Carotenoid Market was valued at USD 1.5 Billion in 2022 and is projected to reach USD 2.5 Billion by 2030, growing at a CAGR of 7.3% from 2024 to 2030.
In particular, beta-carotene remained one of the dominant segments within the carotenoid market, benefiting from its widespread usage in food and beverages, health supplements, and the cosmetics sector. Furthermore, the rising preference for plant-based and organic products contributed to the growth in demand for natural carotenoids over synthetic alternatives. The increasing awareness of the role carotenoids play in promoting eye health, preventing cancer, and supporting skin protection added to their appeal among consumers.
However, the market is expected to face several shifts from 2023 to 2033. The demand for carotenoids is likely to increase due to rising consumer preferences for clean-label, plant-based, and natural products. According to forecasts, the carotenoid market will experience accelerated growth as industries, particularly food and beverages, incorporate more carotenoids into functional foods and supplements. The demand will also rise in emerging markets, where health awareness and disposable income are increasing.
Further innovation in carotenoid extraction methods, such as from microalgae and biotechnology sources, is expected to improve cost efficiency, driving broader market penetration. Additionally, technological advancements in the extraction and synthesis processes will likely result in more sustainable practices, meeting growing consumer demand for environmentally friendly and responsibly sourced products.
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The global carotenoid market has witnessed steady growth from 2018 to 2022, driven by increasing awareness about the health benefits of carotenoids in both the food and pharmaceutical industries. Carotenoids, naturally occurring pigments found in plants and algae, are recognized for their antioxidant properties, contributing to the prevention of chronic diseases and improving overall health. This growth trajectory was largely attributed to the rising demand for natural food colorants, dietary supplements, and functional foods. During this period, the demand for carotenoids such as beta-carotene, lutein, and astaxanthin surged as they found applications in various industries, including cosmetics, animal feed, and nutrition.
DSM
BASF
Allied Biotech
Chenguang Biotech
FMC
Dohler
Chr. Hansen
Carotech
DDW
Excelvite
Anhui Wisdom
Tian Yin
Kemin
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Carotenoid Market
Food
Feed
Pharmaceuticals
Cosmetics
Based on Types the Market is categorized into Below types that held the largest Carotenoid market share In 2023.
Astaxanthin
Beta-Carotene
Canthaxanthin
Lycopene
Lutein
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Carotenoid Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Carotenoid Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Carotenoid Market, By Type
6. Global Carotenoid Market, By Application
7. Global Carotenoid Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Carotenoid Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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