Carotenoids Market Outlook
According to the report by Expert Market Research (EMR), the global carotenoids market is projected to grow at a CAGR of 4.1% between 2024 and 2032. Aided by the growing demand for dietary supplements and the increasing geriatric population, the market is expected to grow significantly by 2032.
Carotenoids, organic pigments found in plants, algae, and photosynthetic bacteria, are known for their health benefits, and are widely used in various industries. They play a crucial role in human health as antioxidants and as a source of vitamin A.
The carotenoids market growth is primarily driven by the increasing consumer awareness regarding the health benefits of carotenoids, including their role in preventing diseases and enhancing immune function. The growing demand for natural food colorants in the food and beverage industry is another significant factor propelling market growth.
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The cosmetics industry is also contributing to the market expansion, utilising carotenoids in various skincare and beauty products due to their antioxidative properties and ability to enhance skin health and appearance. Moreover, the rising demand for dietary supplements, particularly in the aging population, has led to an increased consumption of carotenoid-based supplements, further boosting the market.
Regionally, the market spans North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. Asia Pacific holds a significant portion of the carotenoids market share, attributed to the rising health consciousness and growing food and beverage industry in this region.
Looking ahead, the market is set for continuous growth, driven by the increasing demand for natural ingredients in food, supplements, and cosmetics. As consumer awareness regarding the health benefits of carotenoids increases, and as new applications emerge, the market is expected to witness significant expansion.
The carotenoids market outlook is being influenced by the rising health consciousness among consumers and the diverse applications of carotenoids across industries. With ongoing technological advancements and growing research on the health benefits of carotenoids, the market is poised for robust growth in the coming years.
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Carotenoids Market Segmentation
The market can be divided based on product type, source, formulation, application, and region.
Market Breakup by Product Type
- Beta-Carotene
- Astaxanthin
- Lutein
- Lycopene
- Zeaxanthin
- Canthaxanthin
- Others
Market Breakup by Source
- Synthetic
- Natural
Market Breakup by Formulation
- Oil Suspension
- Powder
- Emulsion
- Beadlets
Market Breakup by Application
- Animal Feed
- Dietary Supplements
- Food and Beverages
- Cosmetics
- Pharmaceuticals
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global carotenoids market. Some of the major players explored in the report by Expert Market Research are as follows:
- BASF SE
- Allied Biotech Corporation
- Divi’s Laboratories Limited
- Lycored Corp.
- Cyanotech Corporation
- Others
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