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 growth of the end-user industries is projected to drive the demand for carotenoids”
The global carotenoids market size is projected to grow from USD 1.5 billion in 2019 to USD 2.0 billion by 2026, in terms of value, recording a compound annual growth rate (CAGR) of 4.2% during the forecast period. Key factors encouraging the growth of the carotenoids market include the increasing demand in the pharmaceutical industry, particularly for naturally sourced carotenoids, and opportunities to expand in the high-growth potential markets.
“The feed segment is projected to dominate the carotenoids market throughout the forecast period.”
The feed segment is projected to dominate the carotenoids market, on the basis of application, in terms of value. This is attributed to the extensive use of carotenoids in animal nutrition products. Carotenoids are incorporated in feed products to pigment the egg yolks, broiler skin, fishes, and crustaceans. Furthermore, due to the increasing demand for pork, poultry, and aquaculture products, key manufacturers are focusing on enhancing the appearance with the use of carotenoids . Thus, to gain high commercial value, the use of carotenoids for color enhancement and increasing the palatability of feed products remains high in this industry.
“The beadlet segment is projected to grow at the highest growth rate during the forecast period.”
The beadlet segment is projected to grow at the highest growth rate due to its increasing use in dietary supplements and pharmaceutical applications. Carotenoid beadlets are free-flowing spherical particles developed from spray drying technology. This technology helps to add fragile ingredients to supplements and protects them from the formulation stress of tablet compression. Some of the other major benefits of using beadlet formulation include increased stability, cold water dispersion, and enhancement of shelf life. With the increasing consumption of carotenoids in the dietary supplements and pharmaceutical segments, the demand for carotenoids in the form of beadlets is projected to remain high during the forecast period.
“Asia Pacific is projected to record the highest growth during the forecast period.”
The Asia Pacific region is projected to record the highest growth during the forecast period. The rising demand for food and animal product consumption has led to the increased incorporation of carotenoids in the feed. The pharmaceutical sector is also witnessing significant growth in countries, such as China, India, and Japan, which in turn, is projected to contribute to the growth of the carotenoids market. Some of the leading players operating in the region include EID Parry (India), Zhejiang NHU Co Ltd. (China), ExcelVite Sdn. Bhd. (Malaysia), and Fuji Chemical Industry Co Ltd. (Japan). Apart from regional manufacturers, major foreign players, such as BASF (Germany), Koninklijke DSM (Netherlands), and DDW The Color House, already have their production and research & development facilities in countries in the Asia Pacific region.
In-depth interviews were conducted with CXOs, managers, and key executives from various key organizations operating in the carotenoids market.
Break-up of Primaries:
• By Company Type: Tier 1 – 40%, Tier 2 – 30%, and Tier 3 – 30%
• By Designation: Managers – 40%, CXOs – 25%, and Executives – 35%
• By Region/Country: Europe – 50%, Asia Pacific – 30%, North America – 10%, and RoW* – 10%
*RoW includes South America and the Middle East & Africa.
The carotenoids market comprises major players, which 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).
The study covers the carotenoids market across various segments. It aims at estimating the market size and its growth potential across different segments on the basis of type, application, source, formulation, and region. The study also includes an in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to products and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall carotenoids market segments and subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report will also help the stakeholders to understand the pulse of the market and will provide them with information on key market drivers, restraints, challenges, and opportunities.
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