Carotenoids Market by Type (Astaxanthin, Beta-carotene, Lutein, Lycopene, Zeaxanthin), Form (Beadlets, Liquid), Source (Synthetic, Natural), Application (Feed, Food & Beverages, Dietary Supplements, Cosmetics, Pharmaceuticals)

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Carotenoids Market by Type (Astaxanthin, Beta-carotene, Lutein, Lycopene, Zeaxanthin), Form (Beadlets, Liquid), Source (Synthetic, Natural), Application (Feed, Food & Beverages, Dietary Supplements, Cosmetics, Pharmaceuticals)-Global Forecast to 2030

According to a new market research report titled, 'Carotenoids Market by Type (Astaxanthin, Beta-carotene, Lutein, Lycopene, Zeaxanthin), Form (Beadlets, Liquid), Source (Synthetic, Natural), Application (Feed, Food & Beverages, Dietary Supplements, Cosmetics, Pharmaceuticals)-Global Forecast to 2030,' published by Meticulous Research(R), the carotenoids market is projected to reach $2.26 billion by 2030, at a CAGR of 3.8% from 2023 to 2030. This report provides an in-depth analysis of the carotenoids market across five major geographies, current market trends, size, and recent developments, and the forecast for 2030.

Succeeding extensive secondary and primary research and an in-depth analysis of the market scenario, the report conducts the impact analysis of the key industry drivers, restraints, opportunities, challenges, and trends.

The growth of the carotenoids market is primarily driven by the increasing demand for natural colorants, rising incidence of eye diseases and cancer, increasing awareness regarding clean-label products, and growing demand for natural skincare cosmetics. However, stringent regulatory and approval norms and the high cost of natural pigments hinder the growth of this market to a notable extent.

Furthermore, the increasing use of carotenoids in aquaculture and emerging economies in Asia-Pacific, Latin America, and the Middle East & Africa are expected to provide significant opportunities for the growth of this market.

Key Players

The key players operating in the carotenoids market are Allied Biotech Corporation (China), BASF SE (Germany), Chr. Hansen Holding A/S (Denmark), Cyanotech Corporation (U.S.), DDW, Inc. (U.S.), Deinove SA (France), Divi's Laboratories Limited (India), Dohler GmbH (Germany), ExcelVite Sdn. Bhd. (Malaysia), Kemin Industries, Inc. (U.S.), Koninklijke DSM N.V. (Netherlands), Lycored Corp. (Israel), Novus International, Inc. (U.S.), Vidya Europe SAS (France), and Zhejiang NHU Co., Ltd. (China).

Based on type, the carotenoids market is segmented into astaxanthin, beta-carotene, lutein, lycopene, canthaxanthin, zeaxanthin, and other carotenoids. In 2023, the astaxanthin segment is expected to account for the largest share of the carotenoids market. The large market share of this segment is attributed to the high demand for astaxanthin in nutraceutical applications due to its antioxidant properties, the rising demand for astaxanthin for the treatment of cancer, increased demand for astaxanthin in the aquaculture & animal feed industries, growth in the health-conscious population, and the rising adoption of novel technologies to increase the production of astaxanthin.

However, the lutein segment is expected to witness significant growth during the forecast period. The rapid growth of this segment is mainly attributed to its ability to treat age-related eye disorders, such as cataracts and macular degeneration.

Based on form, the carotenoids market is segmented into beadlets, powder, liquid, gel, and other forms. In 2023, the beadlets segment is expected to account for the largest share of the carotenoids market. The large share of this segment is primarily due to its advantages, such as greater stability, cold water dispersion, high purity, and extended shelf life. Moreover, it is also expected to witness significant growth during the forecast period. Beadlet carotenoids are free-flowing spherical particles created by spray drying technology. Beadlet carotenoids have superior flow qualities for easy handling, good particle size distribution, and high strength during tableting with resistance to pressures up to 10 tonnes/cm2.

