According to a new market research report titled “Natural Carotenoids Market by Type (Astaxanthin, Beta-carotene, Lutein, Lycopene), Form (Beadlets, Powder, Gel), Source (Microorganisms, Algae), Application (Feed, Food & Beverage, Dietary Supplements, Cosmetics) — Global Forecasts to 2028’, published by Meticulous Research®, the natural carotenoids market is expected to grow at a CAGR of 7.4% from 2021 to 2028 to reach $1.9 billion by 2028.
Natural carotenoids are essential pigments in photosynthetic organs along with chlorophylls. These carotenoids also act as photo-protectors, antioxidants, color attractants, and precursors of plant hormones in non-photosynthetic organs of plants. They help enhance the overall aesthetics of food products by making them visually appealing. The versatile application of natural carotenoid products across both food and non-food sectors is expected to provide future growth opportunities in the market.
The major factors driving the natural carotenoids market include the rising demand for natural food colors, increasing awareness regarding clean-label products, rising incidence of eye diseases and cancer, and growing demand for natural skincare products.
Moreover, the increasing use of natural carotenoids in aquaculture and emerging economies in Asia-Pacific, Latin America, and the Middle East & Africa provides significant opportunities in this market. However, the stringent regulatory and approval norms and high cost of natural colorants obstruct the growth of this market to some extent.
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The Impact of COVID-19 on the Natural Carotenoids Market
As a measure to control the spread of this disease, governments across the globe announced partial or complete lockdowns, severely impacting many industries, including animal feed, food & beverage, dietary supplements, and cosmetics.
The lockdowns forced the temporary closure of manufacturing facilities. Governments also enforced restrictions on operating capacities to ensure social distancing and curb the spread of the infection. Supply chains were disrupted, resulting in production limitations, complications in raw materials sourcing, and higher delivery costs, impacting the overall natural carotenoids market. Moreover, governments announced a temporary ban on foreign air travel. These factors affected the sales of natural carotenoid products. In addition, restrictions on the export and import of non-essential products due to temporary border closures in some countries further hindered the growth of this market.
However, according to an article published by Nutrition Outlook, the sales of dietary supplements increased during the pandemic due to their ability to strengthen the immune system against COVID-19. During the last week of March 2020, the sales of dietary supplements in the U.S. sharply increased by more than 35%. Thus, the growing demand for dietary supplements is expected to propel the growth of the natural carotenoids market. \
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Natural Carotenoids Market Overview
The overall natural carotenoids market is segmented based on type, form, source, application, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Based on type, the natural carotenoids market is mainly segmented into astaxanthin, beta-carotene, lutein, lycopene, canthaxanthin, zeaxanthin, and other carotenoids. The astaxanthin segment is expected to account for the largest share of the overall natural carotenoids market in 2021. The large share of this segment is mainly attributed to high demand for nutraceuticals due to their antioxidant properties, rising demand for astaxanthin for the treatment of cancer, increased demand in the aquaculture & animal feed industry, growing number of health-conscious individuals, and rising adoption of novel technologies to increase the production of astaxanthin. However, the Lutein segment is expected to witness significant growth due to its ability to treat age-related eye disorders, including cataracts and macular degeneration.
Based on form, the natural carotenoids market is mainly segmented into beadlets, powder, liquid, gel, and other forms. The beadlets segment is expected to account for the largest share of the overall natural carotenoids market in 2021. Beadlet carotenoids are free-flowing spherical particles developed from spray drying technology. Beadlet carotenoids offer good flow properties for easy handling, good particle size distribution, and high strength during tableting with pressure resistance to 10 tonnes/cm2. The large share of this segment is mainly attributed to its benefits such as increased stability, cold water dispersion, high purity, and enhanced shelf life.
Based on source, the natural carotenoids market is mainly segmented into plant-sourced natural carotenoids, microorganism-sourced natural carotenoids, and algae-sourced natural carotenoids. The plant-sourced natural carotenoids segment is expected to account for the largest share of the natural carotenoids market in 2021. Plant origin is gaining importance globally as it is a potential source of natural carotenoids for their versatility, and also it avoids a variety of health hazards caused by synthetic carotenoids. These plant-sourced carotenoids are environmentally friendly and non-toxic, so they are gaining higher demand from end-users. However, the algae-sourced natural carotenoids segment is expected to grow at the highest CAGR during the forecast period.
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Based on application, the natural carotenoids market is segmented into feed, food & beverage, dietary supplements, cosmetics, and pharmaceuticals. The feed segment is expected to account for the largest share of theoverall natural carotenoids market in 2021. The large share of this segment is mainly attributed to the rising growth of the aquaculture industry and increased consumption of seafood. These also help increase immunity and improve livestock health by enhancing the quality of nutrition, thus making the feed segment the largest in the natural carotenoids market based on application. However, the dietary supplements segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the rising prevalence of chronic diseases and shift in consumer preferences towards natural carotenoids due to the rising health awareness.
Geographically, the European region is expected to account for the largest share of the global natural carotenoids market in 2021. The large share of this region is primarily attributed to the growing food & beverage industry, rising health and wellness trend, rising meat consumption, and rising feed production. Further, the increase in the aging population in the region has led to a surge in demand for lutein, lycopene, and beta-carotene to treat cataracts and reduce the risk of diabetes, cancer, and other heart-related issues. Germany is expected to dominate the European market through 2028, mainly due to increasing demand for processed food, growing organic food industry, and rising number of single households along with increased purchasing power.
The key players operating in the global natural carotenoids market are Koninklijke DSM N.V. (Netherlands), Sensient Technologies Corporation (U.S.), Archer Daniels Midland Company (U.S.), Allied Biotech Corporation (Taiwan), FMC Corporation (U.S.), Chenguang Biotechnology Group Co., Ltd. (China), Kemin Industries, Inc. (U.S.), BASF SE (Germany), Döhler GmbH (Germany), Cyanotech Corporation (U.S.), Fuji Chemical Industries Co., Ltd. (Japan), DDW, Inc. (U.S.), Carotec, INC. (U.S.), ExcelVite Sdn. Bhd. (Malaysia), Guangzhou Wisdom Bio-Technology Co., Ltd. (China), Novus International, Inc. (U.S.), Lycored, Ltd. (Israel), Farbest Brands (U.S.), Algatechnologies Ltd. (Israel), Divi’s Laboratories Limited (India), and Dynadis SARL (France) among others.
Scope of the Report
Natural Carotenoids Market, by Type
- Other Carotenoids
Natural Carotenoids Market, by Form
- Other Forms
Natural Carotenoids Market, by Source
- Plants-sourced Natural Carotenoids
- Microorganisms-sourced Natural Carotenoids
- Algae-sourced Natural Carotenoids
Natural Carotenoids Market, by Application
- Food & Beverage
- Dietary Supplements
Natural Carotenoids Market, by Geography
- North America
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- Rest of Asia-Pacific (RoAPAC)
- Latin America
- Rest of Latin America (RoLATAM)
- Middle East & Africa (MEA)
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