Global Carotenoid Market Segmentation by Product Type- (Beta-Carotene, Lutein, Astaxanthin, Canthaxanthin, Lycopene).
Industry: Food and Beverages
Published Date: January-2023
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 188
Report ID: PMRREP4369
The market for carotenoid can be expected to expand at a value based CAGR of 3% and show an increase in revenue from US$ 6,365.1 Mn to around US$ 8,264.7 Mn by 2033.
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Carotenoid Market Size (2023E) |
US$ 6,365.1 Mn |
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Projected Sales of Carotenoid (2033F) |
US$ 8,264.7 Mn |
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Value CAGR (2023-2033) |
3% |
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Value Share of Top 4 Countries (2022E) |
36.8% |
The global carotenoid market has witnessed significant growth in the historical period registering a CAGR of 2.6% in the historical period and was valued at US$ 6,365.1 Mn in 2023. The market is expected to grow steadily with increasing awareness and benefits about applications of carotenoids.
Growing prevalence of eye diseases and cancer has led to surge in demand for carotenoids in the food and beverage industry. As the need for prevention from various diseases increases, sales of functional food products continue to remain high. In order to offer healthy food products with biologically active food ingredients has led the manufacturers to witness significant demand for carotenoids globally.
Carotenoid also continues to witness significant demand in the cosmetic industry attributed to increasing vitamin-A properties. These factors are expected to impact growth of the global carotenoids market during the forecast period. As the health and nutrition factor would continue to dominate consumer food preferences, rising carotenoid consumption is expected to drive the market over the coming years. The global market for carotenoid is estimated to reach an approximate valuation of US$ 8,264.7 Mn in the forecast period.
“Prevalence of cardiovascular diseases to impact the global market.”
Increasing health concerns related to immunity, brain/memory and digestive system has led to growing preference for fortified and functional food products. Prevalence of various cardiovascular diseases such as heart disease has further led to increasing preference for functional food products in the food industry. Growing need for prevention from other diseases such as cataract and elderly muscular degeneration has also fuelled demand for functional food products.
Other health related disorders contributing towards growth of the global carotenoids market include epilepsy, infertility, heartburn, high blood pressure, depression, and Alzheimer’s disease. As the need for functional food products, food coloring products, food supplements, and food pigments remain high, demand for carotenoids is expected to remain high.
“Demand to Remain High in the Food Industry”
Besides food industry, demand for carotenoids is expected to remain high in the pharmaceutical and cosmetic industry globally. As carotenoids are rich in vitamin-A, demand continues to remain high in the cosmetic industry.
Growing need for ingredients that are rich in antioxidants and other benefiting attributes such as vitamin A, C, E and D has led to surge in demand for carotenoids in the cosmetic industry. Attributed to various health benefitting attributes, manufacturers are increasingly opting for carotenoids for production of various cosmetic products. Surge in demand for carotenoids in the cosmetic industry will continue to contribute towards growth of the global carotenoids market during the forecast period.
“Pharmaceutical Industry to Contribute Towards Growth of Global Market”
In addition, growing production of the dietary supplements in the pharmaceutical industry will further impact growth of the global carotenoids market positively. With the growing middle class population, demand for dietary supplements, meat and milk is expected to increase. These factors are further expected to impact growth of the global market positively.
“High Carotenoid Intake Poses Health Risks”
Dietary supplements of beta-carotenoids also contain beta-apocarotenoids that act as antagonists of retinoid or vitamin A signalling. Antagonism of vitamin A signalling pathway by these naturally occurring carotenoids can have negative implications in the functions of dietary beta-carotene or pro-vitamin A. This further creates potential risks of developing cardiovascular disease and cancer. Such health issues have generated needs for specific regulatory guidelines regarding consumptions of specific carotenoids.
Why is the Carotenoid Market in the U.S. Witnessing a Surge?
