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The carotenoids market is estimated at USD 2.5 billion in 2024 and is projected to reach USD 3.4 billion by 2029, at a CAGR of 6.3% from 2024 to 2029.

The carotenoids market is estimated at USD 2.5 billion in 2024 and is projected to reach USD 3.4 billion by 2029, at a CAGR of 6.3% from 2024 to 2029. Carotenoids offer numerous health benefits, primarily due to their antioxidant properties. These compounds play a crucial role in preventing chronic diseases and promoting overall health. Consequently, there's a growing demand for carotenoids in supplements and pharmaceuticals, where they are utilized for their therapeutic potential. Moreover, the shift towards natural ingredients in the food and beverage industry has boosted the use of carotenoids as natural colorants. This trend aligns with consumer preferences for healthier and more natural products, further driving market growth. Furthermore, carotenoids find applications beyond the food and beverage sector. They are utilized in cosmetics for their skin-enhancing properties, in animal feed to improve animal health and product quality, and in pharmaceuticals for various purposes. This diverse range of applications broadens the market presence of carotenoids and contributes to their continued growth and importance in various industries.

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DSM (Netherlands)

DSM, also recognized as Royal DSM, is a global science-based company with interests in health, nutrition, life sciences, and materials. Its operations span four segments: Animal Nutrition & Health, Materials, Innovation Center, and Corporate Activities. Within its nutrition segment, DSM offers a range of products through DSM Nutritional Products and DSM Food Specialties, serving diverse industries like food, feed, and pharmaceuticals. Carotenoids, among other nutritional ingredients, are provided under this segment, catering to various applications in food, feed, supplements, and pharmaceuticals. The company has a presence across Asia, Australia, Africa, the Netherlands, Switzerland, the Americas, and Europe, boasting a comprehensive portfolio of nutritional solutions tailored to different markets. Key competitors include BASF SE, BAYER AG, and the Dow Chemical Company.
In January 2022, DSM introduced an integrated food & beverage operational structure, consolidating Food Specialties, Hydrocolloids, and a portion of its Nutritional Products Group. This restructuring aims to enhance the company's focus on texture, taste, and health within the food & beverage sector, further solidifying its position as a dedicated health, nutrition, and bioscience enterprise.

Givaudan (Switzerland)

Givaudan, an eminent figure in the realm of flavors and fragrances, has dedicated over 125 years to crