Carotenoids 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

Report Overview

The global carotenoids market size was estimated at USD 1.21 billion in 2015 and is expected to witness significant growth on account of its rising usage in various applications including food, animal feed, dietary supplements, pharmaceuticals, and cosmetics. Increasing demand for healthy & natural food along with supplement consumption on account of rising health issues is likely to spur growth.

U.S. carotenoids market revenue, by product, 2014 - 2025 (USD Million)

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.

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.

Product Insights

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.

Source Insights

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.

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.

Application Insights

Animal feed was the prominent segment and accounted for 41% of the overall revenue share in 2015. Animals require carotenoids as their bodies cannot produce these essential nutrients; therefore, these nutrients are added to animal feed as they provide immunity against diseases, which in turn, will drive growth over the forecast period.

Global carotenoids market volume, by application, 2015 (%)

Dietary supplements are expected to witness significant gains owing to rising health consciousness and changing lifestyles of the consumers. Carotenoids are key additives used in human health supplements on account of their benefits which include immunity enhancement and richness in vitamins, which in turn, will promote demand over the forecast period.

Regional Insights

Asia Pacific is expected to show high gains on account of growing usage of these additives in feed, supplement, food, pharmaceutical, and cosmetic applications. The industry is anticipated to be driven by technological advancements, industrial growth, economic growth, and low costs of production in countries such as China, Japan, and India.

The growing middle-class population, educational development, and the rising disposable incomes in the region have led to rising consumer awareness regarding the health benefits of dietary supplements. Moreover, the presence of major pharmaceutical companies such as Dr. Reddy's Laboratories, Cipla, Sun Pharmaceutical, GSK, Roche, and Novo Nordisk will further aid in market growth.

Europe was the largest market and is expected to witness steady revenue growth at a CAGR of 3.8% from 2016 to 2025 in light of rising demand for health supplements and animal feed. Well-established cosmetics industry owing to the presence of key manufacturers such as L'Oréal, Unilever, Beiersdorf, and Henkel is anticipated to be a major factor influencing growth in the region.

Carotenoids Market Share Insights

The key industry players include 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. These players are focusing on product innovation and partnerships as prime strategies for increasing their presence in the global market.

Carotenoids Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the carotenoids market on the basis of source, product, application, and region:

• Source Outlook (Volume, Tons; Revenue, USD Million; 2014 - 2025)

  • Natural

  • Synthetic

• Product Outlook (Volume, Tons; Revenue, USD Million; 2014 - 2025)

  • Beta-carotene

  • Lutein

  • Lycopene

  • Astaxanthin

  • Zeaxanthin

  • Canthaxanthin

  • Others

• Application Outlook (Volume, Tons; Revenue, USD Million; 2014 - 2025)

  • Food

  • Supplements

  • Feed

  • Pharmaceuticals

  • Cosmetics

• Regional Outlook (Volume, Tons; Revenue, USD Million; 2014 - 2025)

  • North America

    • The U.S.

  • Europe

    • Germany

    • The U.K.

  • Asia Pacific

    • China

    • India

  • Central & South America

    • Brazil

  • Middle East & Africa