Carotenoids Market Overview
Market Research Future (MRFR) says that the carotenoids market will be worth USD 2 billion by the review period’s end (between 2020 and 2027). Throughout the given period, the worldwide market will be thriving at a rate of 3.60%, showcasing sluggish but continuous growth.
The carotenoids market growth is bolstered by the surging application scope across various end-use sectors like pharmaceutical, nutraceuticals, animal feed, and personal care, to mention a few. The mounting focus on preventive healthcare across the globe has boosted the sales of various carotenoids within the nutraceuticals and pharmaceuticals sectors. The market size is also enhanced by the emerging preference for organic/natural ingredients, prompting the sectors to opt for natural carotenoids. The rapidly growing aquaculture sector is one of the top end-users, which can give rise to new avenues for the global industry.
The strict lockdown worldwide following the COVID-19 outbreak has been unfavorable for the global carotenoids market. With manufacturing units shut down and demand for a variety of non-essential products experiencing a decline, the global market has had to face huge revenue losses. Brands are facing losses due to the SARS-CoV-2 pandemic in view of travel bans and the economic slowdown across economies.
However, top companies are working on bolstering their supply chains, while the huge popularity of the e-commerce industry can elevate the recovery rate of the carotenoids market. Moreover, the consumers’ stockpiling habit has fostered the market worth, resulting in steady demand. Other than this, the drastic growth in consumers’ interest in maintaining their health and well-being could present business opportunities to the players.
The global carotenoids market has been segmented based on product type, source, application, and region. The global carotenoids market has been classified, based on product type, into beta-carotene, lutein, lycopene, astaxanthin, zeaxanthin, canthaxanthin, and others. The global carotenoids market has been divided, based on source, into natural and synthetic. The global carotenoids market has been classified, based on application, into dietary supplements, food & beverages, personal care, pharmaceuticals, and others. The global carotenoids market has been analyzed for four key regions—North America, Europe, Asia-Pacific, and the rest of the world. The North American carotenoids market has further been segmented into the US, Canada, and Mexico. The European carotenoids market has been classified as the UK, Germany, France, Italy, Spain, and the Rest of Europe. The carotenoids market in Asia-Pacific has been segmented into China, India, Japan, Australia & New Zealand, and the rest of Asia-Pacific. The carotenoids market in the rest of the world has been segmented into South America, the Middle East, and Africa.
BASF SE (Germany), Koninklijke DSM N.V. (Netherlands), Chr. Hansen Holding A/S (Denmark), Divis Laboratories Ltd. (India), Cyanotech Corporation (US), Kemin Industries, Inc. (US), DDW The Colour House (US), Döhler Group (Germany), Allied Biotech Corporation (Taiwan), FMC Corporation (US), Mitsui & Co. (US), ExcelVite Sdn. Bhd. (Malaysia), Nutralliance (US), Vinayak Ingredients India Pvt Ltd (India), and Fuji Chemical Industries Co., Ltd (Japan) are some of the key players in the global carotenoids market.
Regional Market Summary
Among the regions, in 2018, Europe accounted for a significant market proportion of 30% in the carotenoids market. Carotenoids are one of the major ingredients in the production process of dietary supplements. The production of nutritional supplements is exceptionally high in European countries, especially in Germany, the UK, France, and western European countries. Apart from that, the consumption of dietary supplements is also high in several European countries, which is anticipated to act as a major driver in the Europe carotenoids market during the forecast period. North America accounted for 27% market share in 2018 and projected to witness moderate growth during the forecast period. However, Asia-Pacific is expected to register an extraordinary growth rate during the forecast period. The growth of the carotenoids market in the Asia-Pacific is attributed to the increasing production of animal feed products. Additionally, the rise in demand for dietary supplements is anticipated to play a significant role in the growth of carotenoids market in the region.
ENTOD Pharmaceuticals, an affluent pharmaceutical brand with more than four decades of expertise in ENT, dermatology, and ophthalmology medicine has developed a saffron-based eye care supplement called MACUSAFF capsule in the Indian market. Its main ingredient is saffron, which contains carotenoids crocin as well as crocetin, with strong antioxidative, neuroprotective and cellular properties.
Murad has launched Correct & Protect Serum Broad Spectrum SPF 45 with ingredients including the carotenoid technology and beetroot extract from a combination of tomato fruit extract.
Global Carotenoids Market, by Product Type
Global Carotenoids Market, by Source
Global Carotenoids Market, by Application
- Dietary Supplements
- Food & Beverages
- Personal Care
Global Carotenoids Market, by Region
- Rest of Europe
- Australia and New Zealand
- Rest of Asia-Pacific
- Rest of the World (RoW)
- South America
- Middle East
- Carotenoids manufacturers
- Color manufacturers
- Food manufacturers
- Beverages manufacturers
- Dietary supplements manufacturers
- Retailers and wholesalers
- Traders, exporters, and importers