
Carotenoids Market
Carotenoids Market Forecasts to 2030 - Global Analysis By Type (Annatto, Lutein, Lycopene, Canthaxanthin, Zeaxanthin, Beta-Carotene and Other Types), Source, Formulation, Application, End User and By Geography

According to Stratistics MRC, the Global Carotenoids Market is accounted for $2.5 billion in 2024 and is expected to reach $4.0 billion by 2030 growing at a CAGR of 8.3% during the forecast period. Carotenoids are natural pigments found in plants, algae, and photosynthetic bacteria, imparting vibrant colors ranging from yellow to red. They play essential roles in photosynthesis and photoprotection, absorbing light energy and shielding cells from oxidative damage. Beyond their biological functions, carotenoids, like beta-carotene and lycopene, are valued for their antioxidant properties and potential health benefits in humans, including promoting eye health and reducing the risk of chronic diseases.
According to a survey by the Soil Association, in 2021, the sales value for organic health and beauty products reached 138.23 million British pounds in the United Kingdom, increasing by 15 percent compared to the previous year.
Market Dynamics:
Driver:
Rising demand for natural food colorants
The market is experiencing a rising demand for natural food colorants due to consumer preference for clean-label products. Carotenoids, sourced from fruits and vegetables like carrots and tomatoes, offer vibrant hues without synthetic additives. They are valued for their antioxidant properties and health benefits, driving their incorporation into food, beverages, and supplements. This trend aligns with the growing awareness of natural ingredients and their role in promoting health and wellness, shaping market dynamics towards sustainable and natural solutions.
Restraint:
Risk with high doses of carotenoids
Excessive intake, especially of synthetic forms like beta-carotene, can lead to a condition known as hypervitaminosis A, causing symptoms ranging from skin discoloration to liver damage. Regulatory frameworks mandate limits on carotenoid fortification to mitig ate health risks, promoting safe consumption levels. Balancing benefits with potential hazards remains crucial in market dynamics, influencing product formulation and consumer education initiatives. This is the major factor restraining the growth of the market.
Opportunity:
Technological advancements in extraction techniques
Technological advancements in the market have revolutionized extraction techniques, enhancing efficiency and yield. Innovations such as supercritical fluid extraction (SFE) and ultrasound-assisted extraction (UAE) have replaced traditional methods, offering higher purity and better preservation of bioactive compounds. Continuous advancements in extraction processes continue to drive the market forward, meeting the increasing demand for natural colorants and nutraceuticals across various industries globally.
Threat:
Threats of adulteration
Adulterants, such as synthetic dyes or lower-grade extracts, can mimic natural carotenoids, deceiving consumers and undermining market integrity. This threatens brand reputation and regulatory compliance, impacting market trust and profitability. Detection and prevention strategies are crucial, including rigorous testing protocols and supply chain transparency measures. Addressing these challenges is essential to ensure genuine product efficacy and maintain consumer confidence in the growing market.
Covid-19 Impact:
The market faced disruptions due to COVID-19, impacting both supply chains and demand dynamics. Restrictions on travel and trade affected raw material sourcing and distribution channels, leading to supply chain delays. Additionally, shifts in consumer behavior towards health and wellness products boosted demand for carotenoids, driven by their immune-boosting properties. Despite initial challenges, the market saw resilience with increased adoption in dietary supplements and functional food sectors, reflecting ongoing consumer interest in immune support and overall well-being.
The nutraceuticals segment is expected to be the largest during the forecast period
The nutraceuticals are expected to be the largest during the forecast period. They are integral in dietary supplements and functional foods, promoting eye health, skin protection, and immune system support. Key carotenoids are sought after for their antioxidant properties, contributing to market growth driven by rising consumer awareness of preventive healthcare. Their incorporation into formulations for supplements and fortified foods underscores their importance in meeting nutritional needs worldwide.
The pharmaceuticals segment is expected to have the highest CAGR during the forecast period
The pharmaceuticals segment is expected to have the highest CAGR during the forecast period. Beta-carotene, lutein, and astaxanthin are prominent in formulations targeting eye health, skin protection, and immune system support. These compounds are integral in preventing chronic diseases like cancer and cardiovascular ailments, promoting their use in dietary supplements and pharmaceuticals. Their role extends to enhancing overall wellness, underlining carotenoids' significance in pharmaceutical innovation and consumer health.
Region with largest share:
North America is projected to hold the largest market share during the forecast period due to increasing consumer awareness of health benefits associated with natural pigments. Key drivers include rising demand in food and beverage industries for natural colorants and antioxidants. The market sees significant applications in dietary supplements, animal feed, and cosmetics, driven by the trend towards natural ingredients. Regulatory support for natural additives further boosts market growth, highlighting a promising outlook for the region.
Region with highest CAGR:
Asia Pacific is projected to hold the highest CAGR over the forecast period driven by increasing consumer awareness of health benefits, such as antioxidant properties and eye health support. Key factors influencing the market include rising disposable incomes, changing dietary habits towards natural ingredients, and expanding applications in food, feed, pharmaceuticals, and cosmetics industries. The region's robust agricultural sector also supports production of raw materials like fruits and vegetables rich in carotenoids.
Key players in the market
Some of the key players in Carotenoids market include Sensient Technologies Corporation, BASF SE, Cyanotech Corporation, Givaudan, Lycored , Divi's Laboratories Limited, Allied Biotech Corporation, Fuji Chemical Industries Co., Ltd, Algatechnologies Ltd., Covance , Koninklijke DSM N.V., Novozymes A/S, Solvay SA, Syngenta Group, Tate & Lyle PLC, Wacker Chemie AG and Texas Instruments Incorporated.
