can be further segmented into Animal Feed, Food And Beverages, Dietary Supplements, Cosmetics, and Pharmaceuticals. The Food And Beverages Segment held the largest market share in 2021. This growth is owing to the extensive application of carotenoids like beta-carotene in providing color to foods and beverages. Beta carotene is found in sweet potatoes, carrots, dark leafy greens, and more. The soaring application of beta carotene in confectioneries, drinks, and other such products is further propelling the growth of this segment.

Furthermore, the Dietary Supplements segment is estimated to grow with the fastest CAGR of 4.6% during the forecast period 2022-2027 owing to the surging application of carotenoid supplements like beta carotene supplements for assisting people with particular health issues and antioxidant characteristics of carotenoids like beta carotene.

Carotenoids Market Segment Analysis – By Geography:

The Carotenoids Market based on geography can be further segmented into North America, Europe, Asia-Pacific, South America, and Rest of the World. Europe (Carotenoids Market) held the largest share with 39% of the overall market in 2021. The growth of this region is owing to the surging demand for feed and dietary supplements in the European region. Beta Carotene is a powerfully colored red-orange pigment plentiful in plants and fruits. The existence of a well-entrenched cosmetics industry attributed to the presence of key players like Loreal, Unilever, and more is further propelling the growth of the Carotenoids Market in the European region.

Furthermore, the Asia-Pacific region is estimated to be the region with the fastest CAGR rate over the forecast period 2022-2027. This growth is owing to factors like the heightened application of carotenoids in feed, food, pharmaceutical, and cosmetic applications in the Asia-Pacific region. The existence of countries like China and Japan which are principal contributors of beta carotene is further fueling the progress of the Carotenoids Market in the Asia-Pacific region.

Carotenoids Market Drivers

Surging Applications Of Beta Carotene Are Projected To Drive The Growth Of the Carotenoids Market:

Mature grown-ups need to typically draw between 700 and 900 mcg Retinol Activity Equivalents (RAE) of vitamin A per day. The recommended daily allowance (RDA) incorporates both preformed vitamin A and provitamin A carotenoids like beta carotene. Beta-carotene was the earliest carotenoid from algae to be commercialized. Dunaliella salina, a marine microalga is a plentiful source of beta-carotene. Dunaliella production facilities are established in areas where solar irradiance is highest, cloudiness is lowest, the climate is warm, and hypersaline water is available. Beta-carotene is the precursor for Vitamin A biosynthesis in the body. Similar to all other carotenoids, beta-carotene is an antioxidant. It safeguards the body from harmful molecules termed free radicals. Research has validated that intake of the Dunaliella salina algae is effective in the evasion of some forms of cancer. The surging applications of Beta Carotene are therefore fueling the growth of the Carotenoids Market during the forecast period 2022-2027.

Proliferating Applications Of Astaxanthin Are Expected To Boost The Demand For Carotenoids:

Astaxanthin is a carotenoid extensively utilized in salmonid and crustacean aquaculture to offer the pink color property of that species. This application has been well documented for over two decades. Furthermore, astaxanthin also performs an essential role as an intermediary in reproductive procedures. Synthetic astaxanthin dominates the global market. However, current interest in organic sources of the pigment has heightened considerably. Typical sources of organic astaxanthin are the green algae Haematococcus pluvialis, the red yeast, Phaffia rhodozyma, and crustacean by-products. Astaxanthin has an unusual antioxidant activity which has brought about a rush in the nutraceutical sector for the embedded product. Also, health advantages like cardiovascular ailment prevention, immune system amplification, bioactivity against Helycobacter pylori, and cataract avoidance, have been connected with astaxanthin use. Research on the health advantages of astaxanthin is very current and has mostly been carried out in vitro or at the pre-clinical level with humans. Triple Power Omega 3 Fish Oil offers 3 mg of natural astaxanthin a day in the normal everyday dose of one tablespoon, or 6 mg per day, with a ‘double dose’ for those banking on expanding their omega 3 levels. The proliferating applications of astaxanthin are therefore driving the growth of the Carotenoids Market during the forecast period 2022-2027. 

Carotenoids Market Challenges

Disadvantages Of Beta Carotene Are Hampering The Growth Of The Carotenoids Market:

Intervention trials with large doses of carotenoids like beta carotene discovered a negative impact on the occurrence of lung cancer in smokers and workers exposed to asbestos. Until the efficiency and security of consuming supplements including these nutrients can be concluded, recent dietary recommendations of diets soaring in fruits and vegetables are considered. The principal limitation of the creation of carotenoids from plant material is the high cost, geographic determinants, and seasonality of the raw material. To acquire numerous grams of carotenoids, numerous dozens of kilograms of plant material have to be processed. Of around 50 kg of carrots, only 2 g of alpha and beta carotene formulation is acquired in crystalline form. These issues are thus hampering the growth of the Carotenoids Market.

Carotenoids Industry Outlook:

Agreements, partnerships, acquisitions, novel product development, leverage of modern technologies, and R&D are key strategies adopted by players in the Carotenoids Market. Carotenoids top 10 companies include:

1. Chr Hansen Holdings
2. D.D. Williamson & Co.
3. Royal DSM
4. Sensient Technologies
5. BASF
6. Allied Biotech Corporation
7. Divis Laboratories Ltd.
8. Cyanotech Corporation
9. Kemin Industries, Inc.
10. Döhler Group

Recent Developments

• In September 2021, Divi’s Nutraceuticals introduced CaroNat, an organically sourced food constituent aimed at the dark yellow to the orange coloration of an assortment of foods and beverages. CaroNat is prepared from concentrated carrot juice and naturally includes beta-carotene including only constituents of natural origin and produced without the inclusion of silicon dioxide, CaroNat assists brands in their changeover to clean labels.
• In October 2020, Cyanotech Corporation declared its introduction of BioAstin® Hawaiian Astaxanthin® in a novel delivery form, water-dispersible powder, accessible in both 1% and 2% concentrations. The Nation’s #1 brand of Astaxanthin*, BioAstin, is presently providing its novel water dispersible powder to the mass constituents market globally. BioAstin Hawaiian Astaxanthin is a powerful antioxidant deduced from organic Haematococcus pluvialis microalgae developed on the Kona Coast of the Big Island of Hawaii.
• In July 2020, BASF Nutrition & Health and Isobionics® introduced their earliest joint product, Isobionics Santa lol. Thanks to its woody odor profile, the novel fragrance in BASF's portfolio is a persuasive substitute for sandalwood oil. The proprietary manufacturing procedure of Isobionics Santalol makes the product rare.
  

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