Redding, California, Jan. 25, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Carotenoids Market by Type (Astaxanthin, Beta-carotene, Lutein, Lycopene, Zeaxanthin), Form (Beadlets, Liquid), Source (Synthetic, Natural), Application (Feed, Food & Beverages, Dietary Supplements, Cosmetics, Pharmaceuticals) — Forecasts to 2030,’ the carotenoids market is expected to grow at a CAGR of 3.8% from 2023 to 2030 to reach $2.26 billion by 2030.
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Carotenoid is a group of pigments naturally present in vegetal raw materials that have biological properties. These pigments have been used mainly in food, feed, pharmaceutical, cosmetic, and other industries. Nowadays, industrial production is executed through chemical synthesis. It is also essential to all photosynthetic organisms due to its eminent photoprotective and antioxidant properties.
The major factors driving the carotenoids market include the increasing demand for natural colorants, rising incidence of eye diseases and cancer, increasing awareness regarding clean-label products, and growing demand for natural skincare cosmetics.
Furthermore, the increasing use of carotenoids in aquaculture and emerging economies in Asia-Pacific, Latin America, and the Middle East & Africa are expected to provide significant opportunities for the growth of this market. However, the stringent regulatory and approval norms and the high cost of natural pigments hinder the growth of this market to a notable extent.
The Impact of COVID-19 on the Carotenoids Market
The COVID-19 outbreak created a severe public health emergency globally, with its quick spread in more than 150 countries. Numerous countries worldwide declared emergencies and announced complete nationwide, statewide, or citywide lockdowns to combat & control the spread of this disease, halting all travel, transport, manufacturing, educational institutions, and non-essential trade, significantly impacting many industries globally, including animal feed, food & beverage, dietary supplements, and cosmetics.
The lockdowns forced the temporary closure of manufacturing facilities. Governments also enforced restrictions on operating capacities to ensure social distancing and curb the spread of the infection. Supply chains were disrupted, resulting in production limitations, complications in raw materials sourcing, and higher delivery costs, impacting the overall carotenoids market. Moreover, governments announced a temporary ban on foreign air travel. These factors affected the sales of carotenoid products.
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Moreover, the global cosmetic industry is a multi-billion-dollar industry that took a financial hit in 2020 due to the COVID-19 pandemic. Several factors, such as the shutdown of retail businesses; in-store shopping, salons, and beauty boutiques; working from home; physical distancing; and mandatory wearing of masks in many countries, impacted the cosmetic industry. Also, the global export of chicken, beef, and pork witnessed a significant decline due to the challenges posed by the outbreak of the COVID-19 pandemic. Further, the U.S. government imposed curfews, resulting in many farmers resorting to panic-buying of animal feed to avoid potential shortages. According to the American Feed Association, estimated animal feed consumption at the beginning of 2020 was 252.6 million tons; later, the consumption rate fell to 1.7%, at an estimated 248.4 million tons, with 4.2 million tons less feed consumed. Additionally, the transportation & logistics sector was significantly affected due to employees contracting COVID-19, which reduced deliveries and compelled farmers to stock their animal feed supplies. In addition, restrictions on the export and import of non-essential products due to temporary border closures in some countries further hindered the growth of this market.
However, according to an article published by Nutrition Outlook, the sales of dietary supplements increased during the pandemic due to their ability to strengthen the immune system against COVID-19. During the last week of March 2020, the sales of dietary supplements in the U.S. sharply increased by more than 35%. Thus, the growing demand for dietary supplements is expected to propel the growth of the carotenoids market.
The carotenoids market is segmented based on type, form, source, application, and geography.
Based on type, the carotenoids market is segmented into astaxanthin, beta-carotene, lutein, lycopene, canthaxanthin, zeaxanthin, and other carotenoids. In 2023, the astaxanthin segment is expected to account for the larger share of the carotenoids market. The large market share of this segment is attributed to the high demand for astaxanthin in nutraceutical applications due to its antioxidant properties, the rising demand for astaxanthin for the treatment of cancer, increased demand for astaxanthin in the aquaculture & animal feed industries, growth in the health-conscious population, and the rising adoption of novel technologies to increase the production of astaxanthin.
