Dublin, June 05, 2024 (GLOBE NEWSWIRE) -- The "Global Carotenoids Market by Type (Astaxanthin, Beta-Carotene, Lutein, Lycopene, Canthaxanthin, Zeaxanthin), Formulations (Oil Suspension, Powder, Beadlet, and Emulsion), Source (Natural And Synthetic), Application and Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global market for Carotenoids is estimated at USD 2.5 billion in 2024 and is projected to reach USD 3.4 billion by 2029, at a CAGR of 6.3% during the forecast period. Shifting consumer preferences towards organic and sustainably produced food products are further fueling the demand for carotenoids. People utilize various types of carotenoids for their diverse array of health benefits and functional properties. 
Carotenoids play a pivotal role in dietary supplements, offering a multitude of health benefits and contributing to overall well-being. As potent antioxidants, carotenoids such as beta-carotene, lutein, and lycopene help neutralize harmful free radicals, reducing the risk of chronic diseases like cancer and heart disease. Additionally, carotenoids like astaxanthin and zeaxanthin support eye health, protecting against age-related macular degeneration and improving visual acuity. The increasing awareness of preventive healthcare and the pursuit of healthy lifestyles have fueled the demand for dietary supplements globally. As people seek convenient ways to bolster their nutritional intake, the use of carotenoids in dietary supplements continues to rise, offering consumers a convenient and effective means to support their health and well-being.
Astaxanthin is dominating in the Carotenoids market within the type segment
The astaxanthin market is experiencing robust growth due to its versatile applications and associated health benefits. As a potent antioxidant, astaxanthin finds extensive use in dietary supplements, cosmetics, and animal feed industries. Its ability to combat oxidative stress and inflammation, support cardiovascular health, and enhance skin appearance drives its popularity among consumers. Moreover, the rising demand for natural alternatives to synthetic additives in food and cosmetics further propels market expansion. Additionally, the increasing adoption of astaxanthin in aquaculture to improve the pigmentation and health of farmed fish contributes significantly to market growth, fueling its upward trajectory.
Within the formulation segment of Carotenoids market, beadlet has highest market share during the forecast period
In the formulation segment of the Carotenoids market, the beadlet form is anticipated to witness continuous growth throughout the forecast period. This trend can be attributed to several factors driving the preference for beadlet over other forms of formulations. Beadlets represent the predominant formulation for delivering carotenoids, characterized by spherical granules ranging from 500 to 2000 m in size, featuring uniform distribution.
Their multi particulate nature offers notable technological advantages over conventional solid dosage forms. Produced through spray drying or starch catching drying methods, beadlet formulations exhibit facile solubility in cold water, rendering them particularly suitable for incorporation into food and beverage products and dietary supplements. With proper storage and packaging, carotenoid beadlets maintain a shelf life of approximately two years. This technology enables the incorporation of delicate ingredients into supplements, shielding them from the formulation stress associated with tablet compression, while also enhancing stability and shelf life.
The Carotenoids market in Asia Pacific is anticipated to maintain highest CAGR throughout the forecast period
The anticipated consistent growth of the Carotenoids market in Asia Pacific can be attributed to several factors. The economic expansion across the Asia Pacific region has spurred urbanization and industrialization, leading to varying levels of carotenoid consumption in different countries. Research indicates that the feed industry represents the largest consumer of carotenoids, followed by health supplements. Factors driving this trend include consumer preferences for healthy foods and the escalating demand for meat and seafood. China emerges as the primary consumer of carotenoids in the region, trailed by Japan and India. The burgeoning pharmaceutical sector in countries like China, India, and Japan further propels the carotenoid market.
Increasing meat production, particularly in China and India, is fueling demand for carotenoids to enhance feed quality and improve livestock health. These compounds not only boost the nutritional value of feed but also contribute to cost reduction and meat quality enhancement. Carotenoids play a crucial role in fortifying animal diets, thereby meeting the escalating demand for pork and poultry products in the region. This combination of factors is likely to sustain the growth trajectory of the Carotenoids market in Asia Pacific over the forecast period.
Research Coverage:
The report segments the carotenoids market based on type, formulation, application, source, and region. In terms of insights, this report has focused on various levels of analyses - the competitive landscape, end-use analysis, and company profiles, which together comprise and discuss views on the emerging & high-growth segments of the carotenoids market, high-growth regions, countries, government initiatives, drivers, restraints, opportunities, and challenges.
A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, services, key strategies, contracts, partnerships, and agreements. New product launches, mergers and acquisitions, and recent developments associated with the carotenoids market. Competitive analysis of upcoming startups in the Carotenoids market ecosystem is covered in this report.
