Carotenoid Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2024-2033

Description

Persistence Market Research has recently released a comprehensive report on the worldwide market for carotenoids. The report offers a thorough assessment of crucial market dynamics, including drivers, trends, opportunities, and challenges, providing detailed insights into the market structure.

Key Insights:

Carotenoid Market Size (2024E): USD 6533.5 Million
Projected Market Value (2033F): USD 8264.7 Million
Global Market Growth Rate (CAGR 2024 to 2033): 2.6%

Carotenoid Market - Report Scope:

Carotenoids play a crucial role in various industries, including food & beverages, animal feed, pharmaceuticals, and cosmetics, due to their antioxidant properties and health benefits. These pigments, found naturally in plants, algae, and photosynthetic bacteria, contribute to the vibrant colors of many fruits and vegetables. The carotenoid market caters to manufacturers of dietary supplements, food additives, and skincare products, offering a range of types, including beta-carotene, lutein, astaxanthin, and lycopene.

Market growth is driven by increasing consumer awareness of the health benefits of carotenoids, rising demand for natural food colorants, and advancements in extraction and formulation technologies, enhancing product quality and stability.

Market Growth Drivers:

The global carotenoid market is propelled by several key factors, including growing consumer inclination towards natural and organic products, increasing demand for dietary supplements rich in antioxidants, and the expanding use of carotenoids in animal nutrition to improve livestock health and productivity. Technological advancements, such as the development of efficient extraction methods and innovative formulations, offer improved bioavailability and stability of carotenoids, fostering market growth. Moreover, the rising prevalence of chronic diseases and the associated interest in preventive healthcare drive the consumption of carotenoid-enriched products.

Market Restraints:

Despite promising growth prospects, the carotenoid market faces challenges related to high production costs, regulatory hurdles, and market fragmentation. Stringent regulations governing the approval and use of carotenoids as food additives and supplements impose compliance burdens on manufacturers, affecting market entry barriers and operational costs. Furthermore, the high cost of natural carotenoid extraction and the presence of cheaper synthetic alternatives pose challenges for market penetration, particularly in price-sensitive regions. Addressing these regulatory and economic barriers requires collaboration between industry stakeholders and policymakers to promote access to safe and affordable carotenoid solutions.

Market Opportunities:

The carotenoid market presents significant growth opportunities driven by technological innovations, demographic trends, and evolving consumer preferences. The integration of advanced biotechnological methods and sustainable sourcing practices enhances the production efficiency and environmental footprint of carotenoids. Furthermore, the expanding application of carotenoids beyond traditional uses, including in functional foods, nutraceuticals, and anti-aging skincare products, broadens the market scope and stimulates innovation. Strategic partnerships, investment in research and development, and the introduction of user-friendly, cost-effective carotenoid solutions are essential to capitalize on emerging opportunities and sustain market leadership in the dynamic carotenoid landscape.

Key Questions Answered in the Report:

What are the primary factors driving the growth of the carotenoid market globally?
Which carotenoid types and applications are driving carotenoid adoption across different industries?
How are technological advancements reshaping the competitive landscape of the carotenoid market?
Who are the key players contributing to the carotenoid market, and what strategies are they employing to maintain market relevance?
What are the emerging trends and future prospects in the global carotenoid market?

Competitive Intelligence and Business Strategy:

Leading players in the global carotenoid market, including BASF SE, Koninklijke DSM N.V., and Allied Biotech Corporation, focus on innovation, product differentiation, and strategic partnerships to gain a competitive edge. These companies invest in R&D to develop advanced carotenoid solutions, including microencapsulated and high-purity formulations, catering to diverse consumer needs and industrial requirements. Collaborations with food and beverage manufacturers, dietary supplement producers, and regulatory agencies facilitate market access and promote technology adoption. Moreover, emphasis on clinical research, evidence-based practice, and consumer education fosters market growth and enhances product appeal in the rapidly evolving carotenoid landscape.

Key Companies Profiled:

BASF SE
CP Kelco U.S., Inc.
DSM N.V.
Chr. Hansen Holding A/S
FMC Corporation
Kemin Industries Inc.
Brenntag GmbH
Cyanotech Corporation
Citrus and Allied Essences Ltd
Naturex S.A.
D.D. Williamson & Co., Inc.