Based on form, the carotenoids market is segmented into beadlets, powder, liquid, gel, and other forms. In 2023, the beadlets segment is expected to account for the larger share of the carotenoids market. Beadlet carotenoids are free-flowing spherical particles developed from spray drying technology. Beadlet carotenoids offer good flow properties for easy handling, good particle size distribution, and high strength during tableting with resistance to pressures up to 10 tonnes/cm2. The large share of this segment is mainly attributed to its benefits, such as increased stability, cold water dispersion, high purity, and enhanced shelf life.
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Based on source, the carotenoids market is segmented into synthetic carotenoids and natural carotenoids. The natural carotenoids segment is expected to witness significant growth during the forecast period. The rapid growth of this segment is mainly attributed to the growing consumer inclination towards food & beverages, cosmetics, pharmaceuticals, and other products that are produced by adopting natural ingredients. In addition, factors such as unique antioxidant and coloring properties, short life cycles, active isoprenoid metabolism precursors for the carotenogenic pathway, and adequate storage capacity make these ideal cell factories for producing high-value carotenoids are expected to fuel the growth of this segment.
Based on application, the carotenoids market is segmented into feed, food & beverage, dietary supplements, cosmetics, pharmaceuticals, and other applications. In 2023, the feed segment is expected to account for the largest share of the carotenoids market. However, the dietary supplements segment is expected to witness significant growth during the forecast period. The rapid growth of this segment is mainly attributed to the rising prevalence of chronic diseases and the shift in consumer preferences towards natural carotenoids due to rising health awareness.
Based on geography, in 2023, Europe is expected to account for the largest share of the carotenoids market. The major market share of Europe is attributed to the growing food & beverage industry, rising health and wellness trend, rising meat consumption, and rising feed production, a well-established cosmetics industry, and the increasing demand for seafood as more and more people are becoming aware of the health benefits of fish consumption. Further, the increase in the aging population in the region has led to a surge in demand for lutein, lycopene, and beta-carotene to treat cataracts and reduce the risk of diabetes, cancer, and other heart-related issues. However, the market in Asia-Pacific is slated to register the fastest growth rate during the forecast period. The fast growth of this regional market is mainly due to the growing animal feed industry, increasing adoption of natural carotenoids in the food & beverage industry, increasing consumer preference for natural ingredients, and growing consumer awareness regarding the negative effects of synthetic carotenoids.
Some of the key players operating in the carotenoids market are Allied Biotech Corporation (China), BASF SE (Germany), Chr. Hansen Holding A/S (Denmark), Cyanotech Corporation (U.S.), DDW, Inc. (U.S.), Deinove SA (France), Divi's Laboratories Limited (India), Döhler GmbH (Germany), ExcelVite Sdn. Bhd. (Malaysia), Kemin Industries, Inc. (U.S.), Koninklijke DSM N.V. (Netherlands), Lycored Corp. (Israel), Novus International, Inc. (U.S.), Vidya Europe SAS (France), and Zhejiang NHU Co., Ltd. (China).
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Scope of the Report
Carotenoids Market, by Type
- Astaxanthin
- Beta-carotene
- Lutein
- Lycopene
- Canthaxanthin
- Zeaxanthin
- Other Carotenoids
Carotenoids Market, by Form
- Beadlets
- Powder
- Liquid
- Gel
- Other Forms
Carotenoids Market, by Source
- Synthetic Carotenoids
- Natural Carotenoids
- Plant-sourced Natural Carotenoids
- Microorganism-sourced Natural Carotenoids
- Algae-sourced Natural Carotenoids
Carotenoids Market, by Application
- Feed
- Food & Beverage
- Dietary Supplements
- Cosmetics
- Pharmaceuticals
- Other Applications
Carotenoids Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- Japan
- India
- Australia
- Rest of Asia-Pacific (RoAPAC)
- Latin America (LATAM)
- Brazil
- Mexico
- Argentina
- Rest of Latin America (RoLATAM)
- Middle East & Africa (MEA)
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