Carotenoid Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Lutein and zeaxanthin, Beta-carotene, Lycopene, Others), By Application (Food and Beverages, Pharmaceutical, Others), And By Geography - Forecasts From 2022 to 2027

The carotenoid market is projected to grow at a CAGR of 4.09% during the forecast period to reach US$1.927 billion in 2027 from US$1.455 billion in 2020.

Carotenoids are referred to as the most popular pigments that are unnaturally sourced from algae, plants and even bacteria which are photosynthetic. Carotenoids are helpful in enhancing the overall aesthetics of food products by making them visually appealing. They are a class of modern 750 naturally occurring pigments which can be found in the cells of a wide variety of plants. In addition to it, some carotenoids can be converted into vitamin A which is regarded to be an essential component for human health and growth.

The rising awareness about a few medical applications of carotenoids including the increasing demand for natural colourants is regarded to be a few key drivers driving the market growth during the forecast period. Moreover, the increasing application of this product across both food and non-food sectors is expected to provide future growth opportunities for the market.

There are multiple health benefits which are associated with the consumption of food containing tetrapterpenoids which is also another factor that is expected to increase the demand in this market.  For instance, the intake of food rich in beta carotene is recommended by a few scientific as well as government organisations such as the U.S. National Cancer Institute as well as U.S. Department of Agriculture (USDA).

The growing demand for natural products to propel growth

The carotenoid market is driven by the all-natural trend resonating across the globe. Moreover, the growing stringency towards the chemicals which are used for the application of synthetic food ingredients due to their hazardous impact on animal health is projected to drive the demand of this market in the forecast period.

Along with this, taking into account the global food, beverage and cosmetics industries, it can be noted that the consumer inclination towards products having all-natural ingredients over synthetic tetraterpenoids has increased due to the potential beauty as well as health benefits.  For instance, in August 2020, Peach and Lily which is regarded to be a Korean skincare and beauty products company launched an eye cream, Pure Peach Retinoic Ice Cream, which contains beta carotene as well as Vitamin A. This product has now further resulted in being effective for treating problems such as that fine lines, dark circles and even loose skin near the eyes.

With the rise in health and wellness concerns, the consciousness regarding appearance among consumers has increased remarkably including aesthetics. This certain rise has increased the demand for effective skincare and cosmetic products globally. Carotenoids have been identified to be one of the most powerful antioxidants which can be used in multiple skin care formulations for protecting against UV light exposure, maintaining skin firmness as well as improving skin tone. For instance according to Lucas Meyers Cosmetics, which is regarded to be an Asian cosmetic ingredient company, naturally occurring colourless carotenoids that are found in tomatoes are the ones that can easily be used in the production of natural cosmetics products.

Europe is anticipated to hold a significant amount of the market share

Europe is anticipated to hold a significant market share in the carotenoid market. The existence of a well-established cosmetics industry and a huge animal feed sector across the region are regarded to be the main drivers for the carotenoids market growth. Consumers in Europe are conscious of their purchasing habits as food labelling is often checked for ingredients’ origin, the impact on the supply chain on the overall environment as well as the manufacturing practises.

 The consumption of tetraterpenoids in Europe is increasing due to their defensive role in curing the deficiency of vitamin A which is regarded to be a prominent public health concern. The increase in health concerns as the substitution of chemical-based carotenoids has resulted in the production of natural pigments which can be used as effective natural colouring agents. In April 2019, Dohler Group acquired a majority of shares in Zumos Catalano Aragoneses S.A. (ZUCASA), which is based in Spain. This company would result in increasing its presence in the carotenoids and fruits segment.

Moreover, the rise in the ageing population in the region has also led to a surge in the demand for beta-carotene to reduce the risk of diabetes, cancer and other health-related issues.