Carotenoid Industry Research by Category

By Source:

Natural
Synthetic

By Product Type:

Beta-Carotene
Lutein
Astaxanthin
Canthaxanthin
Lycopene
Others

By Application:

Food & Beverage Industry
Feed Industry
Dietary Supplements
Pharmaceutical products
Cosmetic & Personal care
Other Applications

By Region:

North America
Latin America
Europe
South Asia & Pacific
East Asia
Middle East & Africa

Product Code: PMRREP4369

1. Executive Summary

1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations

3. Key Market Trends

3.1. Mergers & Acquisitions creating Stronghold for Key Giants in Carotenoids Space
3.2. Increase in R&D activities Boosting the Sales Sentiments for Natural Pigments
3.3. Product Innovation / Development Trends

4. Key Success Factors

5. Production Estimates (Metric Tons) of Citrus Fruits, 2023

6. Overview on Natural Colours Market

7. Regulation Framework

7.1. Top Claims of Industry
- 7.1.1. Vegan
- 7.1.2. Vegetarian
- 7.1.3. Non GMO
- 7.1.4. Gluten Free
- 7.1.5. Allergen Free
- 7.1.6. Organic
7.2. Key Regulatory Bodies
- 7.2.1. The United States Food and Drug Administration (FDA)
- 7.2.2. Canadian Food Inspection Agency
- 7.2.3. European Food Safety Authority (EFSA)
- 7.2.4. The Food Safety and Standards Authority of India (FSSAI)
- 7.2.5. Ministry of Health, Labor and Welfare. (MHLW), Japan
- 7.2.6. National Health Commission (NHC), China
- 7.2.7. Food Standards Australia New Zealand (FSANZ)
7.3. Quality Assurance for Dietary Supplement

8. Global Carotenoids Demand Analysis 2019-2023 and Forecast, 2024-2033

8.1. Historical Market Volume (Tons) Analysis, 2019-2023
8.2. Current and Future Market Volume (Tons) Projections, 2024-2033

9. Global Carotenoids - Pricing Analysis

9.1. Regional Pricing Analysis
9.2. Global Average Pricing Analysis Benchmark

10. Global Carotenoids Demand (in Value or Size in US$ Mn) Analysis 2019-2023 and Forecast, 2024-2033

10.1. Historical Market Value (US$ Mn) Analysis, 2019-2023
10.2. Current and Future Market Value (US$ Mn) Projections, 2024-2033
- 10.2.1. Y-o-Y Growth Trend Analysis
- 10.2.2. Absolute $ Opportunity Analysis

11. Market Background

11.1. Macro-Economic Factors
- 11.1.1. Global GDP Growth Outlook
- 11.1.2. Global Industry Value Added
- 11.1.3. Global Urbanization Growth Outlook
- 11.1.4. Global Rank - Ease of Doing Business
- 11.1.5. Global Rank - Trading Across Borders
11.2. Industry Value and Supply Chain Analysis
- 11.2.1. Profit Margin Analysis at each point of sales
  - 11.2.1.1. Carotenoids Market Processors
  - 11.2.1.2. Distributors/Suppliers/Wholesalers
  - 11.2.1.3. Traders/Retailers
  - 11.2.1.4. End-Users
11.3. Market Dynamics
- 11.3.1. Drivers
- 11.3.2. Restraints
- 11.3.3. Opportunity Analysis
11.4. Forecast Factors - Relevance & Impact

12. Global Carotenoids Analysis 2019-2023 and Forecast 2024-2033, by Source

12.1. Introduction / Key Findings
12.2. Historical Market Size (US$ Mn) and Volume Analysis By Source, 2019-2023
12.3. Current and Future Market Size (US$ Mn) and Volume Analysis and Forecast By Source, 2024-2033
- 12.3.1. Natural
- 12.3.2. Synthetic
12.4. Market Attractiveness Analysis By Source

13. Global Carotenoids Analysis 2019-2023 and Forecast 2024-2033, by Product Type

13.1. Introduction / Key Findings
13.2. Historical Market Size (US$ Mn) and Volume Analysis By Product Type, 2019-2023
13.3. Current and Future Market Size (US$ Mn) and Volume Analysis and Forecast By Product Type, 2024-2033
- 13.3.1. Beta-Carotene
- 13.3.2. Lutein
- 13.3.3. Astaxanthin
- 13.3.4. Canthaxanthin
- 13.3.5. Lycopene
- 13.3.6. Others
13.4. Market Attractiveness Analysis By Product Type

