Carotenoids Market Report Scope & Overview:

The Carotenoids Market size was USD 1.59 billion in 2022 and is expected to Reach USD 2.10 billion by 2030 and grow at a CAGR of 3.6 % over the forecast period of 2023-2030. 

Carotenoids are a class of natural pigments that are produced by plants, algae, and some bacteria. They are responsible for the yellow, orange, and red colors of many fruits, vegetables, and flowers. Carotenoids are also found in some animals, such as salmon and shrimp.

Carotenoids Market Revenue Analysis

The Carotenoids Market is segmented based on Type as Annatto, Canthaxanthin, Astaxanthin, Beta-carotene, Lutein, Zeaxanthin, Lycopene, and Others. Beta-carotene and Astaxanthin are the largest growing segment due to high utilization in end-user industries. These segments are two naturally occurring carotenoids that can be employed in a number of food and beverage applications. Consumers want more natural food and colorants. The industry is driven by the potential involvement of the aforementioned pigments in enhancing immunity, enhancing health, reducing diabetes, and providing several important health advantages.

By application, the animal feed segment is predicted to account for the largest market. The demand for nutrient-rich animal feed for domestic animals and cattle is rising.  Due to their coloring abilities, carotenoids are widely employed in animal nutrition products and are included in the coloration of fish, crustaceans, egg yolks, and broiler skin.



  • Increase demand for personal care and cosmetic products

  • Increasing Demand for Natural Colorant

As consumers seek more transparency in their food and beverages and as marketers tout the usage of natural colors, the buyer's purchasing interest rises. When the label specifies fruit and vegetable juices and concentrates as colorings included in the ingredient declaration, consumers have a favorable perception of the brand. Anthocyanins, such as grape skin extract, give fruits and vegetables their red, blue, and purple colors. Carotenoids, including lycopene in tomatoes and beta-carotene in carrots, provide a variety of colors from yellow to red. The carotenoid market is being driven by a growing awareness of and use of naturally occurring colors from sources like tomatoes and carrots.


  • High prices of carotenoids

Synthetic carotenoids are produced by chemical synthesis. The production of synthetic carotenoids process is less complex and less expensive, which makes it more affordable than natural carotenoids. Carotenoids are a group of natural pigments that are extracted from algae, plants, and bacteria. This process involves using solvents and other chemicals, which can add to the cost of the carotenoids.


  • Potential benefits of carotenoids

It is believed that dietary carotenoids have health benefits by lowering the risk of disease, especially some malignancies and eye conditions. Beta-carotene, lycopene, lutein, and zeaxanthin are the carotenoids that have been most extensively researched in this regard.  Carotenoids' antioxidant properties are thought to contribute in some measure to their positive benefits. Due to its capacity to be transformed into vitamin A, beta-carotene may offer additional advantages. Additionally, because lutein and zeaxanthin absorb harmful blue light that enters the eye, they may be preventive against eye illness. While a variety of fruits and vegetables contain these chemicals, tomatoes and tomato-related products are the main food sources of lycopene. Additionally, lutein and zeaxanthin can be found in egg yolks and are highly bioavailable. There are supplements that include these carotenoids.


  • Availability of synthetic carotenoids

Synthetic carotenoids are cheaper than natural carotenoids and they act as the best substitute, and they are often used in food and beverage products. This can pose a challenge to the natural carotenoids market.


Russia and Ukraine are major producers of carotenoids, accounting for a combined share of 15% of the global market. The war has disrupted production and exports of carotenoids from Russia and Ukraine, leading to shortages in the global market. This is notably true for astaxanthin, a carotenoid used in dietary supplements, cosmetics, and aquaculture, among other uses. Prices for these goods have increased as a result of the scarcity of carotenoids. Astaxanthin, lutein, and zeaxanthin are produced in a BASF facility in Russia. War has caused Kemin Industries Inc. (Ukraine) and other important players to delay production.


The recession has impacted the global market of carotenoids. Food coloring used in the food sector is a significant source of carotenoids. Through 2022, the US market for food and beverage natural colors is anticipated to grow by 7.9% yearly. But the manufacture has been delayed because to carotenoid price increases. Natural carotenoid prices range from USD 350/kg to USD 7,500/kg, while synthetic carotenoid prices range from USD 250/kg to USD 2,000/kg. This difference in the prices is also the major reason for the manufacturers to choose synthetic carotenoids.


