Market Overview:

The global carotenoids market size was valued at USD 1,662.26 million in 2024. The market is projected to grow from USD 1,718.28 million in 2025 to USD 2,227.76 million by 2032, exhibiting a CAGR of 3.77% during the forecast period 2025-2032. Europe dominated the carotenoids market with a market share of 41.07% in 2024. This is attributable to the surging demand for natural cosmetics and the increasing consumption of food products that include natural carotenoids across the globe. Fortune Business Insights, in its latest report, titled, “Carotenoids Market Size, Share & Industry Analysis, By Type (Astaxanthin, Beta-carotene, Lutein, Zeaxanthin, Lycopene, Canthaxanthin, and others), Source (Synthetic and Natural), Application (Animal Feed, Food & Beverages, Dietary Supplements, Personal Care & Cosmetics, and Pharmaceuticals), and Regional Forecast, 2025-2032.”

LIST OF KEY CAROTENOID COMPANIES PROFILED

• Allied Biotech Corporation (Germany)
• Algatech Ltd. (Israel)
• BASF SE (Germany)
• Kemin Industries (U.S.)
• Hansen Holdings A/S (Denmark)
• Givaudan (Switzerland)
• DOHLER GmbH (Germany)
• FMC Corporation (U.S.)
• Novus International Inc. (U.S.)
• Sensient Technologies (U.S.)

What does the Report Include?

The market for report includes a detailed assessment of various growth drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides a comprehensive research into the regional developments of the market that would affect its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2025 and 2032. 

DRIVING FACTORS

Increasing Demand for Natural Cosmetics to Favor Growth

Synthetic cosmetic products are laced with several toxic substances that often lead to skin anomalies such as skin discoloration, redness, uneven skin tone, and freckles. Owing to the adverse effects of such products, there is a surging demand for natural cosmetic products across the globe. This is compelling the companies and scientists to create new advanced formulations that include natural carotenoids. Additionally, the increasing consumption of food and beverages that include natural substances owing to growing their health benefits is expected to drive the global carotenoids market during the forecast period.

Source: https://www.fortunebusinessinsights.com/industry-reports/carotenoids-market-100180

SEGMENTATION

Animal Feed Held 43.73% Market Share in 2024

The animal feed segment, based on application, is expected to experience a significant growth backed by increasing adoption of carotenoids to manufacture animal feed products for poultry consumption. Additionally, they aid in imparting coloring properties to food products such as shrimp and fish. The segment held a market share of about 43.73% in 2024.

REGIONAL INSIGHTS

Europe to Remain Dominant; Presence of Established Cosmetics Industry to Spur Demand

Among all the regions, Europe is expected to remain at the forefront and hold the highest position in the global carotenoids market in the forthcoming years. This dominance is attributable to the presence of an established cosmetics industry that is boosting the adoption for natural carotenoids to develop new skincare products in the region.

The market in North America generated USD 368.12 million in 2019 in terms of revenue and is anticipated to showcase an exponential growth. This is ascribable to factors such as the growing adoption of natural food products owing to the several health benefits in countries such as the U.S. in the region between 2025 and 2032.

COMPETITIVE LANDSCAPE

Major Companies Focus on Launching Innovative Products to Amplify Their Market Positions

The global carotenoids market is consolidated by the presence of major companies such as BASF, Allied Biotech, and Algatech. These companies are focusing on R&D activities to develop innovative carotenoids products and further consolidate their positions in the highly competitive global marketplace. The adoption of strategies such as merger and acquisition, partnership, and collaboration is anticipated to bode well for the market growth in the forthcoming years.

KEY INDUSTRY DEVELOPMENTS

• May 2024: OmniActive Health Technologies collaborated with the Council for Responsible Nutrition (CRN) to create awareness about the importance of carotenoids in prenatal nutrition.