Carotenoids Market to be Worth USD 9.0 billion, Growing at 4.5% CAGR by 2031 - Report By Transparency Market Research, Inc.

As functional food products become more popular and the cosmetics and food industry expands, the demand for carotenoids will increase.

Wilmington, Delaware, United States, Dec. 06, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. -The global carotenoids market was valued at US$ 6.2 billion in 2022. A CAGR of 4.5% is forecast between 2023 and 2031. The market is expected to reach US$ 9.0 billion by 2031. Carotenoids are linked to a lower risk of cancer and may benefit other aspects of health as well. As a result, the pharmaceutical industry has been seeing a surge in demand for carotenoids in the market.

Patients with Alzheimer's were found to have lower levels of the natural compound carotenoids. Researchers at Virginia Tech Carilion School of Medicine examined the connection between certain aspects of a person's diet and their brain health.

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Global Carotenoids Market: Key Players
Carotenoids are a moderately fragmented market, with a few players controlling most of it. In order to consolidate their presence around the world, leading manufacturers are exploring collaborations, contracting, and merging & acquiring.

  • Koninklijke DSM
  • Kemin Industries
  • Cynotech Corporation
  • Naturex S.A.
  • Chr. Hansen Holdings A/S
  • D.D. Williamson & Co. Inc.
  • FMC Corporation
  • CP Kelco
  • Brenntag GmbH
  • Others

According to the research, people with Alzheimer's disease had lower levels of carotenoids, a micronutrient in the brain. Experts recommend eating egg yolks, tomatoes, and sunflower seeds to increase your intake of carotenoids in a healthy diet.

Consumption of health-promoting products is on the rise, and consumers are actively seeking out these products to maintain good health. Recent research has revealed the antioxidant properties of carotenoids, as well as the potential health benefits that carotenoids might offer.

The popularity of clean-label products is growing as more people switch from artificial additives to natural ones. Due to their natural pigment properties, carotenoids are preferred as clean-label colors in cosmetics and food products.

Functional foods are becoming increasingly popular among consumers looking for products with specific health benefits. Foods rich in carotenoids, which provide potential health benefits, are becoming increasingly popular among consumers as they are nutrient-dense and well-balanced.

Key Findings of Market Report

  • Well-established cosmetics industries in Europe contributed to Europe's leadership in the carotenoids industry in 2022.
  • Innovations within the food industry are leading to the discovery of new applications for carotenoids.
  • Based on type, beta-carotene will likely grow in demand in the coming years.
  • Based on sources, carotenoids are most likely obtained from algae and fungi.

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Global Carotenoids Market: Growth Drivers
As natural and healthy food products get more popular, carotenoids are in demand. Carotenoids, known for their health benefits, are in demand by consumers who are becoming more conscious of their dietary choices.

Cosmetics are a major market driver for carotenoids. Natural colorants and antioxidant properties make carotenoids valuable additives to cosmetics and personal care products. Over the past few years, consumers have become more interested in natural cosmetics and clean labels.

Several dietary supplements and nutraceuticals contain carotenoids, which are in high demand. Health benefits associated with carotenoids include antioxidant properties. Supplements containing carotenoids, such as those containing carotene, are in high demand.

Supplements containing various carotenoids, such as lutein, beta-carotene, and astaxanthin, have been found to have potential health benefits. Carotenoids were also widely used in animal feed, particularly to enhance the color of meat, eggs, and fish, particularly in poultry and aquaculture.

Advances in technology and improved production methods have increased carotenoid production efficiency, making these compounds more affordable and accessible. Researchers and developers constantly searched for new sources of carotenoids, improved extraction methods, and explored novel applications.

Carotenoids' use in various industries has been approved and supported by regulatory authorities, and their health benefits have been recognized. A combination of technological advances and industrial growth has contributed to the growth of the carotenoids market. With these advancements, carotenoid production is more efficient and cost-effective

Global Carotenoids Market: Regional Landscape
A significant amount of demand exists for carotenoids in Europe. Carotenoids are currently the most popular product on the European market. As a result of the growing demand for carotenoid pigments in the cosmetic industry, the carotenoid pigment market in Europe has grown substantially. As a result, anti-aging supplements and cosmetics are creating a high demand for carotenoids in Europe.

Food and beverage industries also contribute to the demand for carotenoids in Europe. Food manufacturers are increasingly seeking natural carotenoids, and Europe is expected to dominate the market. Carotenoid consumption in Europe is increasing as natural food products are becoming more popular.

Key Developments

  • In March 2023, Novo Nutrients, a leading provider of sustainable protein solutions, announced that it had developed a new technology to produce carotenoid pigments. Every ton of protein-rich ingredients upcycles about two tons of carbon dioxide through the company's general carbon capture process.
  • In August 2023, Divi’s Nutraceuticals highlighted innovations in the carotenoid and vitamin portfolio. It introduced its latest product development, AstaBead, a micro-encapsulated beadlet.

Global Carotenoids Market: Segmentation
By Type

  • Beta-Carotene
  • Astaxanthin
  • Lutein
  • Canthaxanthin
  • Lycopene
  • Lutein

By End Use

  • Food
  • Aquaculture Feed
  • Poultry Feed
  • Pet Food
  • Dietary Supplements
  • Pharmaceuticals
  • Cosmetics

By Source

  • Fruits & Vegetables
  • Algae & Fungi
  • Synthetic

By Region

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East & Africa (MEA)

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