Carotenoids Market Size, Trends and Insights By Product Type (Astaxanthin, Beta-Carotene, Lutein, Lycopene, Canthaxanthin, Zeaxanthin), By Source (Natural , Synthetic), By Application (Feed, Food & Beverages, Dietary Supplements, Cosmetics, Pharmaceuticals), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030


Report Code: CMI18639

Published Date: September 2022

Pages: 220+

Category: Food & Beverages

Report Snapshot

CAGR: 3.5%
1.5 B
2021
1.6 B
2022
2.1 B
2030

Source: CMI

Study Period: 2022-2030
Fastest Growing Market: Asia-Pacific
Largest Market: Europe

Major Players

  • Koninklijke DSM
  • BASF
  • Hansen
  • Kemin Industries
  • Others

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Reports Description

According to Custom Market Insights (CMI), The Global Carotenoid Market Size was valued at USD 1.5 billion in 2021 and is expected to reach USD 1.6 billion in 2022 and is estimated to reach USD 2.1 billion by the end of 2030 at a CAGR of approximately 3.5% during the forecast period 2022-2030.

Carotenoids are the pigments in photosynthetic organisms that are crucial for exhibiting photosynthesis. Carotenoid stains are found in plants, fungi, algae, and cyanobacteria. It is also found in non-synthetic organisms, including different strains of bacteria and various animals that depend on food-borne carotenoids. 

Carotenoids Technology Market

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Carotenoids have numerous medicinal properties that can prevent heart and cancer and treat eye disorders, Parkinson’s disease, Alzheimer’s disease, and macular denegation. Besides that, carotenoid pigments have high anti-oxidant properties, which also help reduce aging. Astaxanthin is a type of xanthophyll carotenoid pigment mainly found in marine animals and microorganisms. Various research claims that there are multiple biological benefits of these fat-soluble pigments. Therefore, there is a massive demand for carotenoid pigments in the market due to their extensive properties, and they play a crucial role in the food industry.

Growth Factors 

The rapid occurrence of certain diseases has led to a massive demand for carotenoids across the food and beverage industry.

Carotenoid is an intense pigment that is helpful in the treatment of several conditions, including cancer, eye disease, heart disorder, Alzheimer’s disease, etc., which drives the market growth for pigment. Carotenoid is often used in food and beverage industries mixed with organic and superfoods that help to fight diseases.

The massive demand for carotenoid pigments across cosmetic industries drives the market growth for carotenoids. 

The surge in demand for natural pigments instead of chemical colors has led to a massive demand for carotenoid pigments across the cosmetic industry. Nowadays, people are more concerned about their skin and demand natural-based products, due to which carotenoid is used in most cosmetic industries as it is a natural coloring agent.

The increased concern for immunity and gut health drives the market growth for carotenoid pigments.

The rise in concern over immunity and digestive health has led to the production of fortified food products which contain carotenoids in their composition. The carotenoid has the natural ability to fight multiple diseases, including heart and eye diseases.

The rapid demand for anti-oxidant-rich products and dietary-rich supplements is likely to propel the market growth.

Demand for anti-oxidant-rich foods and dietary supplements to gain additional nutrients propels the market growth for carotenoid pigments across food and pharmaceutical industries.

Carotenoids Market Segmentation

The carotenoids market is segmented based on product type, Source, Application, and region.

Carotenoids Market (By Source )

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Market segmentation based on Product Type

Based on product type, the market is segmented into beta-carotene, lutein, astaxanthin, and lycopene. Regarding revenue, the beta-carotene segment has held the largest market share in 2021 and continues to dominate the market with a significant CAGR during the forecast period. The growth of this segment can be attributed to the rise in awareness among consumers regarding the consumption of healthy and organic foods which contain carotene and other essential nutrient elements. In addition, multiple researchers have claimed that beta-carotene is a potent nutrient to reduce oxidative stress. Therefore, integrating beta-carotene as a food additive drives the market growth for the segment.                       