 Market Key Developments

• In June 2019, DDW Colour acquired Du Point Natural Colours to enhance its productivity rate and product portfolio. The acquisition is supposed to provide strength to the company in the market.
• In May 2019, Algatech announced a new product named AsaPure-EyeQ, a natural astaxanthin powder to cure eye and brain-related problems. The launched product has been clinically approved and is in the form of microencapsulated powder.
• In March 2019, Kemin Industries launched organic KEM GLO, which is a USDA-certified organic carotenoid which is effective in helping organic egg producers to intensify the colours of egg yolks. This would further result in the company attaining a leading position in the feed carotenoids market.

Carotenoid Market Scope:

 

Report Metric	Details
Market Size Value in 2020	US$1.455 billion
Market Size Value in 2027	US$1.927 billion
Growth Rate	CAGR of 4.09% from 2020 to 2027
Base Year	2020
Forecast Period	2022–2027
Forecast Unit (Value)	USD Billion
Segments Covered	Type, Application, And Geography
Regions Covered	North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies Covered	BASF SE, Allied Biotech Corp, EID Parry Ltd, Algatechnologies Ltd, Chr. Hansen A/S, DDW, The Color House, Farbest Brands, ExcelVite Sdn. Bhd., Sensient Technologies Corporation, Kemin Industries, Inc.
Customization Scope	Free report customization with purchase

 

Segmentation:

• By Type
  • Lutein and zeaxanthin
  • Beta-carotene
  • Lycopene
  • Others
• By Application
  • Food and Beverages
  • Pharmaceutical
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Others
  • South America
    • Brazil
    • Others
  • Europe
    • Germany
    • UK
    • France
    • Others
  • Middle East and Africa
    • Israel
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Others

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1. INTRODUCTION

1.1. Market Overview

1.2. COVID-19 Scenario

1.3. Market Definition

1.4. Market Segmentation

 

2. RESEARCH METHODOLOGY  

2.1. Research Data

2.2. Assumptions

 

3. EXECUTIVE SUMMARY

3.1. Research Highlights

 

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Force Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

 

5. CAROTENOID MARKET BY TYPE

5.1. Introduction

5.2. Lutein and zeaxanthin

5.3. Beta-carotene

5.4. Lycopene

5.5. Others

 

6. CAROTENOID MARKET BY APPLICATION

6.1. Introduction

6.2. Food and Beverages

6.3. Pharmaceutical

6.4. Others

 

7. CAROTENOID MARKET BY GEOGRAPHY

7.1. Introduction

7.2. North America

7.2.1. United States

7.2.2. Canada

7.2.3. Mexico

7.3. South America

7.3.1. Brazil

7.3.2. Argentina

7.3.3. Others

7.4. Europe

7.4.1. Germany

7.4.2. France

7.4.3. United Kingdom

7.4.4. Spain

7.4.5. Others

7.5. Middle East and Africa

7.5.1. Israel

7.5.2. Saudi Arabia

7.5.3. Others

7.6. Asia Pacific

7.6.1. China

7.6.2. Japan

7.6.3. South Korea

7.6.4. India

7.6.5. Others

 

8. COMPETITIVE ENVIRONMENT AND ANALYSIS

8.5. Major Players and Strategy Analysis

8.6. Emerging Players and Market Lucrativeness

8.7. Mergers, Acquisitions, Agreements, and Collaborations

8.8. Vendor Competitiveness Matrix

 

9. COMPANY PROFILES

9.1. BASF SE

9.2. Allied Biotech Corp

9.3. EID Parry Ltd

9.4. Algatechnologies Ltd

9.5. Chr. Hansen A/S

9.6. DDW, The Color House

9.7. Farbest Brands

9.8. ExcelVite Sdn. Bhd.

9.9. Sensient Technologies Corporation

9.10. Kemin Industries, Inc

BASF SE

Allied Biotech Corp

EID Parry Ltd

Algatechnologies Ltd

Chr. Hansen A/S

DDW, The Color House

Farbest Brands

ExcelVite Sdn. Bhd.

Sensient Technologies Corporation

Kemin Industries, Inc.