By Type

  • Annatto

  • Astaxanthin

  • Beta-carotene

  • Canthaxanthin

  • Lutein

  • Lycopene

  • Zeaxanthin

  • Others

By Source

  • Natural

  • Synthetic

By Application

  • Animal Feed

  • Food & Beverages

  • Dietary Supplements

  • Cosmetics

  • Pharmaceuticals

Carotenoids Market Segmentation Analysis


Europe was the largest market, with revenue predicted to expand at a CAGR of 4.0% from 2022 to 2025 due to rising demand for health supplements and animal feed. The presence of prominent manufacturers such as Unilever, L'Oréal, Henkel, and Beiersdorf in the region is expected to be a major factor affecting growth in the region. Furthermore, rising food safety concerns in the United Kingdom are driving manufacturers to adopt clean labeling, fueling demand for carotenoids.

Asia-Pacific is the fastest-growing region, with an increasing number of customers opting for illness-prevention methods such as health supplements. Consumer-changing lifestyles and food consumption patterns have also contributed to the growth of the Asia-Pacific carotenoid market. Furthermore, economic expansion, technical developments, industrial growth, and low manufacturing costs in nations like as China, Japan, and India are expected to fuel the industry.

North America has the largest carotenoid marketowing to the growing demand for clean-label foods and health awareness. This market's expansion can be attributed to expanding awareness of the health advantages of carotenoids, rising demand for natural food colors, and rising demand for dietary supplements.

South America has grown significantly as the pharmaceutical and energy industries have expanded. These chemicals are increasingly being used in feed, food, supplements, cosmetic, and medicinal applications.


North America

  • US

  • Canada

  • Mexico


  • Eastern Europe

    • Poland

    • Romania

    • Hungary

    • Turkey

    • Rest of Eastern Europe

  • Western Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Netherlands

    • Switzerland

    • Austria

    • Rest of Western Europe

Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Vietnam

  • Singapore

  • Australia

  • Rest of Asia Pacific

Middle East & Africa

  • Middle East

    • UAE

    • Egypt

    • Saudi Arabia

    • Qatar

    • Rest of Middle East

  • Africa

    • Nigeria

    • South Africa

    • Rest of Africa

Latin America

  • Brazil

  • Argentina

  • Colombia

  • Rest of Latin America


Some major key players in the Carotenoids Market are NovoNutrients, Kemin Industries, BASF SE, Allied Biotech, Brenntag, Cyanotech Corp., Chr. Hansen, D.D. Williamson, Divis Laboratories, DSM Nutritional Products, Naturex SA, Lycored., and other key players.

NovoNutrients-Company Financial Analysis


In 2023, NovoNutrients announced an advancement in carotenoid manufacturing technology. For every ton of protein-rich component, the company's overall carbon capture technique upcycles nearly two tons of carbon dioxide.

In 2023, LifeMeter, a portable, non-invasive instrument proven to assess the amount of important antioxidants known as carotenoids, is being introduced by MacuHealth, the leader in novel eye supplements. At the 2023 Vision Source Exchange in San Antonio, Texas, a device demonstration is taking place.

Carotenoids Market Report Scope:
Report Attributes Details
Market Size in 2022  US$ 1.59 Billion
Market Size by 2030  US$ 2.10 Billion
CAGR   CAGR of 3.6 % From 2023 to 2030
Base Year 2022
Forecast Period  2023-2030
Historical Data  2019-2021
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Type (Annatto, Canthaxanthin, Astaxanthin, Beta-carotene, Lutein, Zeaxanthin, Lycopene, and Others)
• By Source (Natural and Synthetic)
• By Application (Animal Feed, Dietary Supplements, Food & Beverages, Cosmetics, and Pharmaceuticals)
Regional Analysis/Coverage North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)
Company Profiles NovoNutrients, Kemin Industries, BASF SE, Allied Biotech, Brenntag, Cyanotech Corp., Chr. Hansen, D.D. Williamson, Divis Laboratories, DSM Nutritional Products, Naturex SA, Lycored.
Key Drivers • Increase demand for personal care and cosmetic products
• Increasing Demand for Natural Colorant
Market Restrain • High prices of carotenoids


Frequently Asked Questions

Ans: Carotenoids Market is anticipated to expand by 3.6 % from 2023 to 2030.

Ans: Drivers are increasing demand for personal care and cosmetic products and increasing Demand for Natural colorants.

Ans:   USD 2.10 billion is expected to grow by 2030.

Ans: Asia Pacific region is the fastest-growing in the Carotenoids Market.

Ans: Challenges are availability of synthetic carotenoids.