14. Global Carotenoids Analysis 2019-2023 and Forecast 2024-2033, by Application

14.1. Introduction / Key Findings
14.2. Historical Market Size (US$ Mn) and Volume Analysis By Application, 2019-2023
14.3. Current and Future Market Size (US$ Mn) and Volume Analysis and Forecast By Application, 2024-2033
- 14.3.1. Food & Beverage Industry
- 14.3.2. Feed Industry
- 14.3.3. Dietary Supplements
- 14.3.4. Pharmaceutical products
- 14.3.5. Cosmetic & Personal care
- 14.3.6. Other Applications
14.4. Market Attractiveness Analysis By Application

15. Global Carotenoids Analysis 2019-2023 and Forecast 2024-2033, by Region

15.1. Introduction
15.2. Historical Market Size (US$ Mn) and Volume Analysis By Region, 2019-2023
15.3. Current Market Size (US$ Mn) and Volume Analysis and Forecast By Region, 2024-2033
- 15.3.1. North America
- 15.3.2. Latin America
- 15.3.3. Europe
- 15.3.4. East Asia
- 15.3.5. South Asia & Pacific
- 15.3.6. Middle East and Africa (MEA)
15.4. Market Attractiveness Analysis By Region

16. North America Carotenoids Analysis 2019-2023 and Forecast 2024-2033

16.1. Introduction
16.2. Pricing Analysis
16.3. Historical Market Size (US$ Mn) and Volume Trend Analysis By Market Taxonomy, 2019-2023
16.4. Market Size (US$ Mn) and Volume Forecast By Market Taxonomy, 2024-2033
- 16.4.1. By Country
  - 16.4.1.1. U.S.
  - 16.4.1.2. Canada
- 16.4.2. By Application
- 16.4.3. By Source
- 16.4.4. By Product Type
16.5. Market Attractiveness Analysis
- 16.5.1. By Country
- 16.5.2. By Application
- 16.5.3. By Source
- 16.5.4. By Product Type
16.6. Drivers and Restraints - Impact Analysis

17. Latin America Carotenoids Analysis 2019-2023 and Forecast 2024-2033

17.1. Introduction
17.2. Pricing Analysis
17.3. Historical Market Size (US$ Mn) and Volume Trend Analysis By Market Taxonomy, 2019-2023
17.4. Market Size (US$ Mn) and Volume Forecast By Market Taxonomy, 2024-2033
- 17.4.1. By Country
  - 17.4.1.1. Brazil
  - 17.4.1.2. Mexico
  - 17.4.1.3. Argentina
  - 17.4.1.4. Chile
  - 17.4.1.5. Rest of Latin America
- 17.4.2. By Application
- 17.4.3. By Source
- 17.4.4. By Product Type
17.5. Market Attractiveness Analysis
- 17.5.1. By Country
- 17.5.2. By Application
- 17.5.3. By Source
- 17.5.4. By Product Type
17.6. Drivers and Restraints - Impact Analysis

18. Europe Carotenoids Analysis 2019-2023 and Forecast 2024-2033

18.1. Introduction
18.2. Pricing Analysis
18.3. Historical Market Size (US$ Mn) and Volume Trend Analysis By Market Taxonomy, 2019-2023
18.4. Market Size (US$ Mn) and Volume Forecast By Market Taxonomy, 2024-2033
- 18.4.1. By Country
  - 18.4.1.1. Germany
  - 18.4.1.2. Italy
  - 18.4.1.3. France
  - 18.4.1.4. U.K.
  - 18.4.1.5. Spain
  - 18.4.1.6. BENELUX
  - 18.4.1.7. Nordic
  - 18.4.1.8. Russia
  - 18.4.1.9. Poland
  - 18.4.1.10. Rest of Europe
- 18.4.2. By Application
- 18.4.3. By Source
- 18.4.4. By Product Type
18.5. Market Attractiveness Analysis
- 18.5.1. By Country
- 18.5.2. By Application
- 18.5.3. By Source
- 18.5.4. By Product Type
18.6. Drivers and Restraints - Impact Analysis

19. South Asia & Pacific Carotenoids Analysis 2019-2023 and Forecast 2024-2033

19.1. Introduction
19.2. Pricing Analysis
19.3. Historical Market Size (US$ Mn) and Volume Trend Analysis By Market Taxonomy, 2019-2023
19.4. Market Size (US$ Mn) and Volume Forecast By Market Taxonomy, 2024-2033
- 19.4.1. By Country
  - 19.4.1.1. India
  - 19.4.1.2. ASEAN
  - 19.4.1.3. Oceania (Australia & New Zealand)
  - 19.4.1.4. Rest of South Asia & Pacific
- 19.4.2. By Application
- 19.4.3. By Source
- 19.4.4. By Product Type
19.5. Market Attractiveness Analysis
- 19.5.1. By Country
- 19.5.2. By Application
- 19.5.3. By Source
- 19.5.4. By Product Type
19.6. Drivers and Restraints - Impact Analysis

