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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