The new report by Expert Market Research titled, ‘Global Carotenoids Market Size, Share, Trend, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global carotenoids market, assessing the market based on its segments like product type, source, formulation, application, 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 and analysing the market based on the SWOT and Porter’s Five Forces models.
Carotenoids Market Share, Size, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2029)
• Historical Market Size (2021): USD 1.8 Billion
• Forecast CAGR (2023-2028): 4.1%
• Forecast Market Size (2027): USD 2.29 Billion
The ample health benefits offered by the carotenoids are driving their use in several applications like dietary supplements, food and beverage products, cosmetics, and pharmaceuticals. Some of the common types of carotenoids are alpha-carotene, beta carotene, beta-cryptoxanthin, lutein, and zeaxanthin. The growing cases of cancer and cardiovascular diseases are further propelling the demand for carotenoids.
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Carotenoids prevent the growth of cancerous cells in the eye, lowers inflammation, and increase the amount of antioxidants and protective cells in one’s body. Furthermore, the growing demand for skin care products is also fueling the market growth for carotenoids in the global marketplace.
Carotenoids Industry Definition and Major Segments
Carotenoids are a class of plant chemicals (phytonutrients) and are present in a variety of plants, algae and bacteria. These pigments produce bright red, orange, and yellow colours in vegetables, fruits, and plants. In the human body, carotenoids act as antioxidants.
Based on type, the global carotenoids market has been segmented as:
• Beta-Carotene
• Astaxanthin
• Lutein
• Lycopene
• Zeaxanthin
• Canthaxanthin
• Others
Depending on the source, the market has been classified as:
• Synthetic
• Natural
Based on the formulation, the market is segregated into:
• Oil Suspension
• Powder
• Emulsion
• Beadlets
Based on the application, the market is segmented into:
• Animal Feed
• Dietary Supplements
• Food and beverages
• Cosmetics
• Pharmaceuticals
The global market has also been bifurcated into regions like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Carotenoids Market Trends
The growing awareness among people regarding the benefits of carotenoids is propelling customers to incorporate them in their skincare products, food products, and supplements. Market players are constantly involved in the development and launch of new products. For instance, in 2021, Divi’s Nutraceuticals, an Indian company, launched CaroNat, a naturally sourced food ingredient that can be added to a variety of food and beverage products to bring a dark yellow to orange colour in them.
The launched product is made from concentrated carrot juice and has beta-carotene. In 2018, for the EU 28 market, BASF Animal Nutrition launched the Lucantin® NXT product line, carotenoids stabilized by propyl gallate (PG) and butylhydroxytoluene (BHT) or tocopherol.
Key Market Players
The major players in the Carotenoids market report include:
- BASF SE
- Allied Biotech Corporation
- Divi’s Laboratories Limited
- Lycored Corp.
- Cyanotech Corporation
- Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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