Market segmentation based on Source

Based on the Source, the carotenoid market is segmented into synthetic and natural. The synthetic segment has dominated the market in 2021 and is expected to generate significant revenues during the forecast period. This can be attributed to the low-cost production and ease of extraction process of the synthetic carotenoids. The synthetic carotenoid consists of carotenoid pigments altered in laboratories and modified in different forms to be used as a dietary supplement.

Market segmentation based on Application

Based on Application, the carotenoid market is bifurcated into the food and beverage industry, feed industry, pharmaceutical products, dietary supplements, cosmetic and personal care, and other applications. The food and beverage industry has been the leading segment since 2021 and is expected to dominate the market during the forecast period. This can be attributed to the rise in demand for fortified and functional foods across the globe, which boosts the market growth for the food and beverage segment.

Carotenoids Market (By Application )

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The segment is projected to reach USD 2500 million by the end of 2031. The carotenoid pigments are extracted from the plants through the natural process and are widely used by the food and beverage industries due to their nutritional properties. 

Report Scope

Feature of the Report Details
Market Size in 2021 USD 1.5 Billion
Projected Market Size in 2030 USD 2.1 Billion
CAGR Growth Rate 3.5% CAGR
Base Year 2021
Forecast Period 2022-2030
Prominent Players Koninklijke DSM, BASF, Chr. Hanse, Kemin Industries, Lycored Limited, Cyanotech Corporation, Fuji Chemical Industry Co Ltd, Novus International, DDW The Color House, Dohler Grou, Allied Biotech Corporation, E.I.D Parry, Farbest Brands, Excelvite Sdn. Bhd., AlgaTechnologies Ltd., and Others
Key Segment By Product Type, Sourc, Application, and Region
Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
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Regional Insights

Based on region, the market is distributed across North America, Asia-Pacific, Europe and LAMEA. Regarding revenue, Europe occupied the largest market share, with 39% of revenue shares in 2021 and is expected to expand its market share during the forecast period. The attributive factors include the increased demand for health supplements and the development of animal feed industries.

Carotenoids Market (trends by region)

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The rise in the cosmetic industry across Europe also drives the market growth for carotenoid pigments across such regions. The rise in health concerns regarding the use of food colors has also led to increased demand for carotenoid pigments across food industries in Europe, as the carotenoid pigment is a used natural food coloring agent. Apart from that, the increased popularity of dietary supplements across Europe has led to the growth of the carotenoid pigment market. Beta carotene red colored pigment found in fruits and plants, which also drives the market growth across such regions. The carotenoid provides specific flavors and essence to the food according to different preferences.

 

Key Players

  • Koninklijke DSM
  • BASF
  • Hansen
  • Kemin Industries
  • Lycored Limited
  • Cyanotech Corporation
  • Fuji Chemical Industry Co Ltd
  • Novus International
  • DDW The Color House
  • Dohler Group
  • Allied Biotech Corporation
  • I.D Parry
  • Farbest Brands
  • Excelvite Sdn. Bhd.
  • AlgaTechnologies Ltd.

Covid-19 impact on the carotenoids market

During the pandemic or covid, the carotenoid market was moderately affected, which led to a temporary decline. The restriction in movement due to the lockdown caused a disruption in the supply chain at the global level. The shutdown of several production facilities also affected the supply chain of raw materials. The temporary restriction in the export-import procedure across world borders has hampered the global market growth of carotenoid pigments. However, the demand for food as an essential commodity has increased natural carotenoids across the food industries. 

Key Insights

  • Based on type, the beta carotene segment has accounted for the 25% of the global market share as of 2021.
  • As per the source, the synthetic segment has dominated the market, which stood at USD 1901.1 million in 2021.
  • Based on the application, the food and beverage segment has held the largest market share, with 40% of the revenue share in the base year. It is further expected to expand during the forecast period.
  • Europe has the largest market share, with 39% of the total carotenoid market.

