Press release
Natural Carotenoids Market Worth $1.9 Billion by 2028
The natural carotenoids market is expected to grow at a CAGR of 7.4% from 2021 to reach $1.9 billion by 2028. This market is driven by rising demand for natural food colors, increasing awareness regarding clean-label products, rising incidence of eye diseases and cancer, and growing demand for natural skincare products. Moreover, the increasing use of natural carotenoids in aquaculture and emerging economies in Asia-Pacific, Latin America, and the Middle East & Africa provide significant opportunities in this market. However, stringent regulatory and approval norms and the high cost of natural colorants obstruct the growth of this market to some extent.
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The market is segmented based on type, form, source, application, and geography. The study also evaluates industry competitors and analyses the market at the country level.
Based on type, the natural carotenoids market is mainly segmented into astaxanthin, beta-carotene, lutein, lycopene, canthaxanthin, zeaxanthin, and other carotenoids. The astaxanthin segment is expected to account for the largest share of the natural carotenoids market in 2021. The large share of this segment is mainly attributed to high demand for nutraceuticals due to their antioxidant properties, rising demand for astaxanthin for the treatment of cancer, increased demand in the aquaculture & animal feed industry, growing number of health-conscious individuals, and rising adoption of novel technologies to increase the production of astaxanthin. However, the lutein segment is expected to witness significant growth due to its ability to treat age-related eye disorders, including cataracts and macular degeneration.
Based on form, the natural carotenoids market is mainly segmented into beadlets, powder, liquid, gel, and other forms. The beadlets segment is expected to account for the largest share of the natural carotenoids market in 2021. Beadlet carotenoids are free-flowing spherical particles developed from spray drying technology. Beadlet carotenoids offer good flow properties for easy handling, good particle size distribution, and high strength during tableting with pressure resistance to 10 tonnes/cm2. The large share of this segment is mainly attributed to its benefits such as increased stability, cold water dispersion, high purity, and enhanced shelf life. However, it is also expected to grow at the highest CAGR during the forecast period.
Based on source, the natural carotenoids market is mainly segmented into plant-sourced natural carotenoids, microorganism-sourced natural carotenoids, and algae-sourced natural carotenoids. The plant-sourced natural carotenoids segment is expected to account for the largest share of the natural carotenoids market in 2021. Plant origin is gaining importance globally as it is a potential source of natural carotenoids for their versatility, and also it avoids a variety of health hazards caused by synthetic carotenoids. These plant-sourced carotenoids are environmentally friendly and non-toxic, so they are gaining higher demand from end-users. However, the algae-sourced natural carotenoids segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to its fast and active growth, unique antioxidant and coloring properties, short life cycle, active isoprenoid metabolism precursors for the carotenogenic pathway, and adequate storage capacity make these ideal cell factories for the production of high-value carotenoids.
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Based on application, the natural carotenoids market is segmented into feed, food & beverage, dietary supplements, cosmetics, and pharmaceuticals. The feed segment is expected to account for the largest share of the natural carotenoids market in 2021. The large share of this segment is mainly attributed to the rising growth of the aquaculture industry and increased consumption of seafood. These also help increase immunity and improve livestock health by enhancing the quality of nutrition, thus making the feed segment the largest in the natural carotenoids market based on application. However, the dietary supplements segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the rising prevalence of chronic diseases and shift in consumer preferences towards natural carotenoids due to the rising health awareness.
Geographically, the European natural carotenoids market is developing and expanding at a significant pace. The large share of this region is primarily attributed to the growing food & beverage industry, rising health and wellness trend, rising meat consumption, and rising feed production. 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 cataracts and reduce the risk of diabetes, cancer, and other heart-related issues. Germany is expected to dominate the European market through 2028, mainly due to increasing demand for processed food, growing organic food industry, and rising number of single households along with increased purchasing power.
Key Players
The key players operating in the natural carotenoids market are Koninklijke DSM N.V. (Netherlands), Sensient Technologies Corporation (U.S.), Archer Daniels Midland Company (U.S.), Allied Biotech Corporation (Taiwan), FMC Corporation (U.S.), Chenguang Biotechnology Group Co., Ltd. (China), Kemin Industries, Inc. (U.S.), BASF SE (Germany), Döhler GmbH (Germany), Cyanotech Corporation (U.S.), Fuji Chemical Industries Co., Ltd. (Japan), DDW, Inc. (U.S.), Carotec, INC. (U.S.), ExcelVite Sdn. Bhd. (Malaysia), Guangzhou Wisdom Bio-Technology Co., Ltd. (China), Novus International, Inc. (U.S.), Lycored, Ltd. (Israel), Farbest Brands (U.S.), Algatechnologies Ltd. (Israel), Divi's Laboratories Limited (India), and Dynadis SARL (France).
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Key Questions Answered in the Report-
Which are the high-growth market segments in terms of type, form, source, application, and geography?
What is the historical market size for natural carotenoids across the globe?
What are the market forecasts and estimates for the period 2021-2028?
What are the major drivers, restraints, and opportunities in the natural carotenoids market?
Who are the major players in the market, and what are their market shares?
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