Based on source, the carotenoids market is segmented into synthetic carotenoids and natural carotenoids. In 2023, the synthetic carotenoids segment is expected to account for the larger share of the carotenoids market. However, the natural carotenoids segment is predicted to grow significantly during the forecast period. The rapid growth of this segment is mainly attributed to the growing consumer inclination towards food & beverages, cosmetics, pharmaceuticals, and other products that are produced by adopting natural ingredients. Moreover, factors such as unique antioxidant and coloring properties, short life cycles, active isoprenoid metabolism precursors for the carotenogenic pathway, and adequate storage capacity make these ideal cell factories for manufacturing high-value carotenoids, which are predicted to drive expansion in this segment.

Based on application, the carotenoids market is segmented into feed, food & beverage, dietary supplements, cosmetics, pharmaceuticals, and other applications. In 2023, the feed segment is expected to account for the largest share of the carotenoids market. The large market share of this segment is attributed to the rising growth of the aquaculture industry, increased seafood consumption, increased production of compound feed, growing demand for animal protein, and increasing demand for nutritious animal feed. Carotenoids also help increase immunity and improve livestock health by enhancing nutritional quality.

Based on geography, the carotenoids market is majorly segmented into five regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Europe is expected to account for the largest share of the carotenoids market. Europe's significant market share can be attributed to several key factors, including the growing food & beverage industry, rising health and wellness trends, rising meat consumption, and rising feed production, a well-established cosmetics industry, and the growing demand for seafood as more people learn about the health benefits of fish consumption. Further, the increase in the aging population in the region has led to a surge in demand for lutein, lycopene, and beta-carotene to treat cataracts and lower the risk of diabetes, cancer, and other heart-related issues.

Key Questions Answered in the Report:

What is the value of revenue generated by the sale of carotenoids?
At what rate is the demand for carotenoids projected to grow for the next 5-7 years?
What is the historical market size and growth rate for the carotenoids market?
What are the major factors impacting the growth of this market at global and regional levels?
What are the major opportunities for existing players and new entrants in the market?
Which type, form, source, and application segments create major traction for the manufacturers in this market?
What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the carotenoids market?
Who are the major players in the carotenoids market? What are their specific product offerings in this market?
What recent developments have taken place in the carotenoids market? What impact have these strategic developments created on the market?

Scope of the Report:

Carotenoids Market Assessment-by Type

Astaxanthin
Beta-carotene
Lutein
Lycopene
Canthaxanthin
Zeaxanthin
Other Carotenoids

Carotenoids Market Assessment-by Form

Beadlets
Powder
Liquid
Gel
Other Forms

Carotenoids Market Assessment-by Source

Synthetic Carotenoids
Natural Carotenoids
- Plant-sourced Natural Carotenoids
- Microorganism-sourced Natural Carotenoids
- Algae-sourced Natural Carotenoids

Carotenoids Market Assessment-by Application

Feed
Food & Beverage
Dietary Supplements
Cosmetics
Pharmaceuticals
Other Applications

Carotenoids Market Assessment-by Geography

North America
- U.S.
- Canada
Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
Asia-Pacific (APAC)
- China
- Japan
- India
- Australia
- Rest of Asia-Pacific (RoAPAC)
Latin America (LATAM)
- Brazil
- Mexico
- Argentina
- Rest of Latin America (RoLATAM)
Middle East & Africa (MEA)

Product Code: MRFB - 104756

1. Introduction

1.1. Market Definition
1.2. Market Ecosystem
1.3. Currency
1.4. Key Stakeholders

2. Research Methodology

2.1. Research Process
2.2. Data Collection & Validation
- 2.2.1. Secondary Research
- 2.2.2. Primary Research
2.3. Market Assessment
- 2.3.1. Market Size Estimation
  - 2.3.1.1. Bottom-up Approach
  - 2.3.1.2. Top-down Approach
  - 2.3.1.3. Growth Forecast
- 2.3.2. Market Share Estimation
2.4. Assumptions for the Study
2.5. Limitations of the Study

