The carotenoids market is projected to grow from USD 1.5 billion in 2019 to USD 2.0 billion by 2026, recording a CAGR of 4.2% during the forecast period. This is attributed to the increasing awareness regarding the potential benefits of caortenoids in preventing heart diesaes, cancer, and treating eye disorders, parkinson’s disease, alzhmier’s disease and macular denegraton. Moreover, carotenoids has high antioxidant properties and helps in slowing the ageing process. These factors have made carotenoids a popular preference among consumera and players in food industry.

Some of the Prominent Key Players are:

• Koninklijke DSM (Netherlands)
• BASF (Germany)
• Chr. Hansen (Denmark)
• Kemin Industries (US)
• Lycored Limited (Israel)
• Cyanotech Corporation (US)
• Novus International (US)
• Dohler Group (Germany)
• Allied Biotech Corporation (Taiwan)

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Carotenoids Market Growth Drivers:

• Rising Health Awareness: Increased awareness of the health benefits associated with carotenoids has led to a growing demand for natural sources of these compounds. Carotenoids, such as beta-carotene, lutein, and zeaxanthin, are known for their antioxidant properties and their role in supporting eye health and immune function.
• Growing Functional Food and Beverage Industry: The food and beverage industry has witnessed a surge in the incorporation of functional ingredients, including carotenoids, to enhance the nutritional profile of products. Consumers are seeking foods and beverages that not only taste good but also provide health benefits, driving the demand for products enriched with carotenoids.
• Expanding Cosmetic and Personal Care Applications: Carotenoids are increasingly used in cosmetic and personal care products due to their skin-enhancing properties. These compounds are valued for their ability to contribute to skin health, providing anti-aging and skin protection benefits. The beauty and personal care industry’s interest in natural ingredients has further fueled the demand for carotenoids.
• Preventive Healthcare Trends: Carotenoids are recognized for their preventive health properties, including their potential role in reducing the risk of chronic diseases such as cardiovascular disorders and certain types of cancers. As preventive healthcare gains prominence, consumers are actively seeking products that contain ingredients like carotenoids to support overall well-being.
• Expanding Aquaculture Industry: Carotenoids play a crucial role in the aquaculture industry, where they are used as feed additives to enhance the coloration of fish and shrimp. The increasing demand for vibrant and appealing seafood products has driven the utilization of carotenoids in aquafeed formulations.
• Technological Advancements in Extraction Techniques: Advances in extraction technologies have improved the efficiency and cost-effectiveness of obtaining carotenoids from natural sources. This has positively impacted the market, making carotenoids more accessible for various industries, including food, pharmaceuticals, and cosmetics.

By application, the feed segment is estimated to account for the largest market share in 2019 in the carotenoids market

Carotenoids are extensively used in animal nutrition products due to their coloring properties and are incorporated in feed to pigment egg yolks, broiler skin, fish, and crustaceans. These also help in increasing immunity and improving the health of livestock by enhancing the quality of nutrition. The fertility of cattle, swine, and horses can be improved by feeding beta-carotene, whereas astaxanthin and canthaxanthin help improve the growth of salmon and larval fish.

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The Europe region is projected to account for largest market share in the carotenoids market during the forecast period due to increase demand for clean-label products

The Europe region is forecasted to dominate the carotenoids market in terms of market share during the forecast period. This is due to the presence of consumers who are demanding natural and clean-label food products. The players in the food and feed industry in Europe are widely using natural ingredients as a colorant in their products, and the easy availability of carotenoids makes it a preferrable option for these manufacturers. Furthermore, the growing ageing population has led to increase in demand for carotenoids as it may benefit in curing cataract and other eye disorders.