Carotenoids Market Size, Share & Trends Analysis Report By Product, By Application (Food, Supplements, Feed, Pharmaceuticals, Cosmetics), By Source, By Region, And Segment Forecasts, 2024 - 2030

Carotenoids Market Size & Trends

The global carotenoids market size was valued at USD 1.48 billion in 2023 and is projected to grow at a CAGR of 3.5% from 2024 to 2030. Increasing health consciousness among consumers is a significant driver, as carotenoids are known for their antioxidant properties and health benefits, including reducing the risk of chronic diseases such as cancer and eye disorders. The rising demand for natural colorants in the food and beverage industry is also propelling market growth, as consumers prefer clean-label products with natural ingredients.

The expanding applications of carotenoids in cosmetics and personal care products due to their skin-protective and anti-aging properties are contributing to market expansion. The growing adoption of carotenoids in the animal feed industry, where they enhance the quality and nutritional value of animal products, further supports market growth. Lastly, advancements in extraction and production technologies are making carotenoids more accessible and cost-effective.

Carotenoids also exhibit pharmaceutical uses, potentially suppressing heart disease and cancer, and helping to cure eye diseases, Parkinson’s disease, Alzheimer’s disease, and macular degeneration. Carotenoid pigments, such as astaxanthin found in microorganisms and marine animals, offer various biological benefits, further increasing demand in the pharmaceutical and food industries.

Regulations significantly impact the global carotenoids market, shaping production, distribution, and application. In the European Union, the use of carotenoids in food and feed is regulated under Regulation (EC) No 1333/2008 on food additives, which mandates strict safety assessments and labeling requirements. Similarly, in the United States, the Food and Drug Administration (FDA) regulates carotenoids under the Food, Drug, and Cosmetic Act, ensuring they meet safety standards for use in food and supplements. These regulations favor natural carotenoids over synthetic ones, driving demand for naturally sourced products. In addition, China's National Food Safety Standard (GB 2760-2014) outlines permissible levels and uses of carotenoids in food, further influencing market dynamics.

Product Insights

The beta-carotene product segment accounted for a 24.7% revenue share in 2023. It is anticipated to witness the fastest growth over the forecast period. This growth is attributed to the health benefits of beta-carotene, which serves as a precursor to vitamin A. Its applications in vision treatment, immune function enhancement, and skin health improvement are driving demand in the food, personal care, and cosmetics sectors. The expansion of these sectors is expected to directly impact the demand for beta-carotene, significantly growing the market.

The lutein product segment is projected to grow with a CAGR of 3.7% from 2024 to 2030. The increasing geriatric population, which has led to a rise in vision-related issues and age-related eye disorders such as cataracts and macular degeneration, is a key driver for this growth. Lutein-rich products play a major role in treating these disorders, boosting their demand. Additionally, the expanding nutraceutical industry and the growing applications of lutein in cognitive function and cardiovascular protection are encouraging manufacturers to adopt lutein in various products, thereby significantly expanding the market.

Application Insights

The food application segment accounted for the largest market revenue share of 33.7% in 2023. This growth is driven by increasing health consciousness among consumers, which boosts demand for natural ingredients and clean-label food products. Carotenes, due to their natural sourcing and extensive use in plant-based diets, are particularly in demand. Additionally, regulatory bodies’ support for promoting natural food products is fostering innovative uses of carotene in food products, significantly expanding the market.

The supplement application segment is projected to experience the fastest growth, with a CAGR of 4.1% from 2024 to 2030. This growth is attributed to rising trends in preventive healthcare, particularly among the aging population. Carotenoids, such as beta-carotene, are appealing to consumers for their vitamin A sources and antioxidant properties, which help maintain skin health, good vision, and immune systems. Ongoing research and studies on carotenoids are leading to innovative formulations and a variety of new products, further encouraging consumer adoption.

Source Insights

The synthetic source segment dominated the market in 2023 driven by emerging markets in food processing and dietary supplements, particularly in regions such as Asia Pacific. These markets are creating new opportunities for industries, increasing market competition, and driving technological advancements to develop high-quality, cost-effective products that comply with safety standards. These factors appeal to consumers, significantly expanding the market.

The natural source segment is anticipated to witness the fastest growth from 2024 to 2030. This growth is influenced by the expanding applications of natural carotenoids in various industries, including cosmetics, pharmaceuticals, and others. This diversification is increasing investment in the market, leading to innovative extraction technologies such as supercritical fluid extraction and enzymatic extraction. These technologies improve product quality and cost-effectiveness, thereby increasing demand in personal care and cosmetics.