3. Executive Summary

3.1. Introduction
3.2. Segment Analysis
- 3.2.1. Carotenoids Market Analysis: by Type
- 3.2.2. Carotenoids Market Analysis: by Form
- 3.2.3. Carotenoids Market Analysis: by Source
- 3.2.4. Carotenoids Market Analysis: by Application
3.3. Regional Analysis
3.4. Market Competitors

4. Market Insights

4.1. Introduction
4.2. Drivers
- 4.2.1. Growing Demand for Natural Colorants
- 4.2.2. Rising Incidence of Eye Diseases and Cancer
- 4.2.3. Increasing Awareness Regarding Clean-label Products
- 4.2.4. Growing Demand for Natural Skincare Cosmetics
4.3. Restraints
- 4.3.1. Stringent Regulatory and Approval Norms
- 4.3.2. High Cost of Natural Pigments
4.4. Opportunities
- 4.4.1. Increasing Use of Carotenoids in Aquaculture
- 4.4.2. Emerging Economies in Asia-Pacific, Latin America, and the Middle East & Africa
4.5. The Impact of COVID-19 on the Global Carotenoids Market

5. Global Carotenoids Market, by Type

5.1. Introduction
5.2. Astaxanthin
5.3. Beta-carotene
5.4. Lutein
5.5. Lycopene
5.6. Canthaxanthin
5.7. Zeaxanthin
5.8. Other Carotenoids

6. Global Carotenoids Market, by Form

6.1. Introduction
6.2. Beadlets
6.3. Powder
6.4. Liquid
6.5. Gel
6.6. Other Forms

7. Global Carotenoids Market, by Source

7.1. Introduction
7.2. Synthetic Carotenoids
7.3. Natural Carotenoids
- 7.3.1. Plant-sourced Natural Carotenoids
- 7.3.2. Microorganism-sourced Natural Carotenoids
- 7.3.3. Algae-sourced Natural Carotenoids

8. Global Carotenoids Market, by Application

8.1. Introduction
8.2. Feed
8.3. Food & Beverages
8.4. Dietary Supplements
8.5. Cosmetics
8.6. Pharmaceuticals
8.7. Other Applications

9. Carotenoids Market, by Geography

9.1. Introduction
9.2. North America
- 9.2.1. U.S.
- 9.2.2. Canada
9.3. Europe
- 9.3.1. Germany
- 9.3.2. France
- 9.3.3. U.K.
- 9.3.4. Italy
- 9.3.5. Spain
- 9.3.6. Rest of Europe (RoE)
9.4. Asia-Pacific
- 9.4.1. China
- 9.4.2. India
- 9.4.3. Japan
- 9.4.4. Australia
- 9.4.5. Rest of Asia-Pacific (RoAPAC)
9.5. Latin America
- 9.5.1. Brazil
- 9.5.2. Mexico
- 9.5.3. Argentina
- 9.5.4. Rest of Latin America (RoLATAM)
9.6. Middle East & Africa

10. Competitive Landscape

10.1. Introduction
10.2. Key Strategic Developments
10.3. Competitive Benchmarking
10.4. Market Share Analysis, by Key Players, 2022 (%)

11. Company Profiles (Business Overview, Financial Overview, Product Portfolio, Strategic Developments)

11.1. Allied Biotech Corporation
11.2. BASF SE
11.3. Chr. Hansen Holding A/S
11.4. Cyanotech Corporation
11.5. DDW, Inc. (Part of Givaudan SA)
11.6. Deinove SA
11.7. Divi's Laboratories Limited
11.8. Dohler GmbH
11.9. ExcelVite Sdn. Bhd.
11.10. Kemin Industries, Inc.
11.11. Koninklijke DSM N.V.
11.12. Lycored Corp.
11.13. Novus International, Inc.
11.14. Vidya Europe SAS
11.15. Zhejiang NHU Co., Ltd.
11.16. Other Companies

12. Appendix

12.1. Questionnaire
12.2. Available Customization