Recent Developments 

  • In June 2019, DDW Color House acquired Du Point Natural Colours to enhance its product portfolio across the global market. This acquisition is likely to strengthen the company’s position on a global scale.
  • In May 2019, Algatech introduced a new AstaPure-EyeQ, a natural astaxanthin powder that can cure eye and brain-related diseases. The newly launched product is a type of microencapsulated powder which is clinically approved.
  • In October 2020, Cyanotech Corporation declared the emergence of BioAstin Astaxanthin as a novel water disposable powder. The BioAstin brand currently provides a novel water-dispersible powder that acts as an antioxidant.
  • In July 2020, BASF Nutrition & Health and Isobionics launched the earliest joint products, which have become a successful substitute for sandalwood oil due to their fragrance. It is a unique product whose manufacturing process is rarely known.
  • In April 2019, Döhler Group acquired the major shares in Zumos Catalano Aragoneses S.A., situated in Spain. The initiative helped the company maintain its market position and increase its presence in the carotenoids and food segment.
  • In April 2019, ExcelVite Sdn. Bhd. announced the collaboration with US Pharmacopeia to establish a plant carotene monograph. The production of this monograph took place to meet the ingredient standards of the company.

Market segments covered in the report

By Product Type

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

By Source

  • Natural
  • Synthetic

By Application

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

On the basis of Geography

North America

  • The U.S.
  • Canada
  • Mexico

Europe

  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific

The Middle East & Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa

Latin America

  • Brazil
  • Argentina
  • Rest of Latin America

Table of Contents

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market research methodology
  • Chapter 2. Executive Summary
    • 2.1 Global Carotenoids Market, (2022 – 2030) (USD Billion)
    • 2.2 Global Carotenoids Market : snapshot
  • Chapter 3. Global Carotenoids Market – Industry Analysis
    • 3.1 Carotenoids Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Occurrence Of Certain Diseases
      • 3.2.2 Demand For Carotenoid Pigments Across Cosmetic Industries
      • 3.2.3 The Increased Concern For Immunity And Gut Health Drives
    • 3.3 Market Restraints
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market attractiveness analysis By Product Type
      • 3.7.2 Market attractiveness analysis By Source
      • 3.7.3 Market attractiveness analysis By Application
  • Chapter 4. Global Carotenoids Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 Global Carotenoids Market: company market share, 2021
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. Global Carotenoids Market – Product Type Analysis
    • 5.1 Global Carotenoids Market overview: By Product Type
      • 5.1.1 Global Carotenoids Market share, By Product Type, 2021 and 2030
    • 5.2 Astaxanthin
      • 5.2.1 Global Carotenoids Market by Astaxanthin, 2022 – 2030 (USD Billion)
    • 5.3 Beta-Carotene
      • 5.3.1 Global Carotenoids Market by Beta-Carotene, 2022 – 2030 (USD Billion)
    • 5.4 Lutein
      • 5.4.1 Global Carotenoids Market by Lutein, 2022 – 2030 (USD Billion)
    • 5.5 Lycopene
      • 5.5.1 Global Carotenoids Market by Lycopene, 2022 – 2030 (USD Billion)
    • 5.6 Canthaxanthin
      • 5.6.1 Global Carotenoids Market by Canthaxanthin, 2022 – 2030 (USD Billion)
    • 5.7 Zeaxanthin
      • 5.7.1 Global Carotenoids Market by Zeaxanthin, 2022 – 2030 (USD Billion)
  • Chapter 6. Global Carotenoids Market – Source Analysis
    • 6.1 Global Carotenoids Market overview: By Source
      • 6.1.1 Global Carotenoids Market share, By Source, 2021 and 2030
    • 6.2 Natural
      • 6.2.1 Global Carotenoids Market by Natural , 2022 – 2030 (USD Billion)
    • 6.3 Synthetic
      • 6.3.1 Global Carotenoids Market by Synthetic, 2022 – 2030 (USD Billion)
  • Chapter 7. Global Carotenoids Market – Application Analysis
    • 7.1 Global Carotenoids Market overview: By Application
      • 7.1.1 Global Carotenoids Market share, By Application, 2021 and 2030
    • 7.2 Feed
      • 7.2.1 Global Carotenoids Market by Feed, 2022 – 2030 (USD Billion)
    • 7.3 Food & Beverages
      • 7.3.1 Global Carotenoids Market by Food & Beverages, 2022 – 2030 (USD Billion)
    • 7.4 Dietary Supplements
      • 7.4.1 Global Carotenoids Market by Dietary Supplements, 2022 – 2030 (USD Billion)
    • 7.5 Cosmetics
      • 7.5.1 Global Carotenoids Market by Cosmetics, 2022 – 2030 (USD Billion)
    • 7.6 Pharmaceuticals
      • 7.6.1 Global Carotenoids Market by Pharmaceuticals, 2022 – 2030 (USD Billion)
  • Chapter 8. Carotenoids Market – Regional Analysis
    • 8.1 Global Carotenoids Market Regional Overview
    • 8.2 Global Carotenoids Market Share, by Region, 2021 & 2030 (USD Billion)
    • 8.3. North America
      • 8.3.1 North America Carotenoids Market, 2022 – 2030 (USD Billion)
        • 8.3.1.1 North America Carotenoids Market, by Country, 2022 – 2030 (USD Billion)
    • 8.4 North America Carotenoids Market, by Product Type, 2022 – 2030
      • 8.4.1 North America Carotenoids Market, by Product Type, 2022 – 2030 (USD Billion)
    • 8.5 North America Carotenoids Market, by Source, 2022 – 2030
      • 8.5.1 North America Carotenoids Market, by Source, 2022 – 2030 (USD Billion)
    • 8.6 North America Carotenoids Market, by Application, 2022 – 2030
      • 8.6.1 North America Carotenoids Market, by Application, 2022 – 2030 (USD Billion)
    • 8.7. Europe
      • 8.7.1 Europe Carotenoids Market, 2022 – 2030 (USD Billion)
        • 8.7.1.1 Europe Carotenoids Market, by Country, 2022 – 2030 (USD Billion)
    • 8.8 Europe Carotenoids Market, by Product Type, 2022 – 2030
      • 8.8.1 Europe Carotenoids Market, by Product Type, 2022 – 2030 (USD Billion)
    • 8.9 Europe Carotenoids Market, by Source, 2022 – 2030
      • 8.9.1 Europe Carotenoids Market, by Source, 2022 – 2030 (USD Billion)
    • 8.10 Europe Carotenoids Market, by Application, 2022 – 2030
      • 8.10.1 Europe Carotenoids Market, by Application, 2022 – 2030 (USD Billion)
    • 8.11. Asia Pacific
      • 8.11.1 Asia Pacific Carotenoids Market, 2022 – 2030 (USD Billion)
        • 8.11.1.1 Asia Pacific Carotenoids Market, by Country, 2022 – 2030 (USD Billion)
    • 8.12 Asia Pacific Carotenoids Market, by Product Type, 2022 – 2030
      • 8.12.1 Asia Pacific Carotenoids Market, by Product Type, 2022 – 2030 (USD Billion)
    • 8.13 Asia Pacific Carotenoids Market, by Source, 2022 – 2030
      • 8.13.1 Asia Pacific Carotenoids Market, by Source, 2022 – 2030 (USD Billion)
    • 8.14 Asia Pacific Carotenoids Market, by Application, 2022 – 2030
      • 8.14.1 Asia Pacific Carotenoids Market, by Application, 2022 – 2030 (USD Billion)
    • 8.15. Latin America
      • 8.15.1 Latin America Carotenoids Market, 2022 – 2030 (USD Billion)
        • 8.15.1.1 Latin America Carotenoids Market, by Country, 2022 – 2030 (USD Billion)
    • 8.16 Latin America Carotenoids Market, by Product Type, 2022 – 2030
      • 8.16.1 Latin America Carotenoids Market, by Product Type, 2022 – 2030 (USD Billion)
    • 8.17 Latin America Carotenoids Market, by Source, 2022 – 2030