20. East Asia Carotenoids Analysis 2019-2023 and Forecast 2024-2033

20.1. Introduction
20.2. Pricing Analysis
20.3. Historical Market Size (US$ Mn) and Volume Trend Analysis By Market Taxonomy, 2019-2023
20.4. Market Size (US$ Mn) and Volume Forecast By Market Taxonomy, 2024-2033
- 20.4.1. By Country
  - 20.4.1.1. China
  - 20.4.1.2. Japan
  - 20.4.1.3. South Korea
- 20.4.2. By Application
- 20.4.3. By Source
- 20.4.4. By Product Type
20.5. Market Attractiveness Analysis
- 20.5.1. By Country
- 20.5.2. By Application
- 20.5.3. By Source
- 20.5.4. By Product Type
20.6. Drivers and Restraints - Impact Analysis

21. Middle East and Africa Carotenoids Analysis 2019-2023 and Forecast 2024-2033

21.1. Introduction
21.2. Pricing Analysis
21.3. Historical Market Size (US$ Mn) and Volume Trend Analysis By Market Taxonomy, 2019-2023
21.4. Market Size (US$ Mn) and Volume Forecast By Market Taxonomy, 2024-2033
- 21.4.1. By Country
  - 21.4.1.1. GCC Countries
  - 21.4.1.2. South Africa
  - 21.4.1.3. Turkey
  - 21.4.1.4. Egypt
  - 21.4.1.5. Israel
  - 21.4.1.6. Rest of Middle East and Africa
- 21.4.2. By Application
- 21.4.3. By Source
- 21.4.4. By Product Type
21.5. Market Attractiveness Analysis
- 21.5.1. By Country
- 21.5.2. By Application
- 21.5.3. By Source
- 21.5.4. By Product Type
21.6. Drivers and Restraints - Impact Analysis

22. Country Wise Carotenoids Market Analysis, 2023

22.1. Introduction
- 22.1.1. Market Value Proportion Analysis, By Key Countries
- 22.1.2. Global Vs. Country Growth Comparison
22.2. U.S. Carotenoids Market Analysis
- 22.2.1. By Application
- 22.2.2. By Source
- 22.2.3. By Product Type
22.3. Canada Carotenoids Market Analysis
- 22.3.1. By Application
- 22.3.2. By Source
- 22.3.3. By Product Type
22.4. Mexico Carotenoids Market Analysis
- 22.4.1. By Application
- 22.4.2. By Source
- 22.4.3. By Product Type
22.5. Brazil Carotenoids Market Analysis
- 22.5.1. By Application
- 22.5.2. By Source
- 22.5.3. By Product Type
22.6. Argentina Carotenoids Market Analysis
- 22.6.1. By Application
- 22.6.2. By Source
- 22.6.3. By Product Type
22.7. Chile Carotenoids Market Analysis
- 22.7.1. By Application
- 22.7.2. By Source
- 22.7.3. By Product Type
22.8. Germany Carotenoids Market Analysis
- 22.8.1. By Application
- 22.8.2. By Source
- 22.8.3. By Product Type
22.9. Italy Carotenoids Market Analysis
- 22.9.1. By Application
- 22.9.2. By Source
- 22.9.3. By Product Type
22.10. France Carotenoids Market Analysis
- 22.10.1. By Application
- 22.10.2. By Source
- 22.10.3. By Product Type
22.11. U.K. Carotenoids Market Analysis
- 22.11.1. By Application
- 22.11.2. By Source
- 22.11.3. By Product Type
22.12. Spain Carotenoids Market Analysis
- 22.12.1. By Application
- 22.12.2. By Source
- 22.12.3. By Product Type
22.13. Russia Carotenoids Market Analysis
- 22.13.1. By Application
- 22.13.2. By Source
- 22.13.3. By Product Type
22.14. Poland Carotenoids Market Analysis
- 22.14.1. By Application
- 22.14.2. By Source
- 22.14.3. By Product Type
22.15. China Carotenoids Market Analysis
- 22.15.1. By Application
- 22.15.2. By Source
- 22.15.3. By Product Type
22.16. Japan Carotenoids Market Analysis
- 22.16.1. By Application
- 22.16.2. By Source
- 22.16.3. By Product Type
22.17. S. Korea Carotenoids Market Analysis
- 22.17.1. By Application
- 22.17.2. By Source
- 22.17.3. By Product Type
22.18. India Carotenoids Market Analysis
- 22.18.1. By Application
- 22.18.2. By Source
- 22.18.3. By Product Type
22.19. ASEAN Carotenoids Market Analysis
- 22.19.1. By Application
- 22.19.2. By Source
- 22.19.3. By Product Type
22.20. Oceania Carotenoids Market Analysis
- 22.20.1. By Application
- 22.20.2. By Source
- 22.20.3. By Product Type
22.21. Turkey Carotenoids Market Analysis
- 22.21.1. By Application
- 22.21.2. By Source
- 22.21.3. By Product Type
22.22. South Africa Carotenoids Market Analysis
- 22.22.1. By Application
- 22.22.2. By Source
- 22.22.3. By Product Type
22.23. Egypt Carotenoids Market Analysis
- 22.23.1. By Application
- 22.23.2. By Source
- 22.23.3. By Product Type
22.24. Israel Carotenoids Market Analysis
- 22.24.1. By Application
- 22.24.2. By Source
- 22.24.3. By Product Type

