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Pulished Date February, 2020
ID: 2321
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Global Carotenoids Market Segmented by Type (Astaxanthin, Canthaxanthin, Lutein, Beta-Carotene, Lycopene, & Zeaxanthin), by Application (Food & Beverages, Dietary Supplements, Animal Feed and Pharmaceuticals and others), By Sources (Natural and Synthetic) and by Regional Analysis (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast (2020 – 2025)

Pulished: February, 2020
ID: 2321
Pages: 175

Carotenoids Market Growth and Forecast (2020-2025):

The global Carotenoids market size was estimated to be USD 1.57 billion in 2020, and it is likely to reach a valuation of USD 2.09 billion by the end of 2025, rising at a CAGR of 4.5% during the forecast period. Greater use of natural carotenoids as a food coloring and innovation in the technology used to extract carotenoids.

Carotenoids Market

Market Overview:

Carotenoids are plant pigments that exhibit red, yellow, and orange color in many fruits and vegetables. This pigment plays a vital role in plant health. Also, people who eat foods that contain carotenoids protect their health. Carotenoids are also found in plant chloroplasts and chromosomes and other photosynthetic organisms such as some bacteria and fungi. They act as antioxidants in the body, preventing cell damage, the effects of aging, and some chronic diseases. They can assemble into the fat and other basic organic metabolic building blocks of these organisms. Carotenoids are essential for properties like color of carrots, corn, egg yolks, buttercups, canaries, daffodils, and bananas. As an antioxidant, carotenoids are useful for protecting eyesight and fighting cell damage. The carotenoids found in tomatoes help keep the liver, prostate, breast, colon, and lungs healthy.

Recent Developments in Carotenoids Industry:

  • In March 2019, Kemin Industries launched Organic KEM GLO, and a USDA certified organic carotenoid that helps organic egg producers improve the color of egg yolks. This will help the company take the lead in the carotenoid market.
  • In April 2019, the Döhler Group was headquartered at Zumos Catalano Aragoneses S.A., based in Spain. (ZUCASA) has acquired the majority of its shares. This will help companies increase their presence in the fruit and carotenoid sectors.
  • In April 2019, Zhejiang NHU Co. Ltd partnered with LJ Ingredients (Denmark). Through this collaboration, LJ Ingredients is now considered as the exclusive sales agent for the firm's beta-carotene products in Europe.
  • DDW The Color House took over Du Pont Natural Colors (Denmark) in June 2019, strengthening the company's presence in the global market. This acquisition will help expand your portfolio with new products.
  • April 2019 ExcelVite Sdn. Bhd., In collaboration with the United States Pharmacopeia, published an original article on plant carotene. It was developed based on the EVTene mixed carotene complex.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2019 – 2025

Base Year

2019

Forecast Period

2020 - 2025

CAGR

4.5%

Segments Covered

By Type, Application, Sources and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

Market Leaders Profiled

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

Carotenoids Market Growth:

The growing demand for antioxidants, micronutrients, and vitamins will accelerate product adoption in countless end-use applications.

Drivers:

Increased health problems are expected to lead to increased demand for healthy foods and natural foods and increased consumption of supplements. Carotenoids are, in general, organic pigments that are available in several plants and organisms. This product acts as an antioxidant and protects the body from the effects of chronic disease, cell damage, and aging. Due to the increase in health problems and increasing use of dietary supplements, increases the market demand. The main driver of the industry is the importance of carotenoids in the treatment of diabetes, cancer and eye disorders. The health benefits of carotenoids in human food have become increasingly misleading in recent years and are frequently preventing many major health disorders. The higher the carotenoid awareness intake, the more it helps the body rejuvenate by promoting the growth of healthy cells and preventing the growth of unhealthy cells. This has resulted in the growth of the market by increasing the consumption of carotenoids in human food.

The increased demand for animal protein and dairy products will support the growth of the carotenoid market during the forecast period. Carotenoids are included in animal feed to improve the skin color of broilers, such as poultry, fish and shrimp, fish, egg yolks, and crustaceans. Furthermore, the ability of carotenoids to improve fertility and support healthy body functions will further increase penetration into the animal feed sector. As the prevalence of cancer, obesity, and diabetes increased, a paradigm shift toward carotenoid use began. Positive impact due to the application of this product in various end-use sectors like food and beverages, pharmaceuticals, feed, cosmetics, and dietary supplements, is likely to fuel this market boom. Additionally, government efforts to promote a healthy diet to reduce the side effects of diseases caused by obesity will support industrial expansion. As the demand for skincare products increases due to various weather conditions, the use of carotenoids such as phytoene and phytofluene is recommended due to their ultraviolet absorbing properties.

