Carotenoids Market Size Forecasted To Achieve $2.44 Billion By 2029 With Steady Growth

The Carotenoids Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Carotenoids Market Size and Projected Growth Rate?
The scale of the carotenoids market has seen a significant surge in the past few years. The market, valued at $1.9 billion in 2024, is projected to reach $2 billion in 2025, indicating a compound annual growth rate (CAGR) of 5.1%. Factors contributing to this impressive growth during the historical period include the heightened awareness of the health advantages of carotenoids, amplified demand in the food & beverage sector, the burgeoning nutraceutical industry, its escalating use in animal feed, as well as the favorable government policies advocating natural ingredients.

In the upcoming years, the carotenoids market is anticipated to experience notable growth. It is predicted to reach $2.44 billion in 2029, with a compound annual growth rate (CAGR) of 5.0%. This growth is mainly driven by factors such as a heightened focus on sustainable sourcing, ongoing development in functional foods and beverages, broader applications in pharmaceuticals, increased demand for natural colorants, and their escalating use in personal care products. The key trends for the forecast period encompass advancements in extraction technology, market growth in emerging regions, the mounting demand for fortified and functional foods, surging demand for natural carotenoids, and an increasing appreciation of their health benefits.

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What Are the Major Segments in the Carotenoids Market?
The carotenoids market covered in this report is segmented -

1) By Type: Astaxanthin, Beta-Carotene, Lutein, Lycopene, Canthaxanthin, Zeaxanthin, Other Types
2) By Source: Natural, Synthetic
3) By Form: Beadlets, Powder, Liquid, Gel, Other Forms
4) By Application: Feed, Food And beverages, Dietary Supplements, Cosmetics, Pharmaceuticals

Subsegments:
1) By Astaxanthin: Natural Astaxanthin, Synthetic Astaxanthin
2) By Beta-Carotene: Natural Beta-Carotene, Synthetic Beta-Carotene
3) By Lutein: Lutein Esters, Free Lutein
4) By Lycopene: Natural Lycopene, Synthetic Lycopene
5) By Canthaxanthin: Natural Canthaxanthin, Synthetic Canthaxanthin
6) By Zeaxanthin: Zeaxanthin Esters, Free Zeaxanthin
7) By Other Types: Cryptoxanthin, Other Carotenoid Variants

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What Are The Driving Carotenoids Market Evolution?
The carotenoids market is anticipated to grow due to the increasing demand for health supplements. Health supplements are products created to enhance our diet, promote health, and boost the body's overall well-being through enhancing the body's healthy functions. Carotenoids are utilized in health supplements because of their antioxidant qualities. They can also provide advantages for preventing or addressing conditions like age-related macular degeneration and improving overall health and well-being. As an example, in May 2023, the Organic Trade Association (OTA) reported that organic food sales in the United States hit $61.7 billion in 2022, representing a 4.3% increase from $59.1 billion the previous year, exceeding the $60 billion barrier for the first time. Hence, the increasing demand for health supplements is fueling the carotenoids market's expansion. Additionally, the carotenoids market will likely be propelled by a rise in eye diseases. Eye diseases encompass a variety of medical conditions that negatively impact the health and function of the eye and its associated structures. A surge in eye diseases can boost demand for carotenoid-based products, leading to more research and innovation in this field. Carotenoids can help decrease the risk of cataracts and age-related macular degeneration and enhance optical function. For instance, the Centers for Disease Control and Prevention (CDC) revealed in December 2022, that 20.5 million Americans above age 40, or 17.2% of the population, have at least one cataract. By 2028, it is projected that about 30 million individuals will have cataracts. Thus, the growth in eye diseases is also driving the upward trajectory of the carotenoids market.

Which Firms Dominate The Carotenoids Market Segments?
Major companies operating in the carotenoids market report are BASF SE, F. Hoffmann-La Roche AG, Novo Nordisk, Koninklijke DSM N.V., Givaudan, FMC Corporation, Sun Pharmaceutical Industries Ltd., Dohler Group, Cipla Limited, Chr. Hansen Holding A/S, Brenntag North America Inc., Zhejiang Medicine Co. Ltd., Divis Laboratories Ltd., Zhejiang NHU Co. Ltd., Kemin Industries Inc., Naturex SA, E.I.D. Parry Limited, Novus International Inc., LycoRed Corp., Beijing Gingko Group, Cyanotech Corporation, ExcelVite Sdn. Bhd., Fuji Chemical Industry Co Ltd., Allied Biotech Corporation, Sensient Colors LLC, Vinayak Ingredients India Pvt. Ltd., Bio Extracts Ltd., Algatechnologies Ltd., Valensa International LLC, Nutralliance Inc.

What Trends Are Driving Growth in The Carotenoids Market?
Leading businesses in the carotenoids market are exploring advanced manufacturing strategies to enhance their market profit. These improved productions methods, centered on innovative technologies, focus on augmenting efficiency, productivity and the environmental sustainability of carotenoid creation. For example, NovoNutrients, an American biotech firm, revealed a groundbreaking methodology in carotenoid production in March 2023. This novel method provides a more optimized and eco-conscious approach to produce carotenoids, potentially reducing their production's environmental effect and making carotenoids more budget-friendly and accessible. This method is also scalable, indicating its potential for mass production of carotenoids. This can be beneficial in addressing the rising global demand for carotenoids. Furthermore, it creates additional avenues for the versatile application of carotenoids.

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Which Is The Largest Region In The Carotenoids Market?
Europe was the largest region in the carotenoids market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the carotenoids market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Carotenoids Market?
2. What is the CAGR expected in the Carotenoids Market?
3. What Are the Key Innovations Transforming the Carotenoids Industry?
4. Which Region Is Leading the Carotenoids Market?

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