Carotenoids Market Size, Share, Growth, Global Trends, Industry Analysis and Forecast to 2027

Price: 3200/- USD | Published Date: September 24, 2020 |

The global carotenoids market size is projected to grow at the CAGR of around 4% market during 2020-2027. In 2019, the market has generated the revenue of USD 1.3 billion and is expected to reach up to around USD 2 billion in terms of revenue by 2027. The global market for carotenoids is witnessing steady growth due to rise in demand from end-user applications and increasing awareness regarding the associated health benefits. The global carotenoids industry is shifting towards naturally sourced carotenoids. This trend is witnessing tremendous growth mainly in North America and Europe. Rising demand for natural colorants is one of the major factors driving the market growth.

Market Insights:

The global carotenoids market is expected to witness significant growth opportunities, as carotenoids has a wide scope in the medical and healthcare industry. Its efficiency in preventing prostate cancer and curing various age-related macular deterioration diseases is anticipated to reflect positively on the growth of this market over the next few years. The rising preference of consumers for natural and organic products and the increasing commercial scope of carotenoids in animal feeds and supplements are the key growth driver of this market. The ant-oxidative feature of carotenoids makes it more viable medically and is influencing its demand in the healthcare industry substantially.

Market Segment Insights:

On the basis of type, the carotenoids market is classified into beta-carotene, lutein, lycopene, astaxanthin, zeaxanthin, canthaxanthin, annatto, capsanthin, Beta-apo-8-carotenal-ester and Beta-Apo-8-carotenal. The market was dominated by the beta-carotene segment and this trend is projected to remain the same from 2020 to 2027. There is a high demand for carotenoids across the globe, particularly for beta-carotene, lutein, and astaxanthin. Large health benefits in feed and food have increased the consumption of these carotenoids and is projected to follow the same trend for the next six years. On the other hand, Beta-Apo-8-carotenal-ester followed by lutein is projected to be the fastest-growing market owing to its increasing end-use scope.

The supplements segment is projected to witness the fastest growth rate followed by the cosmetics segment. With the aging population, people are becoming more conscious and aware of age-related problems. Due to urbanization and busy lifestyles, there has been a significant increase in self-directed consumers. Consumers now rely more on alternative channels to self-diagnose themselves and also take preventive measures to keep them healthy. Such practices are significantly increasing the demand for supplements globally, which in turn has increased the carotenoid consumption as well.

Global Carotenoids Market Segmentation:

By Product, 2018–2027 ($ Millon)

  • Beta-Carotene
  • Lutein
  • Lycopene
  • Astaxanthin
  • Zeaxanthin
  • Canthaxanthin
  • Annatto
  • Capsanthin
  • Beta-Apo-8-Carotenal-Ester
  • Beta-Apo-8-Carotenal

By Application, 2018–2027 ($ Millon)

  • Preface
  • Cosmetic
  • Animal feed
  • Supplements
  • Food & Beverages

By Geography, 2018-2027 ($ Millon)

  • North America
  • Europe
  • Asia Pacific
  • Latin America (LATAM)
  • Middle East and Africa (MEA)

Regional Insights:

Europe and North America accounted for more than half of the market in terms of revenue as well as volume. However, in the future, Asia Pacific is projected to witness the highest growth rate. Europe is likely to grow with the second-fastest growth rate. Beta-carotene is still the most prominent carotenoid used in foods and supplements, but due to changing consumer perception, primarily in Europe, all the carotenoids product is suffering from natural replacements. In parallel, the number of producers of synthetic and algae-derived carotenoids rose sharply, which added to the imbalance of supply and demand, driving prices down.

Market Competition Assessment:

The major players currently operating in the global carotenoids market include BASF SE, Royal DSM N.V., Chr. Hansen A/S, FMC Corporation, Kemin Industries, Inc., and Cyanotech Corporation.

List of Key Companies:

  • BASF SE
  • Hansen A/S
  • Cyanotech Corporation
  • FMC Corporation
  • Kemin Industries, Inc.
  • Royal DSM N.V.
  • Allied Biotech
  • DSM Nutritional Products
  • Naturex SA

Key Questions Answered by Carotenoids Market Report

  • Global carotenoids market forecasts from 2020-2027
  • Regional carotenoids market forecasts from 2020-2027 covering Asia-Pacific, North America, Europe, Middle East and Africa, and Latin America
  • Country-level forecasts from 2020-2027 covering 15 major countries from the aforementioned regions
  • Carotenoids submarket forecasts from 2020-2027 covering submarket 1, submarket 2 submarket 3
  • Various industry models such as SWOT analysis, Pestle Analysis, Porter’s Five Force model, Value Chain Analysis pertaining to the carotenoids market
  • Analysis of the key factors driving and restraining the growth of the global, regional, and country-level carotenoids markets from 2020-2027
  • Competitive Landscape and market positioning of top 10 players operating in the carotenoids market

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Table of Content:


Chapter 1 Preface


1.1 Report Description
1.1.1 Purpose of the Report
1.1.2 Target Audience
1.1.3 USP and Key Offerings
1.2 Research Scope
1.3 Research Methodology
1.3.1 Phase I – Secondary Research
1.3.2 Phase II – Primary Research
1.3.3 Phase III – Expert Panel Review
1.3.4 Assumptions

Chapter 2 Executive Summary


2.1 Global Carotenoids Market Portraiture
2.2 Global Carotenoids Market, by Product, 2019 ($ Million)
2.3 Global Carotenoids Market, by Application, 2019 ($ Million)
2.4 Global Carotenoids Market, by Geography, 2019 (Value %)

Chapter 3 Global Carotenoids Market Analysis


3.1 Global Carotenoids Market Overview
3.2 Prevalence of Carotenoids
3.3 Market Dynamics
3.3.1 Market Drivers
3.3.1.1 Rising demand for natural colorants
3.3.2 Challenges
3.3.2.1 Powerful competition among vendors
3.3.3 Opportunities
3.4 Attractive Investment Proposition
3.5 Competitive Analysis: Global Carotenoids Market, 2019 (Value %)

Chapter 4 Global Carotenoids Market Analysis, by Product, 2018-2027 ($ Million)


4.1 Preface
4.2 Beta-Carotene
4.3 Lutein
4.4 Lycopene
4.5 Astaxanthin
4.6 Zeaxanthin
4.7 Canthaxanthin
4.8 Annatto
4.9 Capsanthin
4.10 Beta-Apo-8-Carotenal-Ester
4.11 Beta-Apo-8-Carotenal

Chapter 5 Global Carotenoids Market, by Application, 2018-2027 ($ Million)


5.1 Preface
5.1 Cosmetic
5.2 Animal feed
5.3 Supplements
5.4 Food & Beverages

Chapter 6 Global Carotenoids Market, by Geography, 2017-2028 ($ Million)


6.1 Preface
6.1 North America (U.S. & Canada)
6.2 Europe (U.K., Germany & Rest of Europe)
6.3 Asia Pacific (China, Japan, Singapore, South Korea and Rest of APAC)
6.4 Latin America (Mexico, Brazil and Rest of LATAM)
6.5 Middle East and Africa

Chapter 7 Company Profiles


7.1 BASF SE
7.2 Chr. Hansen A/S
7.3 Cyanotech Corporation
7.4 FMC Corporation
7.5 Kemin Industries, Inc.
7.6 Royal DSM N.V.
7.7. Allied Biotech
7.8. DSM Nutritional Products
7.9. Naturex SA

(Reports will be updated due to COVID-19 impacts on the market)

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