      • 8.17.1 Latin America Carotenoids Market, by Source, 2022 – 2030 (USD Billion)
    • 8.18 Latin America Carotenoids Market, by Application, 2022 – 2030
      • 8.18.1 Latin America Carotenoids Market, by Application, 2022 – 2030 (USD Billion)
    • 8.19. The Middle-East and Africa
      • 8.19.1 The Middle-East and Africa Carotenoids Market, 2022 – 2030 (USD Billion)
        • 8.19.1.1 The Middle-East and Africa Carotenoids Market, by Country, 2022 – 2030 (USD Billion)
    • 8.20 The Middle-East and Africa Carotenoids Market, by Product Type, 2022 – 2030
      • 8.20.1 The Middle-East and Africa Carotenoids Market, by Product Type, 2022 – 2030 (USD Billion)
    • 8.21 The Middle-East and Africa Carotenoids Market, by Source, 2022 – 2030
      • 8.21.1 The Middle-East and Africa Carotenoids Market, by Source, 2022 – 2030 (USD Billion)
    • 8.22 The Middle-East and Africa Carotenoids Market, by Application, 2022 – 2030
      • 8.22.1 The Middle-East and Africa Carotenoids Market, by Application, 2022 – 2030 (USD Billion)
  • Chapter 9. Company Profiles
    • 9.1 Koninklijke DSM
      • 9.1.1 Overview
      • 9.1.2 Financials
      • 9.1.3 Product Portfolio
      • 9.1.4 Business Strategy
      • 9.1.5 Recent Developments
    • 9.2 BASF
      • 9.2.1 Overview
      • 9.2.2 Financials
      • 9.2.3 Product Portfolio
      • 9.2.4 Business Strategy
      • 9.2.5 Recent Developments
    • 9.3 Chr. Hanse
      • 9.3.1 Overview
      • 9.3.2 Financials
      • 9.3.3 Product Portfolio
      • 9.3.4 Business Strategy
      • 9.3.5 Recent Developments
    • 9.4 Kemin Industries
      • 9.4.1 Overview
      • 9.4.2 Financials
      • 9.4.3 Product Portfolio
      • 9.4.4 Business Strategy
      • 9.4.5 Recent Developments
    • 9.5 Lycored Limited
      • 9.5.1 Overview
      • 9.5.2 Financials
      • 9.5.3 Product Portfolio
      • 9.5.4 Business Strategy
      • 9.5.5 Recent Developments
    • 9.6 Cyanotech Corporation
      • 9.6.1 Overview
      • 9.6.2 Financials
      • 9.6.3 Product Portfolio
      • 9.6.4 Business Strategy
      • 9.6.5 Recent Developments
    • 9.7 Fuji Chemical Industry Co Ltd
      • 9.7.1 Overview
      • 9.7.2 Financials
      • 9.7.3 Product Portfolio
      • 9.7.4 Business Strategy
      • 9.7.5 Recent Developments
    • 9.8 Novus International
      • 9.8.1 Overview
      • 9.8.2 Financials
      • 9.8.3 Product Portfolio
      • 9.8.4 Business Strategy
      • 9.8.5 Recent Developments
    • 9.9 DDW The Color House
      • 9.9.1 Overview
      • 9.9.2 Financials
      • 9.9.3 Product Portfolio
      • 9.9.4 Business Strategy
      • 9.9.5 Recent Developments
    • 9.10 Dohler Grou
      • 9.10.1 Overview
      • 9.10.2 Financials
      • 9.10.3 Product Portfolio
      • 9.10.4 Business Strategy
      • 9.10.5 Recent Developments
    • 9.11 Allied Biotech Corporation
      • 9.11.1 Overview
      • 9.11.2 Financials
      • 9.11.3 Product Portfolio
      • 9.11.4 Business Strategy
      • 9.11.5 Recent Developments
    • 9.12 E.I.D Parry
      • 9.12.1 Overview
      • 9.12.2 Financials
      • 9.12.3 Product Portfolio
      • 9.12.4 Business Strategy
      • 9.12.5 Recent Developments
    • 9.13 Farbest Brands
      • 9.13.1 Overview
      • 9.13.2 Financials
      • 9.13.3 Product Portfolio
      • 9.13.4 Business Strategy
      • 9.13.5 Recent Developments
    • 9.14 Excelvite Sdn. Bhd.
      • 9.14.1 Overview
      • 9.14.2 Financials
      • 9.14.3 Product Portfolio
      • 9.14.4 Business Strategy
      • 9.14.5 Recent Developments
    • 9.15 Algatechnologies Ltd.
      • 9.15.1 Overview
      • 9.15.2 Financials
      • 9.15.3 Product Portfolio
      • 9.15.4 Business Strategy
      • 9.15.5 Recent Developments

