Carotenoids Market Industry Analysis & Forecast to 2026

The global carotenoids market was valued to grow from USD 1.5 billion in 2019 to USD 2.0 billion by 2026, recording a CAGR of 4.2% during the forecast period. This is attributed to the increasing use of natural carotenoids as food colorants and innovations in the technologies used for extraction of carotenoids.

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Based on type, the lutein segment is projected to grow at the highest CAGR, in terms of value, during the forecast period. Lutein is synthesized by plants and found in some of the major food items, such as egg yolks, carrot, spinach, kale, squash, grapes, and pepper. It is used in both, human nutrition, and animal nutrition products. Its wide acceptability due to its ability to treat age-related eye disorders, including cataracts and macular degeneration, is a key factor driving its demand, thereby boosting the growth of the overall carotenoids market.

By application, the feed segment is estimated to account for the largest market share in 2019 in the carotenoids market. Carotenoids are extensively used in animal nutrition products due to their coloring properties and are incorporated in feed to pigment the egg yolks, broiler skin, fishes, and crustaceans. These also help in increasing the immunity and improving the health of livestock by enhancing the quality of nutrition, thus making the feed segment the largest in the carotenoids market based on application. The fertility of cattle, swine, and horses can be improved by feeding beta-carotene, whereas astaxanthin and canthaxanthin help in improving the growth of salmons and larval fishes.

Based on formulation, the beadlet segment is estimated to dominate the carotenoids market in 2019. Carotenoid beadlets are free-flowing spherical particles developed from spray drying technology. They are usually packed in an aluminium foil bag and stored in a cool and dry place away from direct light, oxygen, and heat. Some of the other major benefits of using beadlet formulations include increased stability, cold water dispersion, and enhanced of shelf life.

The European market accounted for the largest share in 2018 due to the presence of leading manufacturers, such as Koninklijke DSM (Netherlands), BASF (Germany), Chr. Hansen (Denmark), and Dohler Group (Germany). Further, the increase in the aging population in the region has led to a surge in demand for lutein, lycopene, and beta-carotene to treat cataract and reduce the risk of diabetes, cancer, and other heart-related issues. Although synthetic carotenoids account for a high share in the market, consumers prefer opting for natural and clean label products, which is projected to drive the growth of the naturally-sourced carotenoids market in this region.

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Key players in the market include Koninklijke DSM (Netherlands), BASF (Germany), Chr. Hansen (Denmark), Kemin Industries (US), Lycored Limited (Israel), Cyanotech Corporation (US), Fuji Chemical Industry Co Ltd. (Japan), Novus International (US), DDW The Color House (US), Dohler Group (Germany), Allied Biotech Corporation (Taiwan), E.I.D Parry (India), Farbest Brands (US), Excelvite Sdn. Bhd. (Malaysia), AlgaTechnologies Ltd. (Israel), Zhejiang NHU Co. Ltd (China), Dynadis SARL (France), Deinove SAS (France), Vidya Europe SAS (France), and Divi’s Laboratories (India). These players have a broad industry coverage and strong operational and financial strength.

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