Carotenoids Global Market Report 2024 - Carotenoids Market Size, Growth And Share Analysis

"The Business Research Company recently released a comprehensive report on the Global Carotenoids Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The carotenoids market size has grown strongly in recent years. It will grow from $1.81 billion in 2023 to $1.9 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to growing awareness of health benefits, rising demand in food and beverage industry, expanding nutraceutical industry, increasing use in animal feed, government regulations promoting natural ingredients.

The carotenoids market size is expected to see steady growth in the next few years. It will grow to $2.3 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The growth in the forecast period can be attributed to increased focus on sustainable sourcing, continued growth in functional foods and beverages, expanding applications in pharmaceuticals, rising demand for natural colorants, growing popularity in personal care products. Major trends in the forecast period include technological advancements in extraction methods, market expansion in developing regions, rising demand for fortified and functional foods, increasing demand for natural carotenoids, growing awareness of health benefits.

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Market Drivers and Trends:
The rise in demand for health supplements is expected to propel the growth of the carotenoids market going forward. A health supplement refers to a product designed to supplement a diet and to bolster, amplify, and promote the body's overall well-being by improving the healthy functions of the human body. Carotenoids are used in health supplements for their antioxidant properties. It also offers benefits for preventing or addressing conditions like age-related macular degeneration (AMD) and supporting overall health and well-being. For instance, in October 2021, according to a survey, Consumer Dietary Supplements conducted by the Council for Responsible Nutrition, a US-based trade association, revealed that 80% of the US respondents reported using supplements, marking a 7% increase compared to the previous year 2020. The use of vitamin D surged from 42% in 2020 to 52% in 2021, while vitamin C usage witnessed growth in its usage, rising from 35% in 2020 to 40% in 2021. Therefore, the rise in demand for health supplements is driving the growth of the carotenoids market.

Major companies operating in the carotenoids market are developing advanced production technologies to increase their profitability in the market. Advanced production technologies involve the use of innovative technologies to improve the efficiency, productivity, and sustainability of carotenoid production processes. For instance, in March 2023, NovoNutrients, a US-based biotechnology company, announced an innovation in carotenoid production technology. This innovative technology is a more efficient and environmentally friendly way to produce carotenoids. This could help reduce the environmental impact of carotenoid production and make carotenoids more affordable and accessible. It is also scalable, which means that it can be used to produce large quantities of carotenoids. This could help meet the growing demand for carotenoids on the global market. Moreover, it creates new opportunities for the use of carotenoids in a variety of applications.

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Major Key Players of the Market:
BASF SE, F. Hoffmann-La Roche AG, Novo Nordisk, Koninklijke DSM N.V., Givaudan, FMC Corporation, Sun Pharmaceutical Industries Ltd., Dohler Group, Cipla Limited, Chr. Hansen Holding A/S, Brenntag North America Inc., Zhejiang Medicine Co. Ltd., Divis Laboratories Ltd., Zhejiang NHU Co. Ltd., Kemin Industries Inc., Naturex SA, E.I.D. Parry Limited, Novus International Inc., LycoRed Corp., Beijing Gingko Group, Cyanotech Corporation, ExcelVite Sdn. Bhd., Fuji Chemical Industry Co Ltd., Allied Biotech Corporation, Sensient Colors LLC, Vinayak Ingredients India Pvt. Ltd., Bio Extracts Ltd., Algatechnologies Ltd., Valensa International LLC, Nutralliance Inc.

Carotenoids Market 2024 Key Insights:
• The Carotenoids Market is expected to grow to$2.3 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%.
• Rise In Demand For Health Supplements Boosts Carotenoids Market
• Rising Focus On Advanced Production Technologies To Drive The Revenues
• Europe was the largest region in the carotenoids market in 2023.

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