Carotenoids Market Segments | Global Share and CAGR Analysis

Report Overview:

The global carotenoids market is gaining serious momentum. Valued around USD 1.9 billion in 2024, it’s on track to reach approximately USD 3.3 billion by 2034 that’s a solid 5.8% CAGR through 2034.
The market’s reach spans food & beverages, supplements, cosmetics, animal feed, and pharma. Beta‑carotene and astaxanthin lead the pack, with powders preferred in formulations and synthetic sources still holding significant share all while eco-conscious, algae-based alternatives are steadily rising

Key Takeaways:

• The global carotenoids market was valued at USD 1.9 billion in 2024.
• The global carotenoids market is projected to grow at a CAGR of 5.8% and is estimated to reach USD 3.3 billion by 2034.
• Among sources, synthetic accounted for the largest market share of 65.1%.
• Among types, beta-carotene accounted for the majority of the market share at 34.1%.
• By form, powder accounted for the largest market share of 46.1%.
• By application, color accounted for the majority of the market share at 44.2%.
• By end use, animal feed accounted for the majority of the market share at 38.1%.
• Europe is estimated as the largest market for Carotenoids with a share of 44.2% of the market share.
• Surveys on food frequency reveal that daily carotenoid consumption ranges from 4.7 to 17.2 mg across populations in the U.S., Europe, and China.
• According to the Food and Nutrition Board, Institute of Medicine in the U.S., the equivalencies for Vitamin A are as follows: 6 µg of β-carotene, 12 µg of α-carotene, or 12 µg of β-cryptoxanthin to 1 µg of retinol.
• Astaxanthin, β-carotene, and lutein dominate the carotenoid market, collectively holding 60% of its global value.
• Scottish aquaculture, with a primary focus on Atlantic salmon, is set to double its economic impact to £3.6 billion by 2030.
• The World Health Organization reports that cardiovascular diseases account for 31% of global deaths annually, totaling 17.9 million. Carotenoids play a crucial role in preventing these conditions due to their potent antioxidant properties.
• A 2021 survey conducted by Unilever, which involved 10,000 participants from nine countries such as the U.S., India, and China, revealed that 74% of consumers prefer beauty and personal care products enriched with natural components

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Key Market Segments:

• By Source

  • Synthetic
  • Natural
    • Plants
    • Microorganism
    • Algae

  By Type

  • Beta-carotene
  • Lutein
  • Lycopene
  • Astaxanthin
  • Zeaxanthin
  • Canthaxanthin
  • Annatto
  • Capsanthin
  • Apocarotenal
  • Others

  By Form

  • Powder
  • Beadlet
  • Oil Suspension
  • Emulsion

  By Application

  • Color
  • Flavor
  • Nutrition
  • Skin Condition

  By End-use

  • Animal Feed
    • Poultry
    • Aquaculture
    • Ruminants
    • Others
  • Food & Beverages
    • Dairy
    • Bakery & Confectionary
    • Beverages
    • Meat Products
    • Others
  • Dietary Supplements
    • Capsules
    • Softgels
    • Gummies
    • Tablets
    • Others
  • Cosmetics
    • Skincare
    • Haircare
    • Others
  • Pharmaceuticals
  • Others

Drivers:

People everywhere are becoming more health-savvy. Carotenoids’ ability to fight free radicals, support immunity, and protect against UV makes them hot commodities. There’s also a big shift toward natural ingredients pushing demand in food, supplements, and cosmetics. Plus, pigments like beta‑carotene are perfect for natural coloring in processed foods

Opportunities:

Algae‑derived carotenoids are gaining popularity both as eco-friendly colorants and sustainable supplements. Expanding use in personal care and pharmaceuticals, thanks to anti‑aging and skin-protective claims, paves the way. And with animal feed needing safe, effective pigmentation, innovations in extraction and cost-cutting could unlock further growth.

Restraints:

Synthetic carotenoids still rule the market due to cost and availability natural alternatives remain pricier. Regulatory differences globally can slow adoption, while production costs and extraction challenges limit new entrants and smaller players.

Trends:

Industry is seeing heightened focus on clean-label and natural formulations, though synthetic forms still dominate. Powdered formats remain the standard, and beta‑carotene continues its reign, with others like lutein and lycopene gaining interest .

Market Key Players:

• BASF SE
• Royal DSM
• Givaudan
• NutraMaize
• Sensient Technologies
• Allied Biotech Corporation
• Döhler GmbH
• Hansen Holding A/S
• Kemin Industries, Inc.
• LycoRed Ltd.
• Cyanotech Corporation.
• Fuji Chemical Industries Co., Ltd.
• Divi’s Laboratories Limited
• Zhejiang NHU Co., Ltd
• Solabia Group
• Vidya Herbs Pvt. Ltd
• Other Key Players

Conclusion: