Meticulous Research®—a leading global market research company, published a research report titled, ‘Carotenoids Market by Type (Astaxanthin, Beta-carotene, Lutein, Lycopene, Zeaxanthin), Form (Beadlets, Liquid), Source (Synthetic, Natural), Application (Feed, Food & Beverages, Dietary Supplements, Cosmetics, Pharmaceuticals) - Global Forecasts to 2030.’
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Meticulous Research® has released a new report predicting that the global carotenoids market will grow to $2.26 billion by 2030, with a compound annual growth rate (CAGR) of 3.8% from 2023 to 2030. Key factors driving this growth include the rising demand for natural colorants, increasing prevalence of eye diseases and cancer, growing awareness of clean-label products, and the surging popularity of natural skincare cosmetics
Growth Drivers and Opportunities
The carotenoids market is set to benefit from expanding use in aquaculture and significant growth opportunities in regions such as Asia-Pacific, Latin America, and the Middle East & Africa. However, challenges like stringent regulatory norms and the high costs associated with natural pigments persist.
Type Segmentation
Astaxanthin: Expected to dominate the market in 2023 due to its high demand in nutraceutical applications, cancer treatment, and extensive use in aquaculture and animal feed industries.
Lutein: Projected for significant growth thanks to its effectiveness in treating age-related eye disorders like cataracts and macular degeneration.
Beadlets: Predicted to lead in 2023 due to benefits such as increased stability, high purity, and enhanced shelf life. These carotenoids, developed from spray drying technology, offer excellent flow properties and durability under high pressure.
Natural Carotenoids: Anticipated to grow rapidly due to consumer preference for natural ingredients in food & beverages, cosmetics, pharmaceuticals, and other products. Their unique antioxidant and coloring properties and suitability for production in ideal cell factories drive this segment's expansion.
Application Segmentation
Feed: Expected to hold the largest market share in 2023, driven by the growth of the aquaculture industry, increased seafood consumption, compound feed production, and demand for nutritious animal feed.
Dietary Supplements: Predicted to grow significantly due to the prevalence of chronic diseases and a shift towards natural carotenoids fueled by rising health awareness.
Geographic Segmentation
Europe: Forecasted to hold the largest market share in 2023, thanks to its robust food & beverage industry, rising health and wellness trends, increased meat consumption, high feed production, and established cosmetics industry. The aging population in Europe has also spurred demand for lutein, lycopene, and beta-carotene to manage cataracts and reduce the risk of diabetes, cancer, and cardiovascular diseases.
Key Players
Allied Biotech Corporation (China)BASF SE (Germany)Chr. Hansen Holding A/S (Denmark)Cyanotech Corporation (U.S.)DDW, Inc. (U.S.)Deinove SA (France)Divi's Laboratories Limited (India)Döhler GmbH (Germany)ExcelVite Sdn. Bhd. (Malaysia)Kemin Industries, Inc.(U.S.)Koninklijke DSM N.V. (Netherlands)Lycored Corp. (Israel)Novus International, Inc. (U.S.)Vidya Europe SAS (France)Zhejiang NHU Co., Ltd. (China)
The global carotenoids market is poised for robust growth, driven by advancements in applications and increasing consumer demand for natural, health-promoting products. Despite regulatory and cost challenges, the market's expansion into emerging economies and the integration of innovative technologies present a promising future.
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