Table of Contents

1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges

4. Impact Analysis
4.1 Impact of the Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on Major Economies US Canada Germany France United Kingdom China Japan South Korea Rest of the World

5. Value Chain Analysis

6. Porter’s 5 forces model

7. PEST Analysis

8. Carotenoids Market Segmentation, By Type
8.1 Annatto
8.2 Astaxanthin
8.3 Beta-carotene
8.4 Canthaxanthin
8.5 Lutein
8.6 Lycopene
8.7 Zeaxanthin
8.8 Others

9. Carotenoids Market Segmentation, By Source
9.1 Natural
9.2 Synthetic

10. Carotenoids Market Segmentation, By Application
10.1 Animal Feed
10.2 Food & Beverages
10.3 Dietary Supplements
10.4 Cosmetics
10.5 Pharmaceuticals

11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 North America Carotenoids Market by Country
11.2.2 North America Carotenoids Market by Type
11.2.3 North America Carotenoids Market by Source
11.2.4 North America Carotenoids Market by Application
11.2.5 USA USA Carotenoids Market by Type USA Carotenoids Market by Source USA Carotenoids Market by Application
11.2.6 Canada Canada Carotenoids Market by Type Canada Carotenoids Market by Source Canada Carotenoids Market by Application
11.2.7 Mexico Mexico Carotenoids Market by Type Mexico Carotenoids Market by Source Mexico Carotenoids Market by Application
11.3 Europe
11.3.1 Eastern Europe Eastern Europe Carotenoids Market by Country Eastern Europe Carotenoids Market by Type Eastern Europe Carotenoids Market by Source Eastern Europe Carotenoids Market by Application Poland Poland Carotenoids Market by Type Poland Carotenoids Market by Source Poland Carotenoids Market by Application Romania Romania Carotenoids Market by Type Romania Carotenoids Market by Source Romania Carotenoids Market by Application Turkey Turkey Carotenoids Market by Type Turkey Carotenoids Market by Source Turkey Carotenoids Market by Application Rest of Eastern Europe Rest of Eastern Europe Carotenoids Market by Type Rest of Eastern Europe Carotenoids Market by Source Rest of Eastern Europe Carotenoids Market by Application
11.3.2 Western Europe Western Europe Carotenoids Market by Type Western Europe Carotenoids Market by Source Western Europe Carotenoids Market by Application Germany Germany Carotenoids Market by Type Germany Carotenoids Market by Source Germany Carotenoids Market by Application France France Carotenoids Market by Type France Carotenoids Market by Source France Carotenoids Market by Application UK UK Carotenoids Market by Type UK Carotenoids Market by Source UK Carotenoids Market by Application Italy Italy Carotenoids Market by Type Italy Carotenoids Market by Source Italy Carotenoids Market by Application Spain Spain Carotenoids Market by Type Spain Carotenoids Market by Source Spain Carotenoids Market by Application Netherlands Netherlands Carotenoids Market by Type Netherlands Carotenoids Market by Source Netherlands Carotenoids Market by Application Switzerland Switzerland Carotenoids Market by Type Switzerland Carotenoids Market by Source Switzerland Carotenoids Market by Application Austria Austria Carotenoids Market by Type Austria Carotenoids Market by Source Austria Carotenoids Market by Application Rest of Western Europe Rest of Western Europe Carotenoids Market by Type Rest of Western Europe Carotenoids Market by Source Rest of Western Europe Carotenoids Market by Application
11.4 Asia-Pacific
11.4.1 Asia-Pacific Carotenoids Market by Country
11.4.2 Asia-Pacific Carotenoids Market by Type
11.4.3 Asia-Pacific Carotenoids Market by Source
11.4.4 Asia-Pacific Carotenoids Market by Application
11.4.5 China China Carotenoids Market by Type China Carotenoids Market by Application China Carotenoids Market by Source
11.4.6 India India Carotenoids Market by Type India Carotenoids Market by Source India Carotenoids Market by Application
11.4.7 Japan Japan Carotenoids Market by Type Japan Carotenoids Market by Source Japan Carotenoids Market by Application
11.4.8 South Korea South Korea Carotenoids Market by Type South Korea Carotenoids Market by Source South Korea Carotenoids Market by Application
11.4.9 Vietnam Vietnam Carotenoids Market by Type Vietnam Carotenoids Market by Source Vietnam Carotenoids Market by Application
11.4.10 Singapore Singapore Carotenoids Market by Type Singapore Carotenoids Market by Source Singapore Carotenoids Market by Application
11.4.11 Australia Australia Carotenoids Market by Type Australia Carotenoids Market by Source Australia Carotenoids Market by Application
11.4.12 Rest of Asia-Pacific Rest of Asia-Pacific Carotenoids Market by Type Rest of Asia-Pacific Carotenoids Market by Source Rest of Asia-Pacific Carotenoids Market by Application
11.5 Middle East & Africa
11.5.1 Middle East Middle East Carotenoids Market by Country Middle East Carotenoids Market by Type Middle East Carotenoids Market by Source Middle East Carotenoids Market by Application UAE UAE Carotenoids Market by Type UAE Carotenoids Market by Source UAE Carotenoids Market by Application Egypt Egypt Carotenoids Market by Type Egypt Carotenoids Market by Source Egypt Carotenoids Market by Application Saudi Arabia Saudi Arabia Carotenoids Market by Type Saudi Arabia Carotenoids Market by Source Saudi Arabia Carotenoids Market by Application Qatar Qatar Carotenoids Market by Type Qatar Carotenoids Market by Source Qatar Carotenoids Market by Application Rest of Middle East Rest of Middle East Carotenoids Market by Type Rest of Middle East Carotenoids Market by Source Rest of Middle East Carotenoids Market by Application
11.5.2 Africa Africa Transfusion Diagnostics Market by Country Africa Carotenoids Market by Type Africa Carotenoids Market by Source Africa Carotenoids Market by Application Nigeria Nigeria Carotenoids Market by Type Nigeria Carotenoids Market by Source Nigeria Carotenoids Market by Application South Africa South Africa Carotenoids Market by Type South Africa Carotenoids Market by Source South Africa Carotenoids Market by Application Rest of Africa Rest of Africa Carotenoids Market by Type Rest of Africa Carotenoids Market by Source Rest of Africa Carotenoids Market by Application
11.6 Latin America
11.6.1 Latin America Carotenoids Market by Country
11.6.2 Latin America Carotenoids Market by Type
11.6.3 Latin America Carotenoids Market by Source
11.6.4 Latin America Carotenoids Market by Application
11.6.5 Brazil Brazil Carotenoids Market by Type Brazil Carotenoids Market by Source Brazil Carotenoids Market by Application
11.6.6 Argentina Argentina Carotenoids Market by Type Argentina Carotenoids Market by Source Argentina Carotenoids Market by Application
11.6.7 Colombia Colombia Carotenoids Market by Type Colombia Carotenoids Market by Source Colombia Carotenoids Market by Application
11.6.8 Rest of Latin America Rest of Latin America Carotenoids Market by Type Rest of Latin America Carotenoids Market by Source Rest of Latin America Carotenoids Market by Application

