Carotenoids Market Overview:
Market Research Future (MRFR) is of the view that the carotenoids market will be valued at USD 2.337 billion by analysis period’s end (2024 to 2032). Throughout this period, the market will record a 3.14% CAGR, exhibiting a sluggish but steady growth.
Europe Carotenoids Market stands as a significant player in the global, driven by factors such as increasing health consciousness, changing dietary habits, and a growing demand for natural ingredients in food and supplements. Carotenoids, which are natural pigments found in fruits, vegetables, and algae, are known for their antioxidant properties and health benefits. The European market encompasses a diverse range of carotenoid products, including beta-carotene, lutein, zeaxanthin, and astaxanthin, used in various applications such as food coloring, dietary supplements, and cosmetics. Key drivers of market growth in Europe include rising consumer awareness of the health benefits of carotenoids, increasing adoption of plant-based diets, and growing demand for clean label and natural products. Additionally, factors such as aging populations, rising incidence of chronic diseases, and environmental pollution contribute to the demand for carotenoid-rich products to support overall health and well-being. Market players are investing in research and development to innovate new formulations, extraction methods, and application technologies to meet evolving consumer needs and preferences. Regulatory oversight ensures product safety, quality, and efficacy, fostering consumer trust in the market. Despite challenges such as sourcing limitations and price volatility, the European carotenoids market presents opportunities for growth and expansion as consumers prioritize health and wellness in their lifestyles.
Growth Boosters
The carotenoids market value has been rising in response to the expanding application range in end-use industries including animal feed, pharmaceutical and nutraceuticals, personal care, to name a few. The rising emphasis on preventive healthcare worldwide has also led to higher sales of different carotenoids in the nutraceuticals and pharmaceuticals industry.
The global market size is further enhanced by the growing preference for natural ingredients among people, encouraging industries to focus on higher usage of natural carotenoids. The rapid emergence of the aquaculture industry as a major end-user has also opened up new growth avenues for the worldwide industry.
Opportunities
Latin America and various emerging markets offer a great deal of opportunities to carotenoids companies, thanks to the exploding consumer population concerned with their personal wellness. The blossoming elderly base worldwide also presents a host of attractive opportunities, as sales of healthy-aging ingredients in products continues to mount. The soaring popularity of several online channels are helping players have a higher consumer reach as well.
Regional Analysis:
Europe stands as the global leader, with the biggest share of 30% in the market. The region is viewed as an attractive location for manufacturers, given the escalating intake of nutraceuticals or functional beverages. Carotenoids are gaining traction in aquaculture, backed immensely by the government as well as the green light increasingly being given by prominent regulation bodies such as European Food Safety Agency.
Asia Pacific will be attaining an impressive growth rate in subsequent years, with China presumed to gain considerable grounds in the years ahead. A variety of carotenoids are used in animal feed while the surging government backing and funding for growth of the aquaculture industry. These factors help facilitate exponential market expansion in the region. The surge in sea food consumption further induces significant market growth in Asia Pacific. China accommodates a vast pool of affluent firms that have technically advanced manufacturing facilities, which further adds to the business value. Rising use of carotenoids such as astaxanthin by healthcare professionals, expanding population dealing with nutrition deficiency, and the thriving cosmeceuticals sector that extensively utilize organic resources are elevate APAC’s position in the global market.
Europe to Maintain Second Lead
North America to be a Profitable Market
North America stands as a highly profitable market for astaxanthin and has remained so since 2019. The US stands at the vanguard of the North American market, while Canada is making rapid progress at the same time. Astaxanthin market America, especially US, benefits largely from the soaring number of awareness programs introduced by various non-profit organizations, combined with the existence of a humungous pool of renowned players. The thriving cosmetic industry and its emergence as a key end-user in the region also facilitates market demand.
Key Contenders:
Nutralliance (US), Chr. Hansen Holding A/S (Denmark), BASF SE (Germany), Vinayak Ingredients India Pvt Ltd (India), Kemin Industries Inc. (US), Döhler Group (Germany), Divis Laboratories Ltd. (India), DDW The Colour House (US), Cyanotech Corporation (US), Allied Biotech Corporation (Taiwan), Fuji Chemical Industries Co., Ltd (Japan), Mitsui & Co. (US), ExcelVite Sdn. Bhd. (Malaysia), Koninklijke DSM N.V. (Netherlands), FMC Corporation (US), are identified as the major Key Carotenoids Market Companies developers and distributors in the market.
The carotenoids industry is rife with several players who spend considerably on research and development, while also undertaking initiatives like product launches, expansions, acquisitions, agreements, mergers and partnerships. These strategies not only help these firms bolster their market positions but also boost the astaxanthin market value in the process.
Segmentations:
The Carotenoids Industry has been considered for product type, source, as well as application.
The product type, with respect to carotenoids, are lutein, beta-carotene, astaxanthin, lycopene, canthaxanthin, zeaxanthin, and others.
The major sources of carotenoids in the market are synthetic as well as natural.
Top applications of carotenoids are food & beverages, dietary supplements, pharmaceuticals, personal care, and more.
Recent Developments:
November 2021: Solabia-Algatech Nutrition unveils its latest range of AstaPure Max, which is based on its whole-algae Astapure Arava astaxanthin complex and helps bring down post-exercise muscle fatigue and pain. This latest blend also contains easily absorbable magnesium glycerophosphate as well as vitamin B6 (pyridoxine).
Related Reports:
Nachos Market Research Report Information By Type (Fried, Baked, and Others), By Distribution Channel (Store-Based and Non-Store-Based), By Application (Restaurant and Household), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032
Informations sur le marché du chocolat sans sucre par catégorie (100 % sans sucre, sans sucre ajouté), par ingrédients principaux (fèves de cacao, succédané du sucre, beurre de cacao, graisse et huile, liqueur de cacao et autres), par type (foncé, lait, blanc), canal de distribution (hors magasin, en magasin) et par région - Prévisions jusqu'en 2030
Marktforschungsbericht für gesunde Snacks nach Produkttyp (süß und herzhaft), nach Angaben (glutenfrei und fettarm), nach Verpackung (Gläser und andere) nach Vertriebskanal und Region (Nordamerika, Europa, Asien-Pazifik und RoW) - Prognose bis 2027
About Market Research Future:
Market Research Future (MRFR) is a world-renowned market research company that offers a wide range of services, complete with accurate and precise analysis about diverse markets, sub-markets and target consumers. Our approach is a combination of extensive information and multiple data sources that help provide an exhaustive comprehension about the latest major developments to the client, in addition to future events and what measures and decisions to take on the basis of the same.
Our fast-emerging market research firm is armed with an adept research analysts’ team that focuses on gathering useful data and analytics in terms of economic and technological advances. Our proficient analysts conduct industrial visits in a bid to achieve reliable and accurate information from established market participants. One of our foremost objectives is to keep the client well-versed with all the lucrative opportunities as well as challenges surrounding various global markets. We offer step-by-step guidance to our clients, through consulting and strategic services, enabling them to arrive at a practical and effective decision.
Contact Us:
Market Research Future (part of Wantstats Research and Media Private Limited),
99 Hudson Street, 5Th Floor,
New York, New York 10013
United States of America
+1 628 258 0071