The report provides insights on the following pointers:
- Analysis of key drivers (carotenoids are beneficial in preventive healthcare, increasing use of natural carotenoids as food colorants, the growth of the end-user industries is projected to drive the demand for carotenoids, innovative technologies for the extraction of carotenoids, & increase in consumer preference for organic products), restraints (Stringent regulatory norms are projected to hamper the market growth & Risks associated with high doses of carotenoids) opportunities (opportunity to expand in the high-growth potential markets such as developing countries from Asia Pacific and South America region, expanding scope of research within the feed industry & safety reassessment of synthetic food colors), and challenges (difficulty in meeting the requisite quality standards & high production costs restrict the entry of smaller players).
- Product Development/Innovation: Detailed insights on research & development activities and new product launches in the carotenoids market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the carotenoids market across varied regions.
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the carotenoids market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and product offerings of leading players like DSM, BASF, Cyanotech, Givaudan, ADM, NHU, Divi's Laboratories, Allied Biotech, Lycored, Kemin Industries, Fuji Chemical Industries, EW Nutrition, Dohler, ExcelVite, Farbest Brands, Solabia, VIDYA Europe, AROMATAGROUP SRL CON SOCIO UNICO, Valensa International, BGG World, Kalsec, Ambe Phytoextracts, Vidya Herbs, ASTAMAZ, Xiamen Sinoway Co.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 324 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $2.5 Billion |
| Forecasted Market Value (USD) by 2029 | $3.4 Billion |
| Compound Annual Growth Rate | 6.3% |
| Regions Covered | Global |
Key Topics Covered:
Executive Summary
- Carotenoids Market Snapshot, 2024 vs. 2029
- Astaxanthin Segment to Lead Market During Forecast Period
- Beadlet Segment to Dominate Market During Forecast Period
- Synthetic Segment to Have Largest Market Share During Forecast Period
- Animal Feed Segment to Hold Largest Market Share During Forecast Period
- North America to Account for Largest Market Share During Forecast Period
- Carotenoids Market: Earlier Forecast vs. Recession Forecast
Premium Insights
- Attractive Opportunities for Players in Carotenoids Market - Increasing Awareness Toward Health and Organic Food Products to Drive Market
- Europe: Carotenoids Market, by Type and Country -Lutein Segment and France to Account for Largest Shares in European Market in 2024
- Carotenoids Market, by Country - US to Account for Largest Market Share in 2024
- Carotenoids Market, by Type and Region - Astaxanthin to Hold Largest Market Share During Forecast Period
- Carotenoids Market, by Formulation and Region - Beadlet Segment to Lead Market During Forecast Period
- Carotenoids Market, by Source and Region - Synthetic Source to Account for Larger Market Share During Forecast Period
- Carotenoids Market, by Application and Region - Animal Feed Segment to Dominate Market During Forecast Period
Key Market Dynamics
Drivers
- Increasing Applications of Carotenoids in Preventive Healthcare
- Growing Trend Toward Natural and Clean Label Ingredients
- Surge in Applications in Pharmaceuticals and Cosmetics
- Rise in Innovative Technologies for Extracting Carotenoids
- Increasing Consumer Preference for Organic Products
Restraints
- Low Water Solubility and Stability
- Risks Associated with High Dosage
Opportunities
- Booming Dietary Supplements and Food & Beverages Markets
- Expanding Scope of Research in Feed Industry
- Growing Inclination Toward Safety Reassessment of Synthetic Food Colors
Challenges
- Stringent Quality Standards
- High Production Costs
Technology Analysis
- Carotenoids and Microencapsulation
- Artificial Intelligence and Machine Learning
Case Study Analysis
- Use of Artificial Intelligence and Machine Learning to Meet Demand for Functional Foods
- Manufacturing of Plant-based Bars for Improved Mental Health
- Investigating Efficacy of Lycoderm to Enhancing Skin Resilience
- Investment and Funding Scenario
Companies Profiled
- DSM-Firmenich
- BASF
- Cyanotech
- Givaudan
- ADM
- NHU
- Divi's Laboratories Limited
- Allied Biotech Corporation
- Lycored
- Kemin Industries
- Fuji Chemical Industries
- EW Nutrition
- Dohler
- Excelvite
- Farbest Brands
- Solabia Group
- Vidya Europe
- Fiorio Colori
- Valensa International
- BGG World
- Kalsec Inc.
- Ambe Phytoextracts Pvt. Ltd.
- Vidya Herbs Pvt. Ltd.
- Astamaz NZ Ltd.
- Xiamen Sinoway Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/x9vfi8
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