Natural Carotenoids Market Size, Share, Growth, and Industry Analysis By Type (Astaxanthin, Beta-Carotene, Fucoxanthin, Lutein, Canthaxanthin, Lycopene, and Others) By Application (Food, Feed, Pharmaceuticals, Cosmetics, and Others), Regional Insights, and Forecast To 2032

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Natural Carotenoids Market REPORT OVERVIEW

Global natural carotenoids market size was valued at USD 0.83 billion in 2023 and is projected to touch from USD 0.86 billion in 2024 to USD 1.14 billion by 2032, exhibiting a CAGR of 3.5% during the forecast period 2024 To 2032. North America is dominating the natural carotenoids market share in 2023. In the market study, our analysts have considered natural carotenoids players such as DSM, Chenguang Biotech, FMC, Kemin, Oryza Oil & Fat Chemical, PoliNat, Amicogen, Nutraceuticals, Yigeda Bio-Technology, Dohler, Cyanotech, Fuji, Carotech, DDW, Excelvite, AnHui Wisdom, Tian Yin 

Tetraterpenoids, commonly known as Natural carotenoids, are organic colors made by a variety of bacteria, fungi, plants, and algae. Egg yolks, rutabagas, buttercups, bananas, canaries, and daffodils all have a distinctive color thanks to carotenoids. All of these organisms can manufacture natural carotenoids from lipids and other essential organic metabolic building blocks. Species store natural carotenoids from their diet in their fatty tissues, and only carnivorous animals can consume animal fat as a source of the chemicals. Over 600 carotenoids have been identified, with beta-carotene, lutein, lycopene, astaxanthin, canthaxanthin, lutein, carmine, capsaicin, fucoidin, etc. being the most common.

Along with chlorophylls, natural carotenoids are crucial pigments in photosynthetic organs. In non-photosynthetic organs of plants, these carotenoids also function as photo protectors, antioxidants, color attractants, and precursors of plant hormones. They make food products more aesthetically pleasing, which contributes to their overall aesthetic improvement. Natural carotenoid products' numerous uses in both the food and non-food industries are anticipated to lead to natural carotenoid market expansion in the future. The natural carotenoids market is primarily being driven by factors such as rising demand for natural food colors, expanding consumer awareness of clean-label products, rising rates of cancer and eye disorders, and rising sales of natural skincare products.

COVID-19 Impact: Halt on Manufacturing Operations to Slower Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the Natural Carotenoids Market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Nearly all industries have been significantly impacted by the COVID-19 pandemic's unexpected spread since it has limited workers' ability to execute their regular duties. Due to the product's production constraints, difficulties obtaining raw materials, and higher delivery costs, which have had an influence on the market as a whole, supply chain instability has emerged. In addition, several governments have declared a temporary restriction on international air travel, and several state councils have implemented quarantines to stop the virus's spread. The aforementioned elements have hurt the natural carotenoids market in recent years.

LATEST TRENDS

"Shifting Lifestyles and Focus on Health to Boost Market Growth"

The natural carotenoids market is gaining significant traction among gym goers due to a growing emphasis on dietary supplements and synthetic carotenoids like beta-Carotene in the healthcare industry. This move is expected to increase the natural carotenoids market growth. Furthermore, the demand for organic cosmetic chemicals in the beauty and personal care sector increased as young people's worries about their social media appearance increased. Due to shifting lifestyles and rising worries about maintaining a healthy physique, the aforementioned trends are probably going to steer the natural carotenoids market on a positive trajectory over the forecast period.

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Natural Carotenoids Market Segmentation

• By Type Analysis

As per the type, the market is classified as follows: Astaxanthin, Beta-Carotene, Fucoxanthin, Lutein, Canthaxanthin, Lycopene, and Others. Beta-carotene and astaxanthin currently dominate the natural carotenoids market share and have very high market demand.

• By Application Analysis

Based on application, the market is segmented as follows: Food, Feed, Pharmaceuticals, Cosmetics, and Others. Due to their low price and simplicity of extraction, synthetic sources of carotenoids are currently widely available and account for the majority of the natural carotenoids market's revenue.

