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Global Carotenoids Market to be Driven by Increasing Consciousness Toward Health in the Forecast Period of 2022-2027

The new report by Expert Market Research titled, ‘Global Carotenoids Market Report and Forecast 2022-2027’, gives an in-depth analysis of the global carotenoids market, assessing the market based on its segments like product types, sources, formulations, applications, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.

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The key highlights of the report include:

Market Overview (2017-2027)

  • Historical Market Size (2021): USD 1.8 Billion
  • Forecast CAGR (2022-2027): 1%
  • Forecast Market Size (2027): USD 2.29 Billion

The growing skin-related issues, like acne and pigmentation, among others, have been enhancing the demand for carotenoids in the market as the carotenoids consist of anti-acne properties, and help with pigmentation, anti-ageing, and skin repair, leading to their use in skincare products. The surging awareness about the availability of different products in the market and the subsequent demand for skincare products are likely to provide an impetus to the market growth of carotenoids. Moreover, the growing use of the product as a colourant in the cosmetics and the food and beverages sectors is delivering momentum to the market growth for carotenoids. The evolving lifestyle with growing disorders like diabetes, eye disorders, and cancer, among others, are likely to increase the demand for the market of carotenoids as the carotenoids protect from diseases and boost the immune system.

Carotenoids: Industry Definition and Segmentation

Carotenoids are referred to as pigments in plants, algae, and photosynthetic bacteria. These pigments generate bright yellow, red, and orange colours in vegetables, plants, and fruits. It acts as a kind of antioxidant for humans.

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Based on product type, the market is categorised into:

  • Beta-Carotene
  • Astaxanthin
  • Lutein
  • Lycopene
  • Zeaxanthin
  • Canthaxanthin
  • Others

On the basis of sources, the market is segmented into:

  • Synthetic
  • Natural

By formulation, the market is divided into:

  • Oil Suspension
  • Powder
  • Emulsion
  • Beadlets

Based on application, the market is segregated into:

  • Animal Feed
  • Dietary Supplements
  • Food and Beverages
  • Cosmetics
  • Pharmaceuticals

The EMR report also covers the regional markets like:

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East and Africa

Market Trends

Rising demand for carotenoids in the food and beverage sector is bolstering the market growth for carotenoids. This can be attributed to the increasing use of catenoids as food colours. The growing urbanization, along with increasing disposable income, technological advancement in the extraction of carotenoids and surging uses of carotenoids in healthcare, are some additional factors likely to fuel the market during the forecast period. Going further, the market growth can be attributed to the increasing demand for lycopene, beta-carotene, and lutein to cure eye disorders, as well as reduce the risk of chronic disorders, like cancer, diabetes, and other health-related issues. Geographically, Europe is projected to hold a significant share in the market for carotenoids owing to the growing demand for health supplements and surging demand for qualitative food among consumers.

Key Market Players

The major players in the market are BASF SE, Allied Biotech Corporation, Divi’s Laboratories Limited, Lycored Corp., and Cyanotech Corporation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of those market players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company’s expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

Expert Market Research

Expert Market Research is a leading business intelligence firm, providing custom and syndicated market reports along with consultancy services for our clients. We serve a wide client base ranging from Fortune 1000 companies to small and medium enterprises. Our reports cover over 100 industries across established and emerging markets researched by our skilled analysts who track the latest economic, demographic, trade and market data globally. At Expert Market Research, we tailor our approach according to our clients’ needs and preferences, providing them with valuable, actionable and up-to-date insights into the market, thus, helping them realize their optimum growth potential. We offer market intelligence across a range of industry verticals which include Pharmaceuticals, Food and Beverage, Technology, Retail, Chemical and Materials, Energy and Mining, Packaging and Agriculture.