Carotenoids Market Worth $2.7 Billion Globally by 2031 at 3.9% CAGR : Allied Market Research

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Apr 12, 2023, 10:01 ET

The increase in demand for dietary supplements from the adult population drives the growth of the global carotenoids market.

PORTLAND, Ore., April 12, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Carotenoids Market by Product (Astaxanthin, Capsanthin, Lutein, Beta-carotene, Lycopene, Others), by Source (Natural, Synthetic), by Application (Animal Feed, Human Food, Dietary Supplement, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global carotenoids market size was valued at $1.8 billion in 2021 and is projected to reach $2.7 billion by 2031, growing at a CAGR of 3.9% from 2022 to 2031.

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Prime determinants of growth

The increase in demand for dietary supplements from the adult population drives the growth of the global carotenoids market. However, the high cost of production and extraction of carotenoids hamper the market growth. On the other hand, the increasing demand for natural and organic food and supplements and rising demand for plant-based meat alternatives is presenting lucrative opportunities for the market growth.

Report coverage & details:

Report Coverage	Details
Forecast Period	2022–2031
Base Year	2021
Market Size in 2021	$1.8 billion
Market Size in 2031	$2.7 billion
CAGR	3.9 %
No. of Pages in Report	310
Segments covered	Product, Source, Application, and Region.
Drivers	Increasing consumer awareness of the health benefits of carotenoids is driving demand for carotenoids as a natural ingredient in food and supplements. Growing demand for natural colorants and flavor enhancers in the food industry is driving the use of carotenoids as an alternative to synthetic colorants. Rising demand for dietary supplements is driving demand for carotenoids for their health benefits.
Opportunities	Growing demand for carotenoids in the Asia-Pacific region, due to increasing awareness of health benefits and the growing food and supplement industries. Increasing demand for natural and organic food and supplements, leading to more opportunities for the use of carotenoids as natural ingredients. Rising demand for plant-based meat alternatives, driving demand for carotenoids as natural colorants.
Restraints	High cost of production and extraction of carotenoids can limit their adoption in various industries. Limited availability of raw materials for carotenoid production, particularly for some specialized carotenoids. The natural sourcing of carotenoids can be subject to seasonal variations and supply chain disruptions.

Covid-19 Scenario

The COVID-19 pandemic had a mixed impact on the carotenoids market. On one hand, there had been an increase in demand for carotenoids due to their health benefits, particularly for immune system support.
On the other hand, the pandemic had caused supply chain disruptions and reduced demand in some industries.
The long-term impact will depend on factors such as the duration and severity of the pandemic, consumer behavior, and the global supply chain disruptions.

The astaxanthin segment to maintain its leadership status throughout the forecast period

Based on product, the astaxanthin segment held the highest market share in 2021, accounting for more than one fourth of the global carotenoids market revenue and is estimated to maintain its leadership status throughout the forecast period. Consumers are becoming more aware of the potential health benefits of natural ingredients, and astaxanthin is a popular ingredient due to its antioxidant properties. The demand for dietary supplements is increasing globally, and astaxanthin is commonly used in supplements for its health benefits. The Beta-carotene segment, however, would showcase the fastest CAGR of 5.7% during the forecast period.

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The synthetic segment to maintain its leadership status throughout the forecast period

Based on source, the synthetic segment held the highest market share in 2021, accounting for nearly two-thirds of the global carotenoids market and is estimated to maintain its leadership status throughout the forecast period. Synthetic carotenoids are artificially produced pigments that mimic the natural carotenoids found in plants and animals. They are commonly used in the food industry as colorants, and their use is regulated by government agencies such as the US Food and Drug Administration (FDA) and the European Union (EU). The natural segment, however, would showcase the fastest CAGR of 4.6% during the forecast period.

The animal feed segment to maintain its leadership status throughout the forecast period

Based on application, the animal feed segment held the highest market share in 2021, accounting for nearly one third of the global carotenoids market and is estimated to maintain its leadership status throughout the forecast period. Carotenoids are widely used in animal feed to improve the color of meat, eggs, and fish, as well as to enhance the health and growth of animals. The use of carotenoids in animal feed is based on their natural pigment properties and their ability to act as antioxidants and immune system boosters. The dietary supplements segment, however, would showcase the fastest CAGR of 4.8% during the forecast period, owing to a rise in health consciousness and changes in the lifestyles of the consumers.

Europe to maintain its dominance by 2031

Based on region, Europe held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global carotenoids market and is likely to dominate the market during the forecast period. The demand for functional foods and beverages is increasing in Europe, providing an opportunity for carotenoids to be used as a natural ingredient for their health benefits. Carotenoids are used in pet food to improve the health and appearance of animals, and the pet food industry is growing rapidly in Europe. However, the Asia-Pacific region is expected to witness the fastest CAGR of 5.1% from 2022 to 2031.

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Leading Market Players: -

BASF SE
Divis Laboratories Limited
Koninklijke DSM N.V.
Chr. Hansen Holding A/S
Kemin Industries, Inc.
DDW, Inc.
Dohler Group
Allied Biotech Corporation
Cyanotech Corporation
ExcelVite Sdn. Bhd.

The report provides a detailed analysis of these key players in the global carotenoids market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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