Global Carotenoids Market

Global Carotenoids Market Size, Share, Growth Analysis, By Product(Astaxanthin, Zeaxanthin), By Application(Food, Feed), By Source(Synthetic sources, Natural Sources) - Industry Forecast 2024-2031

Report ID: SQMIG35A2612 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 94 | Figures: 73

Global Carotenoids Market Insights

Global Carotenoids Market size was valued at USD 1.69 billion in 2022 and is poised to grow from USD 1.8 billion in 2023 to USD 2.5 billion by 2031, growing at a CAGR of 4.3% in the forecast period (2024- 2031).

The global market for carotenoids is poised for significant growth, driven by expanding awareness regarding their potential benefits in addressing various health concerns such as macular degeneration, Parkinson's disease, Alzheimer's disease, and eye-related issues. Their role in protecting against heart disease and cancer, as well as their ability to slow down the aging process and exhibit potent antioxidant effects, further fuels their popularity.

Carotenoids have emerged as a preferred choice among both consumers and players in the food industry due to these compelling factors. Moreover, as consumer consciousness regarding synthetic additives in food deepens worldwide, there's a surging demand for clean-label products. This has spurred an increased need for natural coloring agents in the food industry, with carotenoids, known for their red pigment, finding widespread use in the meat sector to impart color to products like salmon, trout, and various meat and fish items.

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Global Carotenoids Market size was valued at USD 1.69 billion in 2022 and is poised to grow from USD 1.8 billion in 2023 to USD 2.5 billion by 2031, growing at a CAGR of 4.3% in the forecast period (2024- 2031).

The competitive environment of the global Carotenoids Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Leading brands invest in research and development to introduce new flavors, packaging formats, and health-focused variations to cater to changing consumer preferences. They often set the trends in the industry. 'DSM', 'BASF', 'Allied Biotech', 'Chenguang Biotech', 'Dohler', 'Chr. Hansen', 'DDW', 'Cyanotech', 'Fuji', 'Zhejiang NHU', 'Jingzhou Natural Astaxanthin', 'ENEOS (JX Nippon Oil & Energy)', 'Alphy', 'Divi's Nutraceuticals', 'Lycored', 'Kemin', 'Synthite'

The increasing utilization of carotenoids in animal nutrition products serves as a significant driver for market growth. Species such as shrimp, poultry, and fish lack the inherent capability to produce carotenoids, necessitating their inclusion in their feed. Carotenoids play a pivotal role in pigmenting egg yolks, broiler skin, fish, and crustaceans, contributing to their overall health and well-being. This crucial dietary supplementation aids in fostering a healthy diet for these animals.

The usage of carotenoids in animal nutrition products stands as a significant driver behind the market's growth trajectory. Creatures such as shrimp, poultry, and fish lack the ability to naturally produce carotenoids, necessitating their inclusion in their feed. Carotenoids play a pivotal role in pigmentation, enriching egg yolks, broiler skin, fish, and crustaceans, thereby contributing to their overall health. Numerous companies have introduced innovative product lines focusing on carotenoids, intensifying market growth. For instance, BASF's Lucantin® and Lucarotin brands offer a range of cost-effective, stable, and highly bioavailable carotenoids within their product line, emphasizing their commitment to providing quality solutions for enhanced animal nutrition.

North America plays a significant role in the carotenoids market, standing as a key contributor to its growth and innovation. The region boasts a robust presence of leading carotenoid manufacturers and suppliers, driving advancements in research and development, formulation, and commercialization. North America's influence extends across various sectors, including food and beverages, pharmaceuticals, cosmetics, and animal feed industries, where carotenoids find extensive applications.

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