Global Carotenoid Market - Growth, Trends, and Forecast (2018 - 2023)

Global Carotenoid Market - Growth, Trends, and Forecast (2018 - 2023)

Market Insight

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.

Market Dynamics

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.

Market Segmentation

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.

Regional Analysis

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.


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Analyzing outlook of the market with the recent trends and Porter’s five forces analysis
Market dynamics which essentially consider the factors, which are impelling the present market scenario, along with growth opportunities of the market in the years to come
Market segmentation analysis, including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market
Competitive landscape involving the market share of major players, along with the key strategies adopted for development in the past five years
Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
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1. Introduction
1.1 Key Deliverables of the study
1.2 Study Assumptions
1.3 Market Definition
2. Research Approach & Methodology
2.1 Introduction
2.2 Research Designs
2.3 Study Timelines
2.4 Study Phases
2.4.1 Secondary Research
2.4.2 Discussion Guide
2.4.3 Market Engineering and Econometric Modelling
2.4.4 Expert Validation
3. Market Overview
3.1 Market Trends
4. Market Overview
4.1 Drivers
4.2 Restraints
4.3 Opportunities
5. Porter's Five Force Analysis
5.1 Bargaining Power of Suppliers
5.2 Bargaining Power of Buyers
5.3 Threat of New Entrants
5.4 Threat of Substitute Products and Services
5.5 Degree of Competition
6. Market Segmentation
6.1 By Type
6.1.1 Annatto
6.1.2 Astaxanthin
6.1.3 Beta-carotene
6.1.4 Canthaxanthin
6.1.5 Lutein
6.1.6 Lycopene
6.1.7 Zeaxanthin
6.1.8 Other Carotenoids Market
6.2 By Source
6.2.1 Natural
6.2.2 Synthetic
6.3 By Application
6.3.1 Animal Feed
6.3.2 Food & Beverages
6.3.3 Dietary Supplements
6.3.4 Cosmetics
6.3.5 Pharmaceuticals
6.4 By Geography
6.4.1 North America US Canada Mexico Rest of North America
6.4.2 Europe Spain UK France Germany Russia Italy Rest of Europe
6.4.3 Asia-Pacific China Japan India Australia Rest of Asia-Pacific
6.4.4 South America Brazil Argentina Rest of South America
6.4.5 Africa South Africa Rest of Africa
7. Competitive Landscape
7.1 Strategies Adopted by Players
7.2 Most Active Companies in the Past Five Years
7.3 Market Share Analysis
8. Company Profiles
8.1 Algatechnologies Ltd
8.2 Allied Biotech Corp
8.3 AquaCarotene Ltd
8.5 Valensa International LLC
8.6 Chr. Hansen A/S
8.7 Cyanotech Corporation
8.8 DDW, The Color House
8.9 Sensient Technologies Corporation
8.10 EID Parry Ltd
8.11 ExcelVite Sdn. Bhd.
8.12 Farbest Brands
8.13 FMC Corporation
8.14 Sensient Technologies Corporation
8.15 Kemin Industries, Inc.
8.16 Koninklijke DSM NV
9. Appendix
9.1 Disclaimer
9.2 Sources

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