Regional Insights

The North American carotenoids market experienced significant growth in 2023. This growth is attributed to the rising popularity of focused diets among younger demographics, who are increasingly inclined towards clean-label products. Regulatory bodies are encouraging manufacturers to adopt carotenoids as alternatives to synthetic additives, further driving demand.

U.S. Carotenoids Market Trends

The U.S. carotenoids market dominated the North American market in 2023 due to the increasing support of regulatory bodies such as the FDA to incorporate carotenoids for manufacturers by providing heavy funding for innovative extraction methods and enhanced formulations.

Europe Carotenoids Market Trends

Europe Carotenoids market accounted for the largest market share of 42.1% in 2023. This growth is primarily driven by the robust animal feed sector, where carotenoids play a crucial role in providing nutrition to livestock. Consequently, the growth of this sector directly impacts the demand for carotenoids. Moreover, the rising awareness of nutritional deficiencies and the expansion of the cosmetics industry are fueling the demand for carotenoids. The market is expected to further propel in the region owing to the ongoing innovations in extraction technologies leading to improved product efficiency and cost-effectiveness.

The UK carotenoids market accounted for the largest share in the region with 24.8% in 2023 due to the promotion of natural colorants such as carotenoids by regulatory bodies and the growing food & beverage industry, which have directly impacted the demand for carotenoids. Furthermore, increasing research and development efforts are improving the extraction process and leading to innovative product development in the local market, thus driving the market growth in the country.

Germany’s carotenoids market is expected to grow fastest in the region with a CAGR of 3.8% from 2024 to 2030. This growth is influenced by the growing demand in country for dietary supplements among the aging population, which increases the demand for products such as astaxanthin and beta-carotene. Moreover, trends leaning towards plant-based diets naturally boost the market demand. These factors combined are expected to propel the market in the country in the coming years.

Asia Pacific Carotenoids Market Trends

Asia Pacific carotenoids market is anticipated to witness fastest growth with a CAGR of 6.7% from 2024 to 2030. This growth is attributed to several factors, including the growing awareness of preventive healthcare, government support for natural ingredients, and rising urbanization and economic development in many countries in the region. These factors are encouraging manufacturers to adopt carotenoids as an alternative to synthetic additives and are increasing the consumption of processed foods and other products, which directly impact the demand for carotenoids, thus significantly driving the market growth in the region.

China's carotenoids market held a substantial market share in 2023, primarily due to the growing applications of carotenoids in animal feed. As China is one of the largest producers of aquaculture and livestock products, the demand for carotenoids is increasing. Furthermore, the rising food and beverage industry is directly impacting the demand for carotenoids due to their natural properties and their role as an alternative to synthetic additives.

Key Carotenoids Company Insights

Some of the key companies in the carotenoids market include DSM, BioExtract, BASF SE, Allied Biotech Corporations, and many other companies. Organizations are focusing on increasing customer base to gain a competitive edge in the industry. Therefore, key players are taking several strategic initiatives, such as mergers and acquisitions, and partnerships with other major companies. 

• Allied Biotech Corporation offers a diversified portfolio including canthtene canthaxanthin for poultry and the aquatic industry, and wide range of carothene powders.

• BioExtract is a offers a wide range of products from different categories such as natural mixed carotenoids, herbal extracts, and other products.

Recent Developments

• In March 2023, NovoNutrients announced a breakthrough in carotenoid production. The company's carbon capture technology upcycles CO2 to produce protein-rich ingredients while simultaneously generating valuable carotenoids. This biomanufacturing platform offers economic, scalable, and sustainable advantages over traditional methods, contributing to a greener future.

Carotenoids Market Report Scope

Global Carotenoids Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global carotenoids market report based on product, application, source, and region:

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Beta Carotene

  • Lutein

  • Lycopene

  • Astaxanthin

  • Zeaxanthin

  • Canthaxanthin

  • Others

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Food

  • Supplements

  • Feed

  • Pharmaceuticals

  • Cosmetics

• Source Outlook (Revenue, USD Million, 2018 - 2030)

  • Natural

  • Synthetic

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Belgium

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • South East Asia

  • Latin America

    • Brazil

    • Argentina

  • Middle East and Africa (MEA)

    • South Africa

    • Saudi Arabia