Carotenoids Market Growth to Reach $6.4 Billion by 2030 with a CAGR of 4.5%

The global Carotenoids market, valued at USD 4.7 billion in 2023, is poised for significant expansion, growing at a Compound Annual Growth Rate (CAGR) of 4.5% from 2024 to 2030. Carotenoids, essential antioxidants found in plants, are widely used in food, beverages, nutraceuticals, cosmetics, and animal feed. This growth is driven by an increasing demand for natural colorants, functional ingredients, and rising health awareness.

Key Drivers and Market Dynamics

• Natural Product Demand: The growing preference for natural, clean-label products, especially in food and beverage and cosmetics sectors, is pushing the demand for carotenoids.
• Health and Aesthetic Benefits: The rising awareness about the health benefits of carotenoids, such as improved immunity and skin protection, especially in aging populations, is propelling market expansion.
• Regulatory Support: Governments are implementing favorable regulations, encouraging the use of natural ingredients over synthetic alternatives.

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Regional Insights into the Carotenoids Market:

The regional assessment phase of the Carotenoids market involved exhaustive primary research aimed at gathering, analyzing, and verifying vital regional and global data. This included examining market dynamics, predicting growth trajectories, identifying pivotal influencing factors, and ensuring statistical precision. A combination of top-down and bottom-up approaches, paired with multi-level validation strategies, was employed to scrutinize each market segment and sub-segment. This approach guarantees that the insights provided in the report are both dependable and actionable.

Carotenoids Market Segmentation Breakdown:

by Type

Astaxanthin
Beta-carotene
Lutein
Lycopene
Canthaxanthin
Zeaxanthin
Other types
Capsanthin
Annatto
Alpha-carotene
Apocarotenal

by Application

Feed
Food & beverages
Dietary supplements
Cosmetics
Pharmaceuticals

by Formulations

Oil suspension
Powder
Beadlet
Emulsion

The market for carotenoids has been divided into four segments based on formulations: emulsion, powder, beadlet, and oil suspension. The market for carotenoids is anticipated to be dominated by the beadlet segment during the projected period. Spray drying produces free-flowing, spherical carotenoid beadlets. They are frequently covered in aluminium foil and kept out of direct sunlight, oxygen, and heat in a cool, dry place. Improved stability, cold water dispersion, and shelf life extension are further noteworthy benefits of using beadlet formulations.

by Source

Natural
Synthetic

The market for carotenoids is divided into two segments based on the source: natural and synthetic. Because they are inexpensive and simple to extract, synthetic sources are currently highly available and account for the majority of the market revenue for carotenoids. On the other hand, consumers' preference for food, cosmetics, and medications that use natural ingredients is increasing the need for pigments derived from natural sources. Due to quickly shifting consumer preferences and steadily increasing demand for organic products, the category is anticipated to rise at a significant compound annual growth rate (CAGR) over the forecast period.

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Table of Contents: Carotenoids Market

Part 01: Executive Summary

Part 02: Scope of the Report

Part 03: Global Market Overview

Part 04: Market Size Analysis

Part 05: Segmentation by Product Type

Part 06: Competitive Landscape and Five Forces Analysis

Part 07: Consumer Behavior and Preferences

Part 08: Geographical Insights

Part 09: Strategic Decision Framework

Part 10: Key Drivers and Challenges

Part 11: Emerging Trends

Part 12: Vendor Overview

Part 13: Detailed Vendor Analysis

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Key Market Players and Strategies

The report includes a detailed analysis of the major market players, focusing on their strategies, product portfolios, and competitive positioning. It also highlights strategic alliances, mergers, acquisitions, and technological advancements shaping the competitive landscape.

Major Global Key Players:
1. Zhejiang NHU Co. Ltd. (China) - Global
2. Algatechnologies Ltd. (Israel) – Global
3. Chr. Hansen Holding A/S (Denmark) - Global
Leading Key Players in North America:
1. DSM Nutritional Products, LLC (USA)
2. BASF Corporation (USA)
3. Kemin Industries, Inc. (USA)
4. FMC Corporation (USA)
5. DDW The Colour House (USA) - North America
6. Novus International Inc. (USA) - North America
7. Sensient Technologies Corporation (USA) - North America
8. Novus International Inc. (USA) - North America
9. Cyanotech Corporation (USA) - North America
Market Follower key Players in Europe:
1. BASF SE(Germany) - Global
2. Naturex SA (Givaudan SA) (France)
3. Lycored Limited (Israel)
4. Döhler Group (Germany) - Europe
5. Deinove SAS (France) - Europe
Prominent Key player Asia Pacific:
1. Kemin Industries, Inc. (USA)
2. Vidya Europe SAS (France) – Europe
3. Excelvite (Malaysia) - Asia-Pacific
4. Divi's Laboratories Limited (India) - Asia-Pacific
5. Allied Biotech Corporation (Taiwan) - Asia-Pacific
6. Synthite Industries Ltd. (India) - Asia-Pacific
7. Zhejiang NHU Co. Ltd. (China) - Asia-Pacific

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Key Market Insights and Trends

Critical Questions Addressed:

1. What is the Carotenoids market, and why is it significant?
2. What was the size of the Carotenoids market in 2023?
3. What is the forecasted growth rate for the Carotenoids market?
4. What key factors are driving market growth?
5. What are the major segments within the Carotenoids market?
6. Which strategies are companies adopting to strengthen their market position?
7. What innovative applications and emerging trends are anticipated in the market?
8. How can companies capitalize on recent industry trends to unlock new revenue streams?
9. Who are the prominent market leaders, and what does their portfolio include?
10. How is the market segmented geographically and by product type?

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