Meticulous Research®—a leading global market research company, published a research report titled, ‘Carotenoids Market by Type (Astaxanthin, Beta-carotene, Lutein, Lycopene, Zeaxanthin), Form (Beadlets, Liquid), Source (Synthetic, Natural), Application (Feed, Food & Beverages, Dietary Supplements, Cosmetics, Pharmaceuticals) - Global Forecasts to 2030.’
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Meticulous Research® has recently released its latest publication forecasting that the global carotenoids market will reach $2.26 billion by 2030, growing at a CAGR of 3.8% from 2023 to 2030. The primary factors driving this market growth include the increasing demand for natural colorants, rising incidences of eye diseases and cancer, heightened awareness of clean-label products, and the surging demand for natural skincare cosmetics.
Growth Drivers and Opportunities
The expanding use of carotenoids in aquaculture, along with burgeoning markets in Asia-Pacific, Latin America, and the Middle East & Africa, presents significant growth opportunities for the carotenoids market. However, the market faces challenges such as stringent regulatory norms and the high costs associated with natural pigments.
Type Segmentation
Astaxanthin: Expected to hold the largest market share in 2023 due to its high demand in nutraceutical applications for its antioxidant properties, cancer treatment, and extensive use in aquaculture and animal feed industries.Lutein: Projected to witness significant growth owing to its efficacy in treating age-related eye disorders like cataracts and macular degeneration.Beadlets: Predicted to dominate in 2023, thanks to their benefits such as increased stability, high purity, and enhanced shelf life. Beadlet carotenoids, developed from spray drying technology, offer excellent flow properties and durability under high pressure.
Natural Carotenoids: Anticipated to experience rapid growth due to consumer preference for natural ingredients in food & beverages, cosmetics, pharmaceuticals, and other products. Their unique antioxidant and coloring properties and suitability for production in ideal cell factories drive this segment's expansion.
Application Segmentation
Feed: Projected to hold the largest market share in 2023 due to the growth of the aquaculture industry, increased seafood consumption, compound feed production, and demand for nutritious animal feed.Dietary Supplements: Expected to grow significantly, driven by the prevalence of chronic diseases and the shift towards natural carotenoids due to rising health awareness.
Geographic Segmentation:

Europe: Predicted to account for the largest market share in 2023. The region's dominant position is attributed to its robust food & beverage industry, rising health and wellness trends, increased meat consumption, high feed production, and established cosmetics industry. Additionally, the aging population in Europe has increased the demand for lutein, lycopene, and beta-carotene to manage cataracts and reduce the risk of diabetes, cancer, and cardiovascular diseases.
Key Players
Allied Biotech Corporation (China)BASF SE (Germany)Chr. Hansen Holding A/S (Denmark)Cyanotech Corporation (U.S.)DDW, Inc. (U.S.)Deinove SA (France)Divi's Laboratories Limited (India)Döhler GmbH (Germany)ExcelVite Sdn. Bhd. (Malaysia)Kemin Industries, Inc. (U.S.)Koninklijke DSM N.V. (Netherlands)Lycored Corp. (Israel)Novus International, Inc. (U.S.)Vidya Europe SAS (France)Zhejiang NHU Co., Ltd. (China)
The global carotenoids market is poised for robust growth, driven by advancements in applications and increasing consumer demand for natural, health-promoting products. Despite regulatory and cost challenges, the market's expansion into emerging economies and the integration of innovative technologies present a promising future.
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