The report "Carotenoids Market by Type (Astaxanthin, Beta-Carotene, Lutein, Lycopene, Canthaxanthin, and Zeaxanthin), Application (Feed, Food & Beverages, Dietary Supplements, Cosmetics, and Pharmaceuticals), Source, Formulation, and Region - Global Forecast to 2026" The carotenoids market is projected to grow from USD 1.5 billion in 2019 to USD 2.0 billion by 2026, recording a compound annual growth rate (CAGR) of 4.2% during the forecast period. The major factors driving the growth of the carotenoids market include the growing use of carotenoids in preventive healthcare and as a food colorant in the feed industry.
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The dietary supplement segment is projected to account for the largest share in the carotenoids market during the forecast period.
The carotenoids market is segmented, on the basis of application, into feed, food & beverages, dietary supplements, cosmetics, and pharmaceuticals. The dietary supplements segment is projected to be a leading segment in the carotenoids market, in terms of volume, due to the increasing awareness pertaining to the use of carotenoids in dietary supplements. Furthermore, the increasing health consciousness among consumers to self-diagnose and take preventive measures for maintaining health are the key factors that have led to a surge in demand for dietary supplements globally.
The market for natural carotenoids is projected to grow at a higher CAGR during the forecast period.
The carotenoids market is segmented, on the basis of source, into synthetic and natural. The natural segment is projected to grow at a higher CAGR during the forecast period due to high antioxidant properties, an increase in biological activities, and improved immunity rate, both in humans and animals. Furthermore, an increase in consumer preference for natural carotenoids due to the rise in health consciousness and awareness regarding the benefits of natural carotenoids, particularly in the European and the North American regions, is a key factor that is projected to drive the growth of the market.
Europe is projected to account for the largest share in the carotenoids market during the forecast period
The European market accounted for the largest share in 2018 due to the presence of leading manufacturers, such as Koninklijke DSM (Netherlands), BASF (Germany), Chr. Hansen (Denmark), and Dohler Group (Germany). 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 cataract and reduce the risk of diabetes, cancer, and other heart-related issues. Although synthetic carotenoids account for a high share in the market, consumers prefer opting for natural and clean label products, which is projected to drive the growth of the naturally-sourced carotenoids market in this region.
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Key Market Players
Key players in the market include Koninklijke DSM (Netherlands), BASF (Germany), Chr. Hansen (Denmark), Kemin Industries (US), Lycored Limited (Israel), Cyanotech Corporation (US), Fuji Chemical Industry Co Ltd. (Japan), Novus International (US), DDW The Color House (US), Dohler Group (Germany), Allied Biotech Corporation (Taiwan), E.I.D Parry (India), Farbest Brands (US), Excelvite Sdn. Bhd. (Malaysia), AlgaTechnologies Ltd. (Israel), Zhejiang NHU Co. Ltd (China), Dynadis SARL (France), Deinove SAS (France), Vidya Europe SAS (France), and Divi’s Laboratories (India). These players have a broad industry coverage and strong operational and financial strength.
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