Key Developments:
In March, 2023, ADM revealed the signing of a joint venture agreement with Marel (Netherlands). This partnership aimed to establish an innovation center at the prestigious Wageningen Campus in the Netherlands, renowned as the epicenter of the nation's food valley.
In May 2022, Divi's Laboratories Limited and Algalif announced a collaboration to develop highly concentrated beadlets of sustainable natural astaxanthin. Leveraging Algalif's production process in Iceland, , the partnership aims to enhance Divi's Laboratories Limited's capabilities and product offerings in the carotenoid segment.
Types Covered:
• Annatto
• Lutein
• Lycopene
• Canthaxanthin
• Zeaxanthin
• Beta-Carotene
• Other Types
Sources Covered:
• Synthetic
• Natural
Formulations Covered:
• Oil Suspension
• Powder
• Emulsion
• Beadlet
Applications Covered:
• Coloring Agents
• Nutraceuticals
• Dietary Supplements
• Skin Care
• Poultry
• Other Applications
End Users Covered:
• Food & beverages
• Pharmaceuticals
• Agriculture
• Cosmetics
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Carotenoids Market, By Type
5.1 Introduction
5.2 Annatto
5.3 Lutein
5.4 Lycopene
5.5 Canthaxanthin
5.6 Zeaxanthin
5.7 Beta-Carotene
5.8 Other Types
6 Global Carotenoids Market, By Source
6.1 Introduction
6.2 Synthetic
6.3 Natural
7 Global Carotenoids Market, By Formulation
7.1 Introduction
7.2 Oil Suspension
7.3 Powder
7.4 Emulsion
7.5 Beadlet
8 Global Carotenoids Market, By Application
8.1 Introduction
8.2 Coloring Agents
8.3 Nutraceuticals
8.4 Dietary Supplements
8.5 Skin Care
8.6 Poultry
8.7 Other Applications
9 Global Carotenoids Market, By End User
9.1 Introduction
9.2 Food & beverages
9.3 Pharmaceuticals
9.4 Agriculture
9.5 Cosmetics
9.6 Other End Users
10 Global Carotenoids Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 Sensient Technologies Corporation
12.2 BASF SE
12.3 Cyanotech Corporation
12.4 Givaudan
12.5 Lycored
12.6 Divi's Laboratories Limited
12.7 Allied Biotech Corporation
12.8 Fuji Chemical Industries Co., Ltd
12.9 Algatechnologies Ltd.
12.10 Covance
12.11 Koninklijke DSM N.V.
12.12 Novozymes A/S
12.13 Solvay SA
12.14 Syngenta Group
12.15 Tate & Lyle PLC
12.16 Wacker Chemie AG
12.17 Texas Instruments Incorporated
List of Tables
1 Global Carotenoids Market Outlook, By Region (2022-2030) ($MN)
2 Global Carotenoids Market Outlook, By Type (2022-2030) ($MN)
3 Global Carotenoids Market Outlook, By Annatto (2022-2030) ($MN)
4 Global Carotenoids Market Outlook, By Lutein (2022-2030) ($MN)
5 Global Carotenoids Market Outlook, By Lycopene (2022-2030) ($MN)
6 Global Carotenoids Market Outlook, By Canthaxanthin (2022-2030) ($MN)
7 Global Carotenoids Market Outlook, By Zeaxanthin (2022-2030) ($MN)
8 Global Carotenoids Market Outlook, By Beta-Carotene (2022-2030) ($MN)
9 Global Carotenoids Market Outlook, By Other Types (2022-2030) ($MN)
10 Global Carotenoids Market Outlook, By Source (2022-2030) ($MN)
11 Global Carotenoids Market Outlook, By Synthetic (2022-2030) ($MN)
12 Global Carotenoids Market Outlook, By Natural (2022-2030) ($MN)
13 Global Carotenoids Market Outlook, By Formulation (2022-2030) ($MN)
14 Global Carotenoids Market Outlook, By Oil Suspension (2022-2030) ($MN)
15 Global Carotenoids Market Outlook, By Powder (2022-2030) ($MN)
16 Global Carotenoids Market Outlook, By Emulsion (2022-2030) ($MN)
17 Global Carotenoids Market Outlook, By Beadlet (2022-2030) ($MN)
18 Global Carotenoids Market Outlook, By Application (2022-2030) ($MN)
19 Global Carotenoids Market Outlook, By Coloring Agents (2022-2030) ($MN)
20 Global Carotenoids Market Outlook, By Nutraceuticals (2022-2030) ($MN)
21 Global Carotenoids Market Outlook, By Dietary Supplements (2022-2030) ($MN)
22 Global Carotenoids Market Outlook, By Skin Care (2022-2030) ($MN)
23 Global Carotenoids Market Outlook, By Poultry (2022-2030) ($MN)
24 Global Carotenoids Market Outlook, By Other Applications (2022-2030) ($MN)
25 Global Carotenoids Market Outlook, By End User (2022-2030) ($MN)
26 Global Carotenoids Market Outlook, By Food & beverages (2022-2030) ($MN)
27 Global Carotenoids Market Outlook, By Pharmaceuticals (2022-2030) ($MN)
28 Global Carotenoids Market Outlook, By Agriculture (2022-2030) ($MN)
29 Global Carotenoids Market Outlook, By Cosmetics (2022-2030) ($MN)
30 Global Carotenoids Market Outlook, By Other End Users (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY

We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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