Carotenoids Market To Hit Value .74 Billion By 2025 |Grand View Research, Inc.

Posted by Mrudula Anil Karmarkar on November 21st, 2023

San Francisco, 21 November 2023: The ReportCarotenoids Market Size, Share & Trends Analysis Report By Source (Natural, Synthetic), By Product (Beta-Carotene, Lutein, Lycopene, Astaxanthin, Zeaxanthin, Canthaxanthin), By Application, And Segment Forecasts, 2018 - 2025

The global carotenoids market size is expected to reach USD 1.74 billion by 2025, according to a new report by Grand View Research, Inc. The growing application in human food, animal feed, dietary supplements, medicines, and cosmetic application owing to the presence of essential nutrients and vitamins in carotenoids will drive growth over the upcoming years. Furthermore, the increasing demand for these applications on account of population growth, increasing consumer surplus, and health awareness will aid in the industry expansion.

The usage of these products in the pharmaceutical sector will witness substantial revenue growth at a CAGR of 4.3% from 2016 to 2025. These products act as antioxidants within the body and protect the body against chronic diseases, cellular damage, and the effects of aging.

Carotenoids aid in supporting eye, skin, cardiovascular health, and are being widely used for cancer prevention. Strong growth of pharmaceutical and cosmetic industry in emerging countries such as China, India, and South Korea will create growth opportunities for the market in the future.

Carotenoids are organic pigments that are found in various plants and organisms. These products act as antioxidants and protect the body against chronic diseases, cellular damage, and the effects of aging. Increasing usage of this product in dietary supplements on account of growing health issues will drive market demand.

Carotenoids are commercially available in several forms including beta-carotene, lutein, lycopene, astaxanthin, zeaxanthin, annatto, and canthaxanthin. These products find considerable usage in human food, animal feed, dietary supplements, pharmaceuticals, and cosmetics as they offer excellent health benefits, which in turn, will fuel market expansion over the next nine years.

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The key driver for the industry is the prominence of carotenoids in the treatment of diabetes, cancer, and eye disorder. Increasing R&D for the development of high-value natural carotenoids is expected to create new growth opportunities for the market. However, stringent regulatory and approval norms are expected to hinder product demand over the upcoming years.

Carotenoids Market Report Highlights

• Global carotenoids market demand was 1,150.4 tons in 2015 and is expected to grow significantly on account of increasing demand for human nutrition and skin care cosmetics in emerging countries such as China, India, South Korea, Brazil, Singapore, and Thailand
• Europe accounted for 42% of the global volume share in 2015 and is projected to foresee growth on account of rising usage of the product in functional and processed food products over the upcoming years.
• The rising demand for functional and processed food owing to busy lifestyles is expected to positively impact market growth. Moreover, the presence of major pharmaceutical companies such as GlaxoSmithKline, Pfizer, Sanofi, and Novo Nordisk will drive the demand over the forecast period.
• Natural sources are expected to witness substantial revenue growth at a CAGR of 6.1% from 2016 to 2025 owing to increasing consumer preference for natural products over synthetic products. Natural carotenoids are safe sources of vitamin A which are essential for growth, cellular reproduction, vision, and immunity, which in turn, will witness considerable growth.
• The industry is dominated by key participants including BASF SE, Allied Biotech, Kemin Industries, Brenntag, ExcelVite Sdn. Bhd., Cyanotech Corp., Chr. Hansen, D. D. Williamson, DSM Nutritional Products, Divis Laboratories, Naturex SA, and Lycored

Beta-carotenes dominated the overall industry and accounted for 24% of the global volume share in 2015. Beta-carotenes are used as a colorant, antioxidant, and act as a rich source of vitamin A in food, feed, dietary supplements, cosmetics, and medicines, which in turn, will stimulate carotenoids market size.

Astaxanthin is projected to witness significant growth over the forecast period owing to its increasing usage in animal feed ingredients, human antioxidants, and for the coloring of shrimps, salmon, and trout. Moreover, properties such as quick wound recovery and human stamina enhancement are expected to aid in the industry development.

Synthetic sources dominated the overall industry valued at USD 903.6 million in 2015. The segment is projected to witness slow growth over the forecast period on account of growing consumer preference for naturally sourced products.

Carotenoids Market Report Scope

Natural sources are projected to witness significant volume and revenue growth over the forecast period. Natural sources include flowers, plant leaves, bird feathers, fruits, crustacean shells, and fish flesh. Growing consumer awareness regarding health benefits and the advantages associated with natural products is expected to fuel industry demand over the forecast period.

List of Key Players in Carotenoids Market

• BASF SE
• Allied Biotech
• Kemin Industries
• Brenntag
• ExcelVite Sdn. Bhd.
• Cyanotech Corp.
• Chr. Hansen
• D.D. Williamson
• DSM Nutritional Products
• Divis Laboratories
• Naturex SA
• Lycored