Carotenoids Market Trends, Growth Drivers, Opportunities, Industry Analysis, Top Companies, Regional Analysis, and Forecast – 2029
According to MarketsandMarkets, the carotenoids market size is projected to reach USD 3.4 billion by 2029 from USD 2.5 billion by 2024, at a CAGR of 6.3% during the forecast period in terms of value. Demand for dietary supplements is increasing, leading to higher consumption of natural carotenoids. There is a growing need for sustainable, natural, clean label, natural carotenoids that contribute to market expansion. Changing dietary preferences and the awareness of health and wellness further propel market growth. Overall, these trends highlight the growing significance and adoption of carotenoids.
Carotenoids Market Drivers: Increased use of natural carotenoids as food and beverage colorants.
The shift towards natural and clean label ingredients in the food industry has spurred increased utilization of natural carotenoids as food colorants. Carotenoids, found in fruits, vegetables, and algae, serve as appealing substitutes to synthetic colors due to their perceived health benefits and clean label appeal. Consumers seek products with recognizable, natural ingredients like beta-carotene, lycopene, and astaxanthin, which not only provide vibrant colors but also offer antioxidant properties. With a growing demand for natural ingredients and a preference for brightly colored foods, food manufacturers must prioritize understanding these trends to effectively meet consumer expectations and influence purchasing decisions. Consequently, incorporating natural carotenoid extracts across dairy, bakery, confectionery, beverages, and snacks enables versatile color applications in response to evolving consumer preferences.
Carotenoids Market Opportunities: Increased opportunity for expansion into high-growth potential markets, including developing countries in the Asia Pacific and South America regions
Currently, Europe is poised to lead the carotenoids market, yet the Asia Pacific region anticipates sustained demand growth due to expanding markets for dietary supplements and food and beverages. Increasing awareness of carotenoids’ benefits is expected to fuel demand in Asia Pacific and South America. Additionally, the burgeoning animal feed segment in Asia Pacific is projected to drive market expansion. According to the 2024 Alltech report, Latin America has demonstrated consistent growth over the past decade, driven by robust monogastric exports and expanding aqua and pet markets. With China, India, and Japan among the top feed-producing countries, the region’s accelerating use of carotenoids in animal feed is forecasted to propel overall market growth.
In by application segment, food & beverage segment is expected to grow at highest CAGR during the forecast period.
The food and beverage segment in the carotenoid market is witnessing the highest growth rate due to several key drivers. Firstly, increasing consumer demand for natural and healthy food additives drives the incorporation of carotenoids as natural colorants and functional ingredients. Secondly, growing awareness of the health benefits associated with carotenoids, such as antioxidant properties and potential disease prevention, fuels their utilization in a wide range of food and beverage products. Additionally, the rise in innovative product development and the introduction of clean-label products further stimulate market growth in this segment, catering to evolving consumer preferences for natural and nutritious food options.
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The beadlet segment is expected to grow at the highest CAGR during the forecast period.
The beadlet segment is experiencing the highest growth rate in the carotenoid market due to several key factors. Firstly, beadlets offer enhanced stability and ease of handling, making them preferred for formulation in various applications such as dietary supplements, food, and beverages. Secondly, advancements in encapsulation technologies have led to the development of beadlets with improved bioavailability, ensuring efficient delivery of carotenoids to the body. Thirdly, increasing consumer demand for clean-label and natural products drives the adoption of beadlet formulations, which often use natural ingredients and avoid synthetic additives. Additionally, the versatility and convenience of beadlets make them a preferred choice for manufacturers seeking innovative solutions in the carotenoid market.
The Asia Pacific region is expected to grow at the highest CAGR in the Carotenoids Market during the forecast
The carotenoid market in the Asia-Pacific region is experiencing the highest growth rate due to several key factors. Firstly, rising consumer awareness of health and wellness, coupled with changing dietary preferences towards natural and functional ingredients, drives the demand for carotenoids in food, beverages, and dietary supplements. Secondly, rapid urbanization and increasing disposable incomes in emerging economies fuel the expansion of the food and beverage industry, creating opportunities for carotenoid manufacturers. Additionally, the growing prevalence of chronic diseases and aging populations amplify the demand for carotenoids, known for their antioxidant properties and health benefits, further propelling market growth in the region.
Top Companies in the Carotenoids Market
Key players in the carotenoids market include DSM (Netherlands), BASF SE (Germany), Cyanotech Corporation (US), Givaudan (Switzerland), ADM (US), Zhejiang NHU Co. Ltd (China), Divi’s Laboratories Limited (India), Allied Biotech Corporation (Taiwan), Lycored (US), Kemin Industries, Inc. (US), Fuji Chemical Industry Co Ltd. (Japan), EW Nutrition (Germany), Döhler Group (Germany), ExcelVite (Malysia), and Farbest Brands (US).
DSM (Netherlands)
DSM, also recognized as Royal DSM, is a global science-based company with interests in health, nutrition, life sciences, and materials. Its operations span four segments: Animal Nutrition & Health, Materials, Innovation Center, and Corporate Activities. Within its nutrition segment, DSM offers a range of products through DSM Nutritional Products and DSM Food Specialties, serving diverse industries like food, feed, and pharmaceuticals. Carotenoids, among other nutritional ingredients, are provided under this segment, catering to various applications in food, feed, supplements, and pharmaceuticals. The company has a presence across Asia, Australia, Africa, the Netherlands, Switzerland, the Americas, and Europe, boasting a comprehensive portfolio of nutritional solutions tailored to different markets. Key competitors include BASF SE, BAYER AG, and the Dow Chemical Company.
In January 2022, DSM introduced an integrated food & beverage operational structure, consolidating Food Specialties, Hydrocolloids, and a portion of its Nutritional Products Group. This restructuring aims to enhance the company’s focus on texture, taste, and health within the food & beverage sector, further solidifying its position as a dedicated health, nutrition, and bioscience enterprise.
Givaudan (Switzerland)
Givaudan, an eminent figure in the realm of flavors and fragrances, has dedicated over 125 years to crafting captivating taste and aroma experiences. Established in 1895, the company operates across two sectors: Fragrances & Beauty and Taste & Wellbeing. Carotenoid products are distributed through its Taste & Wellbeing segment. With a global ingredient sourcing strategy and state-of-the-art technology, Givaudan innovates products for the food, beverage, consumer goods, and fragrance & cosmetic industries. Guided by a commitment to sustainability, Givaudan’s mission is to “Create for happier, healthier lives with love for nature,” resonating with its presence in more than 166 locations worldwide.
In July 2022, Givaudan, along with Bühler and Cargill, partnered with FoodTech HUB Latam and ITAL to establish a food innovation hub, the “Tropical Food Innovation Lab,” in Campinas, Brazil, a hub of technology in the country. Situated at ITAL, the lab spans 1,300 square meters and will foster collaborative research and development efforts. This initiative can benefit Givaudan by providing a platform for research into tropical ingredients, including carotenoids, catering to the region’s unique culinary preferences and expanding its presence in the carotenoids market.
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