Market Trends of Carotenoid Industry
Increasing Demand for Dietary Supplements is Expected to Boost the Market's Growth
Carotenoids are widely used in health and wellness products and dietary supplements because of their antioxidant properties, offering a range of health benefits. Carotenoids decrease the risk of certain diseases, particularly cancers and eye diseases. They also aid in strengthening the immune system by supporting the production of specific kinds of white blood cells. Oral carotenoid supplements help cardiovascular functions by protecting arterial walls and managing healthy blood cholesterol levels. Therefore, increasing awareness of these health benefits and rising health consciousness among consumers is driving the market's growth.
Moreover, with the increasing consumer spending on skincare products for better skin health, beauty product manufacturers are formulating products using carotenoids due to their functional benefits. For instance, in December 2023, Sun Chemical expanded its SunPURO Naturals product line to meet the beauty industry’s growing need for responsibly sourced natural colorants in cosmetic and personal care formulations. The new launch products include SunPURO® Natural Carotene O N70-2317 and SunPURO® Natural Carotene BTO N70-2527. Such innovations are expected to influence the market positively in the coming years.
Europe is Expected to Dominate the Market
Europe is the largest market for carotenoids, primarily due to the rise of the health-conscious population. The biological properties of carotenoids allow for a wide range of commercial applications. The main applications of carotenoids are in dietary supplements, fortified foods, food coloring, animal feed, pharmaceuticals, and cosmetics.
Consumers are increasingly scrutinizing ingredient lists and are increasingly inclined toward clean-label products. Carotenoids, natural colorants sourced from fruits and vegetables, resonate with this preference and are used by food and beverage manufacturers as alternatives to synthetic colors and additives in soft drinks. For instance, according to the Union of European Beverages Associations (UNESDA), the annual consumption of soft drinks in the European Union (EU) was estimated to be 51,884 million liters in 2022, which increased from 48,662.8 million liters in 2021.
Additionally, the ongoing exploration of novel ingredients and formulations propels the adoption of carotenoids in the pharmaceutical industry. As research focuses on identifying effective natural ingredients, carotenoids emerge as a compelling option. New ways to produce carotenoids from different sources and increasing research and developments of carotenoids are expected to fuel the market's growth. According to the European Commission, Spanish researchers have developed a system to produce lutein from the green algae murieollopsis for its pharmaceutical use. The researchers also claimed that this lutein can protect consumers from diseases, including cataracts and macular degeneration.