Canada is a leading producer of functional food and natural health products. Factors such as high number of private and public collaborations, recognized regulatory standards, and increased R&D efforts in the country has allowed it to reach a superior market position. In Canada, the manufactured products are best in quality, nutrition, and taste. Demand for carotenoids is witnessing an uptrend in the U.S. as well. Increasing prevalence of eye diseases and wider application of the product as a natural additive in food is expected to support the growth of the market in the country. Age-related macular degeneration (AMD), cataract, retinopathy, and glaucoma remains the leading cause of blindness and low vision in the United States. This is creating opportunities for particular carotenoids (lutein and zeaxanthin), which are extensively used in ocular treatment. Also, lutein utilization as natural coloring agent in food and beverage product and as animal feed additives is also driving the adoption of carotenoid products.
What is the Outlook for the European Carotenoid Market?
The German carotenoid market to grow from 683.7 Tons in 2023 to 809.2 Tons in 2033. This represents a compound annual growth rate (CAGR) of 1.7% from 2023 to 2033.
Volume from France carotenoid market is anticipated to increase at a CAGR of 1.4% over 2023 to 2033, to reach 186.2 Tons by 2033.
United Kingdom carotenoid market is estimated to account for 16.2% Volume share of the global carotenoid market by 2023 end.
By the end of 2023, Russia carotenoid market is projected to reach 205.8 Tons, expanding at a CAGR of 2.9% over the forecast period.
What is the Segmental Breakdown of the Carotenoid Market?
As demand for functional food products continue to remain high, demand is expected to remain high in the food & beverage industry. Based on application, the food & beverage industry segment is expected to represent the highest growth, accounting for a value of over US$ 2,000 Mn by the end of 2023. However, the pharmaceutical products source segment is expected to register the fastest growth in the global market during the forecast period.
On the basis of source, the synthetic carotenoids segment is expected to generate significant revenues, accounting for a value over US$ 4,200 Mn by the end of 2023. In contrast, the natural source segment is expected to register the highest CAGR over the forecast period.
By product type, the beta-carotene is expected to witness a significant revenue growth, accounting for a value over US$ 1,800 Mn by the end of 2023. On the other hand, the lutein product type segment is expected to register a robust CAGR throughout the forecast duration.
How is the Food and Beverage Segment of the Carotenoid Market Expected to Grow in the forecast duration?
Food & Beverage Industry carotenoid segment is expected to expand at 2% CAGR over the forecast period and to reach at 2,279.4 Tons by 2023 end.
Food & beverage industry segment is estimated to account for 37.2% Volume share of the application segment by 2023 end. The largest share is contributed by Europe region in food & beverage industry market. This is expected to represent 1039.6 Tons, or around 39% of the market in 2023, to reach 921.8 Tons in 2033, or 38.2%, representing a CAGR across forecast period of 1.7%.
Manufacturers strive to expand their consumer base in order to maintain their market share. Key players in the global carotenoids market are focusing on expanding into emerging markets to increase market share and consumer base through exclusive product launches in emerging markets. To penetrate and sustain themselves in the carotenoids market, new entrants must conduct extensive research prior to high capital investments for the same.
Big market players like BASF and DSM are more concerned with product quality and have a market share of more than 10% in the global carotenoids market. Furthermore, players such as Naturex and Kemin are developing new strategies to compete with the market's behemoths in an already fragmented market.
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Details |
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Forecast period |
2023-2033 |
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Historical data available for |
2018-2022 |
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Market analysis |
USD million for value |
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Key regions covered |
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Key countries covered |
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Key market segments covered |
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Key companies profiled |
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Report coverage |
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Customization & pricing |
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The global market for carotenoid has a value of US$ 6,365.1 Mn in 2023.
The global market for carotenoid has a value CAGR of 2.6% from 2018-2022.
The global market for carotenoid has a value of US$ 8,264.7 Mn in 2033.
The global market for carotenoid has a value CAGR of 3% from 2023-2033.
The top players hold more than 40-45% of the market share. They include BASF SE, DSM N.V., Chr. Hansen Holding A/S, Brenntag GmbH.
