Carotenoids Market was valued at USD 2.67 Billion in 2022 and is projected to reach USD 4.51 Billion by 2030, growing at a CAGR of 7.0% from 2024 to 2030.
During this period, the global carotenoids market was valued at approximately $1.3 billion in 2018 and was projected to reach $1.9 billion by 2022, reflecting a compound annual growth rate (CAGR) of around 5%. The Asia-Pacific region emerged as a leading market for carotenoids due to its rapidly growing food and beverage industry, coupled with increasing health-conscious populations. Moreover, the North American and European markets followed suit, as natural ingredients gained traction in both the food industry and the dietary supplement sector. The shift towards organic and plant-based products further fueled the demand for carotenoids, as consumers sought natural alternatives to synthetic additives.
Looking ahead from 2023 to 2033, the carotenoids market is expected to expand further, with projections suggesting a CAGR of over 7%. This growth is largely attributed to the increasing demand for clean-label, functional foods, and the expansion of the nutraceutical industry. Advancements in biotechnology have also enabled more efficient production of carotenoids, reducing production costs and making them more accessible. Furthermore, the growing awareness of the potential health benefits of carotenoids, particularly their role in eye health, skin protection, and cancer prevention, is anticipated to drive the market in the coming decade.
As consumers become more health-conscious and as the global demand for natural colorants and ingredients continues to rise, carotenoids are poised to play an even more significant role in a variety of industries, including cosmetics, food and beverages, and dietary supplements. Market players are expected to focus on product innovation, such as new carotenoid formulations with enhanced bioavailability, which could unlock further opportunities for market growth.
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The carotenoids market, spanning from 2018 to 2022, experienced significant growth driven by increasing consumer awareness regarding health benefits and a rise in demand for natural colors and supplements in food and beverages. Carotenoids, naturally occurring pigments, are known for their antioxidant properties, which play a crucial role in protecting the body against free radicals. This period saw an uptick in carotenoid consumption, primarily due to their inclusion in dietary supplements, functional foods, and beverages. Key carotenoids such as beta-carotene, lutein, and zeaxanthin saw wide adoption in both the pharmaceutical and nutraceutical sectors.
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 Carotenoids Market
Food
Feed
Pharmaceuticals
Cosmetics
Based on Types the Market is categorized into Below types that held the largest Carotenoids 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 Carotenoids 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 Carotenoids Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Carotenoids Market, By Type
6. Global Carotenoids Market, By Application
7. Global Carotenoids Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Carotenoids Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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