Exposure to UV light is an essential factor in making skin cells cancerous. As awareness of the adverse effects of UV light increases, the demand for carotenoid-enhanced skincare products is supported, accelerating market growth, and the market is driven by substantial investment in research and development of new products. This prompted an investigation of microbial products as a means of obtaining better yields. Overall industrial growth is accelerating with the expansion of production facilities and product innovation. Technological advances in synthetic engineering will support market growth because it can reduce the cost of producing synthetic derivatives.

Restraints:

Strict regulatory and approval standards are expected to disrupt demand for products in the coming years. The expensive unregulated utilization costs and related health risks are suspected of challenging demand for carotenoids in the coming years.

Carotenoids Market Segmentation Analysis:

By Type:

  • Astaxanthin           
  • Canthaxanthin      
  • Lutein      
  • Beta-Carotene      
  • Lycopene
  • Zeaxanthin       

By Application:

  • Food & Beverages
  • Dietary Supplements           
  • Cosmetics
  • Animal Feed          
  • Pharmaceuticals   

By Sources:

  • Natural    
  • Synthetic 

Geographical Segmentation Analysis:

  • North America - the United States and Canada
  • Europe - United Kingdom, Spain, Germany, Italy, and France
  • The Asia Pacific - India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia
  • Latin America  - Brazil, Argentina, Mexico, and Rest of LATAM
  • The Middle East and Africa - Africa and Middle East (Saudi Arabia, UAE, Lebanon, Jordan, Cyprus)

Regional Analysis:

As demand for clean-label food and health awareness increases, there is the largest carotenoid market in North America and Europe. In addition, in the UK, concerns about food safety are on the rise, pushing manufacturers to adopt clean labels, creating a demand for natural colors. Europe was the leading regional market and is expected to experience steady sales growth as demand for dietary supplements and animal feed increases. The well-established cosmetic industry due to the presence of major manufacturers such as L'Oréal, Unilever, Beiersdorf and Henkel is assumed to be an essential factor influencing growth in the region. The Asia Pacific region is an emerging market, and more and more consumers are taking preventative measures in the form of dietary supplements to prevent disease.

The Asia Pacific region is expected to benefit from the increased use of these additives in the food, supplement, food, pharmaceutical and cosmetic sectors. The business is foreseen to be driven by technological advances, industrial growth, economic growth, and low production costs in countries like China, Japan, and India. Recent changes in consumer lifestyles around the world and food intake have resulted in the development of the carotenoid business in the Asia Pacific area. The growth of the pharmaceutical and energy industries has also experienced substantial growth in South America. The rise in the middle-class population, educational sector growth and surge in disposable income in the area, have improved consumer awareness towards health and advantages of dietary supplements.

Key Players in the Market:

Major Key Players in the Global Carotenoids Market are

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

 

 

 

1. Introduction                                

               1.1 Market Definition                    

               1.2 Study Deliverables                  

               1.3 Base Currency, Base Year and Forecast Periods                          

               1.4 General Study Assumptions                 

2. Research Methodology                                          

               2.1 Introduction                             

               2.2 Research Phases                      

                              2.2.1 Secondary Research           

                              2.2.2 Primary Research 

                              2.2.3 Econometric Modelling      

                              2.2.4 Expert Validation  

               2.3 Analysis Design                        

               2.4 Study Timeline                         

3. Overview                                     

               3.1 Executive Summary                

               3.2 Key Inferences                         

               3.3 Epidemology                            

4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)                                    

