Global Carotenoids Market to grow to around USD 2.74 billion by 2028

The global carotenoids market size was worth around USD 1.71 billion in 2021 and is predicted to grow to around USD 2.74 billion by 2028 with a compound annual growth rate (CAGR) of roughly 4.31% between 2022 and 2028.

Carotenoids are classified as phytonutrients or plant chemicals and can be located in plant cells of various algae, bacteria, or plants. They are compounds that lead to yellow, red, and orange colors in vegetables or fruits. They are essential for the good health of plants and subsequently aid health improvement amongst humans when consumed in appropriate doses.

The main function of carotenoids in plants is the absorption of light energy to aid photosynthesis. In humans, the absorption rate of carotenoid is higher when it is consumed along with fats during meal intake. It is possible to increase the bioavailability of the compounds by cooking carotenoid-rich vegetables in oil or by shredding the vegetable. With scientific research & studies, scholars have been able to locate around 1,100 types of carotenoids that are mainly categorized into carotenes and xanthophylls.

They perform well as antioxidants in the human body. According to the Physicians Committee For Responsible Medicine, carotenoids have high cancer-fighting capabilities. During digestion, some of the compounds may get converted to vitamin A, which is another beneficial compound for the proper growth of humans.

The global carotenoids market is anticipated to grow owing to the high adoption rate of carotenoids in the cosmetics sector. It is one of the fastest growing industries across the globe owing to the increasing population and accessibility of the product due to the rising number of domestic players offering quality skincare and cosmetics products along with strategic measures adopted by international players to enter foreign territories.

Consumers have become more aware and confident of what they expect from a given cosmetic product due to the availability of information on the internet and growing efforts toward inclusivity to cater to the needs and requirements of all skin types, colors, and preferences. In the past, there were only a few brands that provided quality care but with technological growth, the industry has expanded exponentially. In 2019, the global cosmetics industry was valued at USD 380.19 billion and it may reach over USD 500 billion by 2028.

However, the global market may face certain restrictions due to strict regulations laid down by regional governments to modulate the use of synthetic carotenoids in skincare products. As cosmetics or skin care are extremely personal, the products could sometimes turn out harmful for certain skin types. Hence companies must ensure that the products are safe to use before rolling out in the market for sale.

The growing technological use to extract carotenoids may provide excellent growth opportunities while the chemical extraction of the compound is a major challenge for market players

The global carotenoids market is segmented based on source, product type, and region

Based on the source, the global market segments are natural and synthetic. In 2021, the latter dominated the global market owing to its presence in abundance along with a quick and easy extraction process. However, with the growing hesitancy amongst consumers related to synthetically produced products and the change in preference towards naturally derived items, the demand for natural carotenoids may pick up pace in the coming years. Carrots, tomatoes, mangoes, oranges, and other colored fruits are rich sources of the compound. For instance, in green mango, carotenoid content is around 3.09 micrograms per 100 grams. Some of the synthetic sources of the compound are lycopene, zeaxanthin, astaxanthin, canthaxanthin, and beta-carotene.

Based on application, the global market is divided into food & beverages, dietary supplements, animal feed, pharmaceuticals, and others. In 2021, the global market witnessed the highest revenue in the animal feed market as the pigmenting property of the compound is used extensively to externally enhance the quality of the feed since it eventually helps to upgrade the pigmentation of broiler skin, egg yolk, crustaceans, and fish.

They can also improve fertility in animals when consumed in the right amount. Lutein, xanthophyll, and zeaxanthin, factors that influence egg yolk color have a deposition efficiency of 20 to 27% whereas alpha and beta carotenes have an efficiency rate of less than 1%.

Europe is anticipated to lead the global carotenoids market driven by the highly valuable cosmetics sector of the region. The region is home to some of the largest and most dominating brands in the skincare industry, as it is one of the pioneers that established cosmetics and skin care as an important aspect of the current world. In 2022, the regional cosmetics industry contributed more than USD 20 billion in revenue. Germany ranks on the list of countries in the world to dominate this sector as it contributes more than USD 201 million to European revenue. Asia-Pacific is projected to grow owing to the increasing pharmaceutical sector to meet the demand for quality medical care of its immense population.

The global carotenoids market is led by players like Novus International, Hansen, Kemin Industries, Fuji Chemical Industry Co Ltd, Koninklijke DSM, Cyanotech Corporation, and BASF amongst others.

Recent Developments:

• In October 2020, Royal DSM, a leading science-based company dealing in health, nutrition, and sustainable living, announced the complete acquisition of Erber Group
• In October 2020, Cyanotech Corporation announced the launch of BioAstin Astaxanthin in the novel water disposable category

This review is based on a report by Zion Market Research, titled “Carotenoids Market By Source (Natural, and Synthetic), By Application (Food & Beverages, Dietary Supplements, Animal Feed, Pharmaceuticals, Cosmetics), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.”- Report at https://www.zionmarketresearch.com/report/carotenoids-market

The global carotenoids market is segmented as follows:

By Source

• Natural
• Synthetic

By Application

• Food & Beverages
• Dietary Supplements
• Animal Feed
• Pharmaceuticals
• Cosmetics

By Formulation

• Emulsion
• Powder
• Oil Suspension
• Beadlets

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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