12. Company profile
12.1 Kemin Industries
12.1.1 Company Overview
12.1.2 Financial
12.1.3 Products/ Services Offered
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 NovoNutrients
12.2.1 Company Overview
12.2.2 Financials
12.2.3 Product/Services Offered
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 BASF SE
12.3.1 Company Overview
12.3.2 Financials
12.3.3 Product/Services Offered
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 Allied Biotech
12.4.1 Company Overview
12.4.2 Financials
12.4.3 Product/Services Offered
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 Brenntag
12.5.1 Company Overview
12.5.2 Financials
12.5.3 Product/Services Offered
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 Cyanotech Corp.
12.6.1 Company Overview
12.6.2 Financials
12.6.3 Product/Services Offered
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 Chr. Hansen
12.7.1 Company Overview
12.7.2 Financials
12.7.3 Product/Services Offered
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 DSM Nutritional Products
12.8.1 Company Overview
12.8.2 Financials
12.8.3 Product/Services Offered
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 D.D. Williamson
12.9.1 Company Overview
12.9.2 Financials
12.9.3 Product/Services Offered
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 Divis Laboratories
12.10.1 Company Overview
12.10.2 Financials
12.10.3 Product/Services Offered
12.10.4 SWOT Analysis
12.10.5 The SNS View
12.11 Lycored
12.11.1 Company Overview
12.11.2 Financials
12.11.3 Product/Services Offered
12.11.4 SWOT Analysis
12.11.5 The SNS View
12.12 Naturex SA
12.12.1 Company Overview
12.12.2 Financials
12.12.3 Product/Services Offered
12.12.4 SWOT Analysis
12.12.5 The SNS View

13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
13.3.1 Industry News
13.3.2 Company News
13.3.3 Mergers & Acquisitions

14. Use Case and Best Practices

15. Conclusion

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Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

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Primary Research

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Data Bank Validation

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