Dublin, Oct. 24, 2023 (GLOBE NEWSWIRE) -- The "Carotenoids Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global carotenoids market has experienced significant growth, reaching US$ 1.6 billion in 2022 and is expected to reach US$ 2.0 billion by 2028, with a compound annual growth rate (CAGR) of 3.6% during 2023-2028.
Carotenoids are organic pigments found in fruits and vegetables responsible for their red, yellow, and orange hues. They are essential phytonutrients, rich in vitamin A and antioxidants, found in various sources such as plants, algae, bacteria, and fungi.
Key Market Trends:
- Health Benefits: The market is driven by the increasing prevalence of cancer and age-related eye disorders. Carotenoids are used in dietary supplements and pharmaceutical products for their antioxidant properties and potential health benefits.
- Preventive Healthcare: Consumers are shifting towards preventive healthcare products due to rising health consciousness and an aging population. Carotenoids are favored for their potential to protect against chronic diseases and aging-related issues.
- Animal Nutrition: Carotenoids are used in animal nutrition and feed products to enhance fertility and immunity. This application contributes to market growth.
- Technological Advancements: Various advancements in extraction methods and a growing demand for natural coloring are propelling the market.
Key Market Segments:
The market is segmented based on product type, source, formulation, and application:
By Product Type:
- Beta-Carotene
- Astaxanthin
- Lutein
- Lycopene
- Zeaxanthin
- Canthaxanthin
- Others
By Source:
- Synthetic
- Natural
By Formulation:
- Oil Suspension
- Powder
- Emulsion
- Others
By Application:
- Animal Feed
- Dietary Supplements
- Food and Beverages
- Cosmetics
- Others
By Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
Key players in the global carotenoids market include Allied Biotech Corporation, BASF SE, Chr. Hansen Holding A/S, Cyanotech Corporation, DDW The Color House, Deinove SAS, Divi's Laboratories Limited, Dohler Group, Excelvite Sdn. Bhd., Kemin Industries, Lycored Limited, Naturex SA (Givaudan SA), Vidya Europe SAS, Zhejiang NHU Co. Ltd., and others.
Key Questions Answered:
- How has the global carotenoids market performed, and what is its expected performance in the coming years?
- What are the key regional markets for carotenoids?
- What impact has COVID-19 had on the global carotenoids market?
- What are the market segments based on product type, source, formulation, and application?
- What are the factors driving market growth and the challenges it faces?
- Who are the key players in the global carotenoids market?
- What is the level of competition in the industry?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 148 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $1.6 Billion |
| Forecasted Market Value (USD) by 2028 | $2 Billion |
| Compound Annual Growth Rate | 3.8% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/vh05k3
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