The perception of beauty and attractiveness among consumers has increased remarkably, along with the rise in health and wellness concerns. This has increased the market for natural skincare and beauty products. Carotenoids have been described as effective antioxidants that can be used to enhance skin tone, preserve skin firmness, and protect against UV light exposure in skincare product formulations.
For both human nutrition and animal nutrition items, lutein is used. A key factor driving its demand is its wide usage to treat age-related eye disorders, including cataracts and macular degeneration.
Because of their coloring properties, carotenoids are commonly used in animal nutrition products and are mixed into the feed to pigment the egg yolks, broiler skin, fishes, and crustaceans. They also help to increase immunity and enhance animal health by improving the quality of nutrition.
North America is the second-largest consumption areas and occupied 27%. China ranked the third position and occupied 22%. This is attributed to the growing usage of these additives in feed, supplement, food, pharmaceutical, and cosmetic applications. In countries like China, Japan, and India, the industry is expected to be powered by technological advances, industrial development, economic growth, and low production costs.
At present, the major manufacturers of Carotenoids are DSM, BASF, Allied Biotech, Chenguang Biotech, FMC, Dohler, Chr. Hansen, Carotech, DDW, Excelvite, AnHui Wisdom, Tian Yin and Kemin etc. DSM, BASF and Allied Biotech are the top 3, with about 68% market shares.
Report Metric |
Details |
Report Name |
Carotenoids Market |
The market size in 2020 |
USD 1145.9 Million |
The revenue forecast in 2027 |
USD 1209.2 Million |
Growth Rate |
CAGR of 0.9% from 2021 to 2027 |
Base year considered |
2020 |
Forecast period |
2021-2027 |
Forecast units |
Value (USD) |
Segments covered |
Type, End-User, Offerings, and Region |
Report coverage |
Revenue & volume forecast, company share, competitive landscape, growth factors, and trends |
Geographic regions covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
Ans. The largest consumption of carotenoids areas is Europe and it occupied 37%. North America is the second-largest consumption areas and occupied 27%. China ranked the third position and occupied 22%.
Ans. At present, the major manufacturers of Carotenoids are DSM, BASF, Allied Biotech, Chenguang Biotech, FMC, Dohler, Chr. Hansen, Carotech, DDW, Excelvite, AnHui Wisdom, Tian Yin and Kemin etc. DSM, BASF and Allied Biotech are the top 3, with about 68% market shares.
Ans. The forecast period considered for the global carotenoids market is 2021 to 2027
Ans. The global carotenoids market size is projected to reach US$ 1209.2 million by 2027, from US$ 1145.9 million in 2020, at a CAGR of 0.9% during 2021-2027.
Ans. Major factors driving the growth of carotenoids market size are, increasing use of natural carotenoids as food colorants and innovations in the technologies used for extraction of carotenoids, increasing demand for healthy & natural food along with supplement consumption on account of rising health issues.
List of Tables & Figures
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