Carotenoids Market Size, Share, Industry Trends & Growth

Chicago, June 14, 2024 (GLOBE NEWSWIRE) -- According to MarketsandMarkets, the carotenoids market is projected to reach USD 3.4 billion by 2029 from USD 2.5 billion by 2024, at a CAGR of 6.3% during the forecast period in terms of value. The increasing consumer preference for natural food additives and colorants, fueled by health-conscious trends, is driving the demand for carotenoids. Additionally, the growing awareness of carotenoids' health benefits, such as their antioxidant properties and ability to prevent chronic diseases, is stimulating market growth. Carotenoids are widely used across diverse industries, including food, pharmaceuticals, cosmetics, and animal feed, thereby contributing to the expansion of the market. Moreover, the expanding animal feed sector, coupled with a heightened focus on animal health and nutrition, is further propelling the demand for carotenoids as essential feed additives.

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Extraction is crucial for obtaining carotenoids from natural sources like fruits, vegetables, and algae. Traditional methods, such as solvent extraction using organic solvents like hexane, dissolve carotenoids but raise environmental and health concerns. To address this, green extraction techniques like supercritical fluid extraction (SFE) with carbon dioxide are gaining traction, ensuring cleaner extracts. Innovations like ultrasound-assisted extraction (UAE) and microwave-assisted extraction (MAE) enhance efficiency and reduce processing time, yielding higher carotenoid amounts while maintaining quality and bioactivity. Encapsulation is vital for shielding carotenoids from degradation and environmental factors, enhancing stability and bioavailability. Techniques like spray drying, freeze drying, and nanoemulsions encapsulate carotenoids in various matrices, ensuring controlled release and suitability for food, pharmaceuticals, and cosmetics applications. These advancements contribute to the broader utilization of carotenoids across industries.

By Type Segment the Astaxanthin Segment to Grow at the Highest CAGR

Astaxanthin, a type of carotenoid pigment found in various sources like algae, salmon, and crustaceans, has gained attention due to its potent antioxidant properties and health benefits. As consumers increasingly seek natural alternatives for maintaining health and wellness, the demand for astaxanthin is expected to surge, driving its market growth at a significant rate. Factors such as its application in supplements, cosmetics, animal feed, and food coloring contribute to the rising demand for astaxanthin, fueling its segment's growth within the broader carotenoids market.

The Synthetic Segment Holds the Largest Market Share in the Sources Segment

The dominance of the synthetic segment in the sources category of the carotenoids market can be attributed to several factors. Firstly, synthetic carotenoids are often more cost-effective to produce compared to their natural counterparts, making them a preferred choice for manufacturers looking to optimize production costs. Additionally, synthetic carotenoids offer greater consistency in terms of quality and quantity, allowing for better control over production processes and ensuring reliable supply chain management. Moreover, synthetic carotenoids can be engineered to meet specific application requirements, providing versatility in formulation and application across various industries such as food, pharmaceuticals, and cosmetics. Despite increasing consumer demand for natural and clean label products, the synthetic segment continues to thrive due to its established manufacturing infrastructure, technological advancements, and competitive pricing strategies. Overall, these factors contribute to the synthetic segment maintaining its position as the largest contributor to the sources segment within the carotenoids market.

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Some of the Industry Key Players in the Carotenoids Market