23. Market Structure Analysis

23.1. Market Analysis by Tier of Companies
23.2. Market Concentration
23.3. Market Presence Analysis

24. Competition Analysis

24.1. Competition Dashboard
24.2. Competition Deep Dive
- 24.2.1. BASF SE
  - 24.2.1.1. Overview
  - 24.2.1.2. Product Portfolio
  - 24.2.1.3. Sales Footprint
  - 24.2.1.4. Key Developments
  - 24.2.1.5. Strategy Overview
- 24.2.2. CP Kelco U.S., Inc.
  - 24.2.2.1. Overview
  - 24.2.2.2. Product Portfolio
  - 24.2.2.3. Sales Footprint
  - 24.2.2.4. Key Developments
  - 24.2.2.5. Strategy Overview
- 24.2.3. DSM N.V.
  - 24.2.3.1. Overview
  - 24.2.3.2. Product Portfolio
  - 24.2.3.3. Sales Footprint
  - 24.2.3.4. Key Developments
  - 24.2.3.5. Strategy Overview
- 24.2.4. Chr. Hansen Holding A/S
  - 24.2.4.1. Overview
  - 24.2.4.2. Product Portfolio
  - 24.2.4.3. Sales Footprint
  - 24.2.4.4. Key Developments
  - 24.2.4.5. Strategy Overview
- 24.2.5. FMC Corporation
  - 24.2.5.1. Overview
  - 24.2.5.2. Product Portfolio
  - 24.2.5.3. Sales Footprint
  - 24.2.5.4. Key Developments
  - 24.2.5.5. Strategy Overview
- 24.2.6. Kemin Industries Inc.
  - 24.2.6.1. Overview
  - 24.2.6.2. Product Portfolio
  - 24.2.6.3. Sales Footprint
  - 24.2.6.4. Key Developments
  - 24.2.6.5. Strategy Overview
- 24.2.7. Brenntag GmbH
  - 24.2.7.1. Overview
  - 24.2.7.2. Product Portfolio
  - 24.2.7.3. Sales Footprint
  - 24.2.7.4. Key Developments
  - 24.2.7.5. Strategy Overview
- 24.2.8. Cyanotech Corporation
  - 24.2.8.1. Overview
  - 24.2.8.2. Product Portfolio
  - 24.2.8.3. Sales Footprint
  - 24.2.8.4. Key Developments
  - 24.2.8.5. Strategy Overview
- 24.2.9. Citrus and Allied Essences Ltd
  - 24.2.9.1. Overview
  - 24.2.9.2. Product Portfolio
  - 24.2.9.3. Sales Footprint
  - 24.2.9.4. Key Developments
  - 24.2.9.5. Strategy Overview
- 24.2.10. Naturex S.A.
  - 24.2.10.1. Overview
  - 24.2.10.2. Product Portfolio
  - 24.2.10.3. Sales Footprint
  - 24.2.10.4. Key Developments
  - 24.2.10.5. Strategy Overview
- 24.2.11. D.D. Williamson & Co., Inc.
  - 24.2.11.1. Overview
  - 24.2.11.2. Product Portfolio
  - 24.2.11.3. Sales Footprint
  - 24.2.11.4. Key Developments
  - 24.2.11.5. Strategy Overview