DRIVING FACTORS

"Rising Need in Pharmaceutical Sector to Facilitate Market Development"

According to the report, the natural carotenoids market for dietary supplements is significantly fueling the need for carotenoids on a global scale. Dietary supplements most frequently contain synthetic carotenoids including -carotene, -carotene, lycopene, lutein, zeaxanthin, and -cryptoxanthin. However, there is a rising need for naturally occurring carotenoids in the pharmaceutical sector, and chances for expansion in those industries with high growth potential are projected to increase the need for natural carotenoids globally. More than 40% of Americans use some kind of nutritional supplement, according to a recent NHANES poll. In the upcoming years 2021–2031, the natural carotenoids market will eventually develop due to the increase in supplement sales.

"Consumer Awareness of Aesthetics to Promote Industry Progress"

Consumer awareness of aesthetics and appearance has grown noticeably along with the rise in health and wellness concerns. Global demand for efficient skincare and cosmetics products has increased as a result. Strong antioxidants known as carotenoids can be utilized in skincare product compositions to protect against UV light exposure, retain skin firmness, and even out skin tone. Numerous application options for innovative tetraterpenoids are predicted to arise as a result of consumers' increased spending on natural skin-brightening and anti-aging creams, which is therefore anticipated to accelerate natural carotenoids market expansion. For instance, naturally occurring colorless carotenoids found in tomatoes can be employed with ease in the creation of natural cosmetics products, according to Lucas Meyers Cosmetics, an Asian manufacturer of cosmetic ingredients.

RESTRAINING FACTORS

"Significant Price Gap to Hinder Market Growth"

The natural carotenoids market's expansion is expected to be significantly constrained by the significant price gap between synthetic carotenoids and natural tetraterpenoids, particularly in low-income or emerging economies. Furthermore, there are health hazards related to the unchecked and excessive use of carotene in industrialized markets. The global market is projected to face substantial difficulties from this. Low yields and high production costs limit the number of carotenoids that can be produced chemically or by extraction from plants. Future market growth for natural carotenoids will be hampered by this. However, restrictions on non-essential goods imports and exports resulting from temporary border closure circumstances in some nations are further impeding the development of this sector.

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Natural Carotenoids Market REGIONAL INSIGHTS

"Increase in Demand to Propel Market Progress in North America"

Due to its impact on food quality, safety, social convenience, and sustainability, organic and natural ingredients have elevated to the top of the priority list for food processors all over the world. Due to the frequent inspection of food labels for the country of origin of components, manufacturing procedures, and the environmental effects of the supply chain, consumers are increasingly more aware of the products they buy. Such elements are influencing established markets in North America to prefer natural tetraterpenoids over GMOs and other manufactured alternatives.

KEY MARKET PLAYERS

"Market Players Focus on New Product Launches to Strengthen Market Position"

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and the launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.   

LIST OF TOP Natural Carotenoids COMPANIES

• DSM (Netherlands)
• Chenguang Biotech (China)
• FMC (U.S.)
• Kemin (U.S.)
• Oryza Oil & Fat Chemical (Japan)
• PoliNat (U.K)
• Amicogen (South Korea)
• Nutraceuticals (U.S.)
• Yigeda Bio-Technology (China)
• Dohler (Germany)
• Cyanotech (U.S.)
• Fuji (Japan)
• Carotech (U.S.)
• DDW (U.S.)
• Excelvite (U.S.)
• AnHui Wisdom (China)
• Tian Yin (China)

REPORT COVERAGE

The report covers overall market aspects, including market segmentation based on its type and application. The report depicts a diverse group of participants that includes the market and the potential market leaders. Major factors that are expected to drive major growth in the market. The factors anticipated to expand the market share are also included in the report to offer market insights. The estimated growth of the market in the forecast period is also included in the report. The regional analysis is completed to explain the region's dominance in the global market. The factors hindering the growth of the market are discussed in detail. The SWOT analysis of the market is depicted in the report. It contains all-inclusive market details.