According to the latest report by Reports and Data, the global carotenoids market size was USD 1.89 billion in 2020 and is expected to reach USD 2.19 billion in 2028 and register a revenue CAGR of 3.5% during the forecast period, 2021-2028.
Reports and Data has published its latest report titled “Carotenoids Market by Type (Beta-Carotene, Alpha-Carotene, Alpha-Carotene, Lycopene, Lutein, Zeaxanthin, Beta-Cryptoxanthin, Astaxanthin, Others), By Source (Natural, Synthetic), By Application (Food & Beverages, Animal Feed, Dietary Supplements, Personal Care, Pharmaceuticals, Others), and By Region, Forecast to 2028.”
According to the latest report by Reports and Data, the global carotenoids market size was USD 1.89 billion in 2020 and is expected to reach USD 2.19 billion in 2028 and register a revenue CAGR of 3.5% during the forecast period, 2021-2028.
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Drivers, Restraints, and Opportunities
Carotenoids are naturally occurring pigments synthesized by plants and microorganisms having potent antioxidant properties that provides robust protection to humans from disease and enhance immune system functions. Over the recent past, various studies have been carried out to assess the health benefits and these studies have identified various mechanism of carotenoids through which it can reduce cancer development and progression. Anti-oxidant and anti-inflammatory properties of carotenoids play a crucial role in maintaining eye health by protecting retinal tissue from being damaged by light and in reducing risk of cancer and these key factors have increased use of carotenoids in preventive healthcare and are expected to drive market revenue growth over the forecast period.
Carotenoids are lipid-soluble pigments that exhibit red, orange, and yellow colors. Carotenoids have a wide range of functions in human health and significantly reduce risk of several chronic diseases. Dietary carotenoids provide numerous health benefits and increasing demand for carotenoid-rich supplements is another factor contributing to revenue growth of the market going ahead. Blood concentrations of carotenoids are excellent biomarkers for fruits and vegetables and certain suggests that higher blood concentration of β-carotene and other carotenoids obtained from food sources are linked with lower risk of various chronic conditions such as cancer and eye diseases, among others. α-carotene, β-carotene, and β-cryptoxanthin are provitamin A carotenoids and can be converted to retinol. Carotenoids present in human skin also play an important role in neutralization of free radicals, mainly reactive oxygen species and can serve as markers for entire antioxidant network of human skin. Increasing in vivo analysis of carotenoids and their role in maintaining human skin health and rising investment to accelerate research and development activities are some other key factors contributing to market growth and is expected to continue to do so going ahead.
However, stringent regulatory approvals and high costs associated with extraction and processing of carotenoids are some key factors expected to hamper market growth to a certain extent over the forecast period. In addition, certain attributes such as low solubility in water, sensitivity of carotenoids to heat and oxygen, and large size of particles have limited their use in pharmaceutical formulations and this is also a key growth limiting factor.
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COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Beta-carotene Segment to Account for Largest Revenue Share:
Beta-carotene segment is expected to account for largest revenue share over the forecast period attributable to increasing use of beta-carotene as food colorants and in nutritional supplements owing to robust antioxidant activity, anti-cancer properties, and immunity boosting function. Beta carotenes are rich source of vitamin A, which is vital for maintaining eye health and regulating cell growth.
Natural Segment to Lead in Terms of Revenue Share:
Natural segment is expected to account for a significantly large revenue share over the forecast period owing to increasing consumer preference for natural food colors, growing demand for clean-label food products, and rising awareness regarding the naturally derived colors from fruits and vegetables such as tomatoes and carrots that are rich in carotenoids.
Animal Feed Segment Revenue to Expand Steadily:
Animal feed segment is expected to expand at a steady revenue CAGR over the forecast period attributable to increasing use of carotenoids to fortify animal feed to boost fertility, productivity, and overall health of livestock. Antioxidant properties of carotenoids have shown to reduce health risk in animals and this is another factor contributing to revenue growth of the segment.
North America to Dominate other Regional Markets:
North America is expected to dominate other regional markets in terms of revenue share over the forecast period owing to increasing adoption for natural colors, growing demand for clean-label foods, and increasing awareness regarding benefits of carotenoids.
Asia Pacific to Register Robust Revenue Growth Rate:
Asia Pacific is expected to register robust revenue CAGR over the forecast period attributable to increasing application of carotenoids in animal feed, rising investment in research and development activities, technological advancements in carotenoids extraction and production processes, and increasing demand for carotenoid-fortified products in the region.
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Major Companies in the Market Include:
- BASF
- Allied Biotech
- AquaCarotene
- Algatechnologies
- Kemin Industries
- Cyanotech Corp.
- Brenntag
- Divis Laboratories
- Naturex SA
- DSM Nutritional Products
- D.D. Williamson
- Lycored, FMC Corporation
- EID Parry
Market Segmentation:
For this study, Reports and Data has segmented the carotenoid market based on type, source, application, and region:
Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
- Beta-Carotene
- Alpha-Carotene
- Lycopene
- Lutein
- Zeaxanthin
- Beta-Cryptoxanthin
- Astaxanthin
- Others
Application Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
- Food & Beverages
- Animal Feed
- Dietary Supplements
- Personal Care
- Pharmaceuticals
- Others
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Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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