Carotenoids Market Overview 2020: Global Demand Analysis & Opportunities Outlook 2025

Carotenoids are called as tetraterpenoidswhich arethe pigments present in plants, algae, and photosynthetic bacteria which produces the bright yellow, red, and orange colours in plants, vegetables, and fruits. It acts as an antioxidant for humans. Out of 600 different types of carotenoids some can be converted into vitamin A when released in the body. Further this generated vitamin A provides benefits to the immune system and for eye health. The most common carotenoids include beta-carotene, lutein, astaxanthin, canthaxanthin and lycopene. Another function of Carotenoids is in biological oxygenation. In plant cells they are involved in the control of trans-membrane transport of molecular oxygen released in photosynthesis. In animals it is used to support oxygen in its transport, storage and metabolism. The global carotenoids market size was valued at USD 1.56 billion in 2020.

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Market Drivers

The expansion of nutraceutical industry will create positive impact on the carotenoids market. The nutraceutical industry comprises of three main segments which include functional foods, dietary supplements, and herbal/natural products. Global nutraceutical market has an estimated worth of USD 117 billion. In 19th century, the average life per person was more as compared to the 20th century. This is because of the increasing stressful life, pollution and other factors associated in that region. Further there is a surge rising the early age death and early age diseases especially diabetes and cancer. So, the adoption towards some dietary supplements and herbal/natural products is rising which will increase the demand for the nutraceutical products. Thus, rising inclination towards the healthy lifestyle will proliferate the market of carotenoids.

Similarly, the market will be driven by the following factors -

Rising consumer awareness about health benefits from the carotenoid intake.
Increasing demand for animal protein and dairy products will support carotenoid market growth for the forecast period.
The beta carotene-rich food is recommended by the U.S. National Cancer Institute (NCI) and the U.S. Department of Agriculture (USDA). Also, its rich pigmentation level is beneficial in the pharmaceutical industry thereby supporting business expansion. So, beta carotene carotenoids dominated the industry share in the forecast period.

In terms of source the synthetic carotenoids are having the largest share, but the fastest growing segment will be the natural carotenoids. As the consumer inclination towards the natural products which will support business growth. In the end use industries, feed will take the more percentage in the market. Dietary supplements are expected to witness the highest growth in the forecast period due to the adoption towards the energy and weight management, acceptance of sports as a career is expected to increase the demand for sports nutrition which will further create the surge for the growth of carotenoids.In terms of formulation the beadlet segment is estimated to dominate the carotenoids market due to its increasing use in dietary supplements and pharmaceutical.

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Carotenoids Market Segmentation

Carotenoids Market, by Source

Natural
Synthetic
Carotenoids Market, by Product

Beta-carotene
Lutein
Astaxanthin
Canthaxanthin
Lycopene
Others
Carotenoids Market, by Vertical

Food & Beverages
Pharmaceutical
Dietary Supplements
Cosmetics
Feed
Others
Carotenoids Market, by Formulation

Oil suspension
Powder
Beadlet
Emulsion
Few Prominent Carotenoids Market players:

Koninklijke DSM
BASF
Chr. Hansen
Kemin Industries
Lycored Limited
Cyanotech Corporation
Fuji Chemical Industry Co Ltd.
Novus International
DDW The Color House
Dohler Group
Allied Biotech Corporation
E.I.D Parry
Farbest Brands
ExcelviteSdn. Bhd.
AlgaTechnologies Ltd.
Zhejiang NHU Co. Ltd.
Dynadis SARL
Deinove SAS
Vidya Europe SAS
Divi’s Laboratories
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