List Of Figures

  • 1. Market research Type
  • 2. Market research methodology
  • 3. Global Carotenoids Market, 2022 – 2030 (USD Billion)
  • 4. Porter’s Five Forces Analysis
  • 5. Global Carotenoids Market attractiveness, By Product Type
  • 6. Global Carotenoids Market attractiveness, By Source
  • 7. Global Carotenoids Market attractiveness, By Application
  • 8. Global Carotenoids Market share by Product Type, 2022 and 2030 (USD Billion)
  • 9. Global Carotenoids Market by Astaxanthin, 2022 – 2030 (USD Billion)
  • 10. Global Carotenoids Market by Beta-Carotene, 2022 – 2030 (USD Billion)
  • 11. Global Carotenoids Market by Lutein, 2022 – 2030 (USD Billion)
  • 12. Global Carotenoids Market by Lycopene, 2022 – 2030 (USD Billion)
  • 13. Global Carotenoids Market by Canthaxanthin, 2022 – 2030 (USD Billion)
  • 14. Global Carotenoids Market by Zeaxanthin, 2022 – 2030 (USD Billion)
  • 15. Global Carotenoids Market share by Source, 2022 and 2030 (USD Billion)
  • 16. Global Carotenoids Market by Natural , 2022 – 2030 (USD Billion)
  • 17. Global Carotenoids Market by Synthetic, 2022 – 2030 (USD Billion)
  • 18. Global Carotenoids Market share by Application, 2022 and 2030 (USD Billion)
  • 19. Global Carotenoids Market by Feed, 2022 – 2030 (USD Billion)
  • 20. Global Carotenoids Market by Food & Beverages, 2022 – 2030 (USD Billion)
  • 21. Global Carotenoids Market by Dietary Supplements, 2022 – 2030 (USD Billion)
  • 22. Global Carotenoids Market by Cosmetics, 2022 – 2030 (USD Billion)
  • 23. Global Carotenoids Market by Pharmaceuticals, 2022 – 2030 (USD Billion)
  • 24. Global Carotenoids Market share, by Region, 2022 and 2030
  • 25. North America Carotenoids Market, 2022 – 2030 (USD Billion)
  • 26. Europe Carotenoids Market, 2022 – 2030 (USD Billion)
  • 27. Asia Pacific Carotenoids Market, 2022 – 2030 (USD Billion)
  • 28. Latin America Carotenoids Market, 2022 – 2030 (USD Billion)
  • 29. The Middle-East and Africa Carotenoids Market, 2022 – 2030 (USD Billion)