               4.1 Market Drivers                         

               4.2 Market Restraints                   

               4.3 Key Challenges                         

               4.4 Current Opportunities in the Market               

5. Market Segmentation                                            

               5.1 By Type                       

                              5.1.1 Introduction           

                              5.1.2 Astaxanthin            

                              5.1.3 Canthaxanthin       

                              5.1.4 Lutein       

                              5.1.5 Beta-Carotene       

                              5.1.6 Lycopene 

                              5.1.7 Zeaxanthin             

                              5.1.8 Y-o-Y Growth Analysis        

                              5.1.9 Market Attractiveness Analysis       

                              5.1.10 Market Share Analysis      

               5.2 By Application                          

                              5.2.1 Introduction           

                              5.2.2 Food & Beverages

                              5.2.3 Deitary Suppliments            

                              5.2.4 Cosmetics

                              5.2.5 Animal Feed           

                              5.2.6 Pharmaceuticals    

                              5.2.7 Y-o-Y Growth Analysis        

                              5.2.8 Market Attractiveness Analysis       

                              5.2.9 Market Share Analysis        

               5.3 By Sources                 

                              5.3.1 Introduction           

                              5.3.2 Natural     

                              5.3.3 Synthetic  

                              5.3.4 Y-o-Y Growth Analysis        

                              5.3.5 Market Attractiveness Analysis       

                              5.3.6 Market Share Analysis        

6. Geographical Analysis                                            

               6.1 Introduction                             

                              6.1.1 Regional Trends    

                              6.1.2 Impact Analysis     

                              6.1.3 Y-o-Y Growth Analysis        

                                             6.1.3.1 By Geographical Area

                                             6.1.3.2 By Type

                                             6.1.3.3 By Application

                                             6.1.3.4 By Souces

                              6.1.4  Market Attractiveness Analysis      

                                             6.1.4.1 By Geographical Area

                                             6.1.4.2 By Type

                                             6.1.4.3 By Application

                                             6.1.4.4 By Souces

                              6.1.5  Market Share Analysis       

                                             6.1.5.1 By Geographical Area

                                             6.1.5.2 By Type

                                             6.1.5.3 By Application

                                             6.1.5.4 By Souces

               6.2 North America                         

                              6.1.1 Introduction           

                              6.1.2 United States         

                              6.1.3 Canada     

               6.3 Europe                        

                              6.2.1 Introduction           

                              6.2.2 U.K            

                              6.2.3 Spain         

                              6.2.4 Germany  

                              6.2.5 Italy           

                              6.2.6 France      

               6.4 Asia-Pacific                

                              6.3.1 Introduction           

                              6.3.2 China        

                              6.3.3 India         

                              6.3.4 Japan        

                              6.3.5 Australia   

                              6.3.6 South Korea           

               6.5 Latin America                           

                              6.4.1 Introduction           

                              6.4.2 Brazil         

                              6.4.3 Argentina 

                              6.4.4 Mexico     

                              6.4.5 Rest of Latin America          

               6.6 Middle East & Africa              

                              6.5.1 Introduction           

                              6.5.2 Middle-East           

                              6.5.3 Africa        

7. Strategic Analysis                                      

               7.1 PESTLE analysis                        

                              7.1.1 Political    

                              7.1.2 Economic 

                              7.1.3 Social        

                              7.1.4 Technological        

                              7.1.5 Legal         

                              7.1.6 Environmental       

               7.2 Porter’s Five analysis                             

                              7.2.1 Bargaining Power of Suppliers         

                              7.2.2 Bargaining Power of Consumers     

                              7.2.3 Threat of New Entrants      

                              7.2.4 Threat of Substitute Products and Services

                              7.2.5 Competitive Rivalry within the Industry      

8. Market Leader Analysis                                          

               8.1 BASF SE                      

                              8.1.1 Overview 

                              8.1.2 Product Analysis   

                              8.1.3 Financial analysis  

                              8.1.4 Recent Developments        

                              8.1.5 SWOT analysis       

                              8.1.6 Analyst View          

               8.2 Brenntag, Kemin Industries                 

               8.3 Cyanotech Corp                       

               8.4 ExcelVite Sdn. Bhd.                 

               8.5  Chr. Hansen                             

               8.6 D.D. Williamson                      

               8.7 Allied Biotech                          

               8.8 Divis Laboratories                   

               8.9 DSM Nutritional Products                   

               8.10 Naturex SA                             

9. Competitive Landscape                                         

               9.1 Market share analysis                           

               9.2 Merger and Acquisition Analysis                       

               9.3 Agreements, collaborations and Joint Ventures                          

               9.4 New Product Launches                         

10. Market Outlook and Investment Opportunities                                         

Appendix                                          

               a) List of Tables                

               b) List of Figures                             

 

  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • The Segment-level analysis in terms of By Type, Application, Sources and along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market

 

 

  1. Global Carotenoids Market By Region, From 2020-2025 ( USD Billion )
  2. Global Carotenoids Market By Type, From 2020-2025 ( USD Billion )
  3. Global Astaxanthin Market By Region, From 2020-2025 ( USD Billion )
  4. Global Canthaxanthin Market By Region, From 2020-2025 ( USD Billion )
  5. Global Lutein Market By Region, From 2020-2025 ( USD Billion )
  6. Global Beta-Carotene Market By Region, From 2020-2025 ( USD Billion )
  7. Global Lycopene Market By Region, From 2020-2025 ( USD Billion )
  8. Global Zeaxanthin Market By Region, From 2020-2025 ( USD Billion )
  9. Global Carotenoids Market By Application, From 2020-2025 ( USD Billion )
  10. Global Food & Beverages Market By Region, From 2020-2025 ( USD Billion )
  11. Global Dietary Supplements Market By Region, From 2020-2025 ( USD Billion )
  12. Global Animal Feed Market By Region, From 2020-2025 ( USD Billion )
  13. Global Pharmaceuticals Market By Region, From 2020-2025 ( USD Billion )
  14. Global Others Market By Region, From 2020-2025 ( USD Billion )
  15. Global Carotenoids Market By Sources, From 2020-2025 ( USD Billion )
  16. Global Natural Market By Region, From 2020-2025 ( USD Billion )
  17. Global Synthetic Market By Region, From 2020-2025 ( USD Billion )

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