Carotenoid - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2025 - 2030)

The Carotenoid Market is expected to register a CAGR of 4.64% during the forecast period.

The market is primarily driven by the increasing demand for carotenoids in different food and beverage applications. The shift in consumer preferences toward natural and organic products due to the rising health consciousness is another primary factor behind significant market growth. Carotenoids are used in bakery, confectionery, soft drinks, and beverages as food colorants.

In the cosmetic industry, carotenoids are used for their anti-aging and skin-protective properties. Products containing carotenoids are marketed for their ability to provide a healthy skin glow and protect against UV damage. Prominent market players are launching new products to uphold their position in the market. For instance, in March 2023, Symrise Company introduced a new ingredient named Diana food, which is bioactive, developed using carotenoids, and compatible with skincare products that target anti-aging, skin brightening, and skin conditioning.

The dietary supplements market is expanding rapidly, with carotenoids being key ingredients due to their health benefits. Supplements containing carotenoids are popular for supporting vision, skin health, and overall wellness. Carotenoids, such as carotene, zeaxanthin, lutein, and pro-vitamin A, are naturally found in the human eye's retina. Therefore, using carotenoids in over-the-counter (OTC) dietary supplements aids in the prevention of several diseases, including macular degeneration, heart disease, and cancer. In addition, the need for carotenoids increases with the rise of preventive healthcare.

Carotenoid Market Trends

Increasing Demand for Dietary Supplements is Expected to Boost the Market's Growth

Carotenoids are widely used in health and wellness products and dietary supplements because of their antioxidant properties, offering a range of health benefits. Carotenoids decrease the risk of certain diseases, particularly cancers and eye diseases. They also aid in strengthening the immune system by supporting the production of specific kinds of white blood cells. Oral carotenoid supplements help cardiovascular functions by protecting arterial walls and managing healthy blood cholesterol levels. Therefore, increasing awareness of these health benefits and rising health consciousness among consumers is driving the market's growth.

Moreover, with the increasing consumer spending on skincare products for better skin health, beauty product manufacturers are formulating products using carotenoids due to their functional benefits. For instance, in December 2023, Sun Chemical expanded its SunPURO Naturals product line to meet the beauty industry’s growing need for responsibly sourced natural colorants in cosmetic and personal care formulations. The new launch products include SunPURO® Natural Carotene O N70-2317 and SunPURO® Natural Carotene BTO N70-2527. Such innovations are expected to influence the market positively in the coming years.

Europe is Expected to Dominate the Market

Europe is the largest market for carotenoids, primarily due to the rise of the health-conscious population. The biological properties of carotenoids allow for a wide range of commercial applications. The main applications of carotenoids are in dietary supplements, fortified foods, food coloring, animal feed, pharmaceuticals, and cosmetics.

Consumers are increasingly scrutinizing ingredient lists and are increasingly inclined toward clean-label products. Carotenoids, natural colorants sourced from fruits and vegetables, resonate with this preference and are used by food and beverage manufacturers as alternatives to synthetic colors and additives in soft drinks. For instance, according to the Union of European Beverages Associations (UNESDA), the annual consumption of soft drinks in the European Union (EU) was estimated to be 51.88 billion liters in 2022, which increased from 48.66 billion liters in 2021.

Additionally, the ongoing exploration of novel ingredients and formulations propels the adoption of carotenoids in the pharmaceutical industry. As research focuses on identifying effective natural ingredients, carotenoids emerge as a compelling option. New ways to produce carotenoids from different sources and increasing research and developments of carotenoids are expected to fuel the market's growth. According to the European Commission, Spanish researchers have developed a system to produce lutein from the green algae murieollopsis for its pharmaceutical use. The researchers also claimed that this lutein can protect consumers from diseases, including cataracts and macular degeneration.

Carotenoid Industry Overview

The beta-carotene market is concentrated, with the major players occupying the largest share of the market. Some key players in the market are BASF, Koninklijke DSM NV, Givaudan SA, Döhler Group SE, and Sensient Technologies Co. The major players in the market are indulging in strategies like product launches, mergers and acquisitions, and expansions to establish a solid consumer base. In addition, companies are increasing their investments in research and development (R&D) and are expanding their distribution channels to maintain their position in the market. Moreover, companies are launching campaigns to increase consumer awareness. For instance, in December 2023, the ingredient supplier OmniActive launched the "Lutein for Every Age" initiative. This campaign aims to raise awareness about the importance of lutein and zeaxanthin intake to help support eye, cognitive, and general health.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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