Global Carotenoid Market - Growth, Trends, and Forecast (2018 - 2023)
The global carotenoid market is projected to reach USD 2,070 million by 2023, registering a CAGR of 4% from 2018 to 2023.
Carotenoids are normally found in microorganisms, algae, and higher plants as well as some animal species. They provide bright yellow, red, and orange color and protect these species from the harmful effects of light, air, and sensitizer pigments. Carotenoids are majorly used as food coloring agents. However, with the advancements in biotechnology and recombinant DNA technology, the extraction of carotenoids is more commercially viable now than before. This has led to an increase in the production of carotenoid-based products. Consumers are more informed about the health benefits of carotenoid-based supplements and fortified foods. They use them as a preventive measure against ailments like arthritis, diabetes, heart disease, obesity, cancer, cataracts, macular degeneration, and skin damage. The growth of the functional foods market is also expected to boost the market for carotenoids. Although there are hundreds of carotenoids, only a few are used for commercial purposes. The carotenoids market has grown significantly in the past few years due to its increasing end-use applications in animal feed, dietary supplements, pharmaceuticals, food and beverages, cosmetics, etc.
The key driver that has led to the growth of the carotenoid market is strong growth in end-use industries like animal feed, food & beverages, dietary supplements, and pharmaceuticals. Other factors include rising health ailments like obesity and nutrient deficiency and changing consumer preferences towards natural nutritional supplements.
There is an increasing demand among consumers for clean and natural products that are made from natural supplements and colors. This has forced manufacturers to work on the extraction of carotenoid via natural means. For example, DSM has launched CaroCare® solutions, which offer a range of natural-sourced beta-carotene formulations.
The carotenoid market is segmented by type, source, and application. By type, carotenoids are further sub-segmented into beta-carotene, astaxanthin, lutein, annatto, canthaxanthin, lycopene, zeaxanthin, and others. Among these, beta-carotene is estimated to have the fastest growth during the forecast period. It is widely used for food coloring and as a natural supplement.
Carotenoids are used in animal feed, food & beverages, dietary supplements, cosmetics, pharmaceuticals, and other applications. Carotenoids are used as color enhancers in natural foods like egg yolk, chicken, meat, and fish. This improves the aesthetic look of the product and therefore, looks more appealing to the customer.
North America and Europe have the largest carotenoid market. Asia-Pacific is an emerging market, as an increasing number of consumers are adopting preventive measures in the form of health supplements to prevent diseases. Changes in lifestyle and food consumption among consumers have also led to the growth of the carotenoid market in the Asia-Pacific region. Owing to a rise in the pharmaceutical and energy industries, South America has also shown significant growth.
Key Developments in the Market
February 2018 - KnipBio has developed SCP strain to produce astaxanthin for aquafeed. The company announced that it has developed a way to produce commercial amounts of its single-cell protein-based meal that also contains bio-astaxanthin.
The major players include - ALGATECHNOLOGIES LTD, ALLIED BIOTECH CORP, AQUACAROTENE LTD, BASF SE, VALENSA INTERNATIONAL LLC, CHR. HANSEN A/S, CYANOTECH CORPORATION, DDW, THE COLOR HOUSE, SENSIENT TECHNOLOGIES CORPORATION, EID PARRY LTD, EXCELVITE SDN. BHD., FARBEST BRANDS, FMC CORPORATION, SENSIENT TECHNOLOGIES CORPORATION, KEMIN INDUSTRIES, INC., KONINKLIJKE DSM NV, amongst others.
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