List Of Tables

  • 1. Global Carotenoids Market: Snapshot
  • 2. Drivers of the Carotenoids Market: impact analysis
  • 3. North America Carotenoids Market revenue, By Product Type, 2022 – 2030 (USD Billion)
  • 4. North America Carotenoids Market revenue, By Source, 2022 – 2030 (USD Billion)
  • 5. North America Carotenoids Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 6. U.S. Carotenoids Market revenue, By Product Type, 2022 – 2030 (USD Billion)
  • 7. U.S. Carotenoids Market revenue, By Source, 2022 – 2030 (USD Billion)
  • 8. U.S. Carotenoids Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 9. Canada Carotenoids Market revenue, By Product Type, 2022 – 2030 (USD Billion)
  • 10. Canada Carotenoids Market revenue, By Source, 2022 – 2030 (USD Billion)
  • 11. Canada Carotenoids Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 12. Europe Carotenoids Market revenue, By Product Type, 2022 – 2030 (USD Billion)
  • 13. Europe Carotenoids Market revenue, By Source, 2022 – 2030 (USD Billion)
  • 14. Europe Carotenoids Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 15. Germany Carotenoids Market revenue, By Product Type, 2022 – 2030 (USD Billion)
  • 16. Germany Carotenoids Market revenue, By Source, 2022 – 2030 (USD Billion)
  • 17. Germany Carotenoids Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 18. France Carotenoids Market revenue, By Product Type, 2022 – 2030 (USD Billion)
  • 19. France Carotenoids Market revenue, By Source, 2022 – 2030 (USD Billion)
  • 20. France Carotenoids Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 21. U.K. Carotenoids Market revenue, By Product Type, 2022 – 2030 (USD Billion)
  • 22. U.K. Carotenoids Market revenue, By Source, 2022 – 2030 (USD Billion)
  • 23. U.K. Carotenoids Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 24. Italy Carotenoids Market revenue, By Product Type, 2022 – 2030 (USD Billion)
  • 25. Italy Carotenoids Market revenue, By Source, 2022 – 2030 (USD Billion)
  • 26. Italy Carotenoids Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 27. Spain Carotenoids Market revenue, By Product Type, 2022 – 2030 (USD Billion)
  • 28. Spain Carotenoids Market revenue, By Source, 2022 – 2030 (USD Billion)
  • 29. Spain Carotenoids Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 30. Rest of Europe Carotenoids Market revenue, By Product Type, 2022 – 2030 (USD Billion)
  • 31. Rest of Europe Carotenoids Market revenue, By Source, 2022 – 2030 (USD Billion)
  • 32. Rest of Europe Carotenoids Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 33. Asia Pacific Carotenoids Market revenue, By Product Type, 2022 – 2030 (USD Billion)
  • 34. Asia Pacific Carotenoids Market revenue, By Source, 2022 – 2030 (USD Billion)
  • 35. Asia Pacific Carotenoids Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 36. China Carotenoids Market revenue, By Product Type, 2022 – 2030 (USD Billion)
  • 37. China Carotenoids Market revenue, By Source, 2022 – 2030 (USD Billion)
  • 38. China Carotenoids Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 39. Japan Carotenoids Market revenue, By Product Type, 2022 – 2030 (USD Billion)
  • 40. Japan Carotenoids Market revenue, By Source, 2022 – 2030 (USD Billion)
  • 41. Japan Carotenoids Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 42. India Carotenoids Market revenue, By Product Type, 2022 – 2030 (USD Billion)
  • 43. India Carotenoids Market revenue, By Source, 2022 – 2030 (USD Billion)
  • 44. India Carotenoids Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 45. South Korea Carotenoids Market revenue, By Product Type, 2022 – 2030 (USD Billion)
  • 46. South Korea Carotenoids Market revenue, By Source, 2022 – 2030 (USD Billion)
  • 47. South Korea Carotenoids Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 48. South-East Asia Carotenoids Market revenue, By Product Type, 2022 – 2030 (USD Billion)
  • 49. South-East Asia Carotenoids Market revenue, By Source, 2022 – 2030 (USD Billion)
  • 50. South-East Asia Carotenoids Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 51. Rest of Asia Pacific Carotenoids Market revenue, By Product Type, 2022 – 2030 (USD Billion)
  • 52. Rest of Asia Pacific Carotenoids Market revenue, By Source, 2022 – 2030 (USD Billion)
  • 53. Rest of Asia Pacific Carotenoids Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 54. Latin America Carotenoids Market revenue, By Product Type, 2022 – 2030 (USD Billion)
  • 55. Latin America Carotenoids Market revenue, By Source, 2022 – 2030 (USD Billion)
  • 56. Latin America Carotenoids Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 57. Brazil Carotenoids Market revenue, By Product Type, 2022 – 2030 (USD Billion)
  • 58. Brazil Carotenoids Market revenue, By Source, 2022 – 2030 (USD Billion)
  • 59. Brazil Carotenoids Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 60. Mexico Carotenoids Market revenue, By Product Type, 2022 – 2030 (USD Billion)
  • 61. Mexico Carotenoids Market revenue, By Source, 2022 – 2030 (USD Billion)
  • 62. Mexico Carotenoids Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 63. Rest of Latin America Carotenoids Market revenue, By Product Type, 2022 – 2030 (USD Billion)
  • 64. Rest of Latin America Carotenoids Market revenue, By Source, 2022 – 2030 (USD Billion)
  • 65. Rest of Latin America Carotenoids Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 66. The Middle-East and Africa Carotenoids Market revenue, By Product Type, 2022 – 2030 (USD Billion)
  • 67. The Middle-East and Africa Carotenoids Market revenue, By Source, 2022 – 2030 (USD Billion)
  • 68. The Middle-East and Africa Carotenoids Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 69. GCC Countries Carotenoids Market revenue, By Product Type, 2022 – 2030 (USD Billion)
  • 70. GCC Countries Carotenoids Market revenue, By Source, 2022 – 2030 (USD Billion)
  • 71. GCC Countries Carotenoids Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 72. South Africa Carotenoids Market revenue, By Product Type, 2022 – 2030 (USD Billion)
  • 73. South Africa Carotenoids Market revenue, By Source, 2022 – 2030 (USD Billion)
  • 74. South Africa Carotenoids Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 75. Rest of Middle-East Africa Carotenoids Market revenue, By Product Type, 2022 – 2030 (USD Billion)
  • 76. Rest of Middle-East Africa Carotenoids Market revenue, By Source, 2022 – 2030 (USD Billion)
  • 77. Rest of Middle-East Africa Carotenoids Market revenue, By Application, 2022 – 2030 (USD Billion)

Report Methodology

In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:

Preliminary Data Mining

On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.

Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.

Statistical Model

Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.

Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.

Some of the variables taken into account for forecasting are as follows:

• Industry drivers and constraints, as well as their current and projected impact

• The raw material case, as well as supply-versus-price trends

• Current volume and projected volume growth through 2030

We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.

Primary Validation

This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.

Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.

All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:

• Market leaders

• Suppliers of raw materials

• Suppliers of raw materials

• Buyers.

The following are the primary research objectives:

• To ensure the accuracy and acceptability of our data.

• Gaining an understanding of the current market and future projections.

Data Collection Matrix

Perspective Primary research Secondary research
Supply-side
  • Manufacturers
  • Technology distributors and wholesalers
  • Company reports and publications
  • Government publications
  • Independent investigations
  • Economic and demographic data
Demand-side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customers


Market Analysis Matrix

Qualitative analysis Quantitative analysis
  • Industry landscape and trends
  • Market dynamics and key issues
  • Technology landscape
  • Market opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2028
  • Market revenue estimates and forecasts up to 2028, by technology
  • Market revenue estimates and forecasts up to 2028, by application
  • Market revenue estimates and forecasts up to 2028, by type
  • Market revenue estimates and forecasts up to 2028, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

Key Players

  • Koninklijke DSM
  • BASF
  • Hansen
  • Kemin Industries
  • Lycored Limited
  • Cyanotech Corporation
  • Fuji Chemical Industry Co Ltd
  • Novus International
  • DDW The Color House
  • Dohler Group
  • Allied Biotech Corporation
  • I.D Parry
  • Farbest Brands
  • Excelvite Sdn. Bhd.
  • AlgaTechnologies Ltd.

FAQs

“Europe” region will lead the global Carotenoids market during the forecast period 2022 to 2030.

Key factors driving the market growth include increasing usage in various applications, including food, animal feed, dietary supplements, pharmaceuticals, and cosmetics.

The key players operating in the Carotenoids market are Koninklijke DSM, BASF, Chr. Hanse, Kemin Industries, Lycored Limited, Cyanotech Corporation, Fuji Chemical Industry Co Ltd, Novus International, DDW The Color House, Dohler Grou, Allied Biotech Corporation, E.I.D Parry, Farbest Brands, Excelvite Sdn. Bhd., AlgaTechnologies Ltd.

The global Carotenoids market is expanding growth with a CAGR of approximately 3.5% during the forecast period (2022 to 2030).

The global Carotenoids market size was valued at USD 1.5 billion in 2021 and it is projected to reach around USD 2.1 billion by 2030.

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