CHICAGO, May 21, 2024
/PRNewswire/ -- The Carotenoids Market is estimated at
USD 2.5 billion in 2024 and is
projected to reach USD 3.4 billion by
2029, at a CAGR of 6.3% from 2024 to 2029 according to a report
published by MarketsandMarkets™. The carotenoids market is
experiencing significant growth due to several key factors driving
demand. Firstly, there is a growing awareness and preference among
consumers for natural and clean label products, particularly in the
food, beverage, and cosmetics industries. Carotenoids, being
natural pigments found in fruits, vegetables, and algae, are
increasingly sought after as natural colorants and antioxidants,
contributing to the market's expansion. Moreover, with rising
health concerns and an increasing emphasis on preventive
healthcare, the nutritional benefits of carotenoids, such as their
role in supporting eye health and boosting the immune system, have
garnered significant attention. Additionally, advancements in
extraction and encapsulation technologies have enhanced the
availability and efficacy of carotenoids in various applications,
further fueling market growth. Furthermore, the expanding use of
carotenoids in animal feed to improve animal health and enhance the
color of poultry and fish products has contributed to the market's
expansion.
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By source, the natural segment is expected to grow at the
highest CAGR during the forecast period in terms of value.
Increasing consumer demand for natural and clean label products,
fueled by growing health awareness and apprehensions regarding
synthetic additives, is driving the preference for natural
carotenoids. Regulatory agencies and health associations are
endorsing the use of natural ingredients in food and supplements,
amplifying the demand for natural carotenoids. Enhanced extraction
techniques and intensified research and development endeavors have
streamlined the production of natural carotenoids, making it more
cost-effective and efficient. Consequently, these factors have
propelled the natural segment to exhibit a superior CAGR in the
carotenoids market in contrast to the synthetic segment.
By formulation, beadlet segment is estimated to grow at the
highest CAGR during the forecast period.
Beadlet formulations present several advantages, including
enhanced stability, improved bioavailability, and ease of
integration into diverse food and beverage items. These qualities
make them highly attractive to manufacturers seeking efficient
methods to enrich their products with carotenoids. Recent
advancements in beadlet formulation techniques have resulted in the
creation of innovative and cost-effective production processes,
stimulating market expansion. Furthermore, rising consumer
awareness of carotenoids' health benefits, such as their
antioxidant properties and support for eye health, has driven
demand for products fortified with these compounds. Regulatory
efforts advocating for natural ingredients in food and supplements
have additionally propelled the beadlet segment, as beadlet
formulations often utilize naturally sourced carotenoids.
By type, the astaxanthin segment is estimated to dominate the
carotenoids market.
The dominance of the astaxanthin segment in the carotenoids
market can be attributed to several factors. Astaxanthin is a
potent antioxidant with various health benefits, including
anti-inflammatory properties and support for cardiovascular health.
Its unique molecular structure allows it to provide superior
antioxidant activity compared to other carotenoids, making it
highly desirable for consumers seeking natural supplements to
improve overall health and well-being. Moreover, astaxanthin is
commonly derived from natural sources such as microalgae and
certain seafood, aligning with the growing consumer preference for
natural and sustainable products. This natural sourcing contributes
to the perceived purity and effectiveness of astaxanthin
supplements, further driving its popularity in the market.
Additionally, research highlighting astaxanthin's potential
benefits for skin health, eye health, and athletic performance has
fueled consumer interest and demand for products containing this
carotenoid. Furthermore, advancements in extraction technologies
and production processes have improved the availability and
affordability of astaxanthin supplements, expanding its market
reach.
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The Asia Pacific region is
projected to have the fastest growth in terms of value.
The Asia Pacific region is
experiencing a surge in consumer awareness about the health
advantages of carotenoids, driving up demand for natural food
additives and supplements. Rapid urbanization and the expansion of
the middle class, particularly in countries like China, India,
and Japan, are altering dietary
preferences, with consumers increasingly seeking out products
enriched with carotenoids for their antioxidant properties and
potential health benefits. This shift has spurred significant
growth in the food and beverage industry across the region, where
manufacturers are integrating carotenoids into various products,
including beverages, snacks, and dairy items, to cater to the
growing demand for natural and healthful ingredients. Furthermore,
supportive government regulations and initiatives promoting the
adoption of natural ingredients in food and supplements are further
propelling the expansion of the carotenoids market in the
Asia Pacific region. Consequently,
these combined factors are driving the highest CAGR observed in the
carotenoids market in Asia Pacific
compared to other regions.
Key players in the carotenoids market include DSM (Netherlands), BASF SE (Germany), Cyanotech Corporation (US), Givaudan
(Switzerland), ADM (US), Zhejiang NHU Co. Ltd
(China), Divi's Laboratories
Limited (India), Allied Biotech
Corporation (Taiwan), Lycored
(US), Kemin Industries, Inc. (US), Fuji Chemical Industry Co Ltd.
(Japan), EW Nutrition
(Germany), Döhler Group
(Germany), ExcelVite (Malysia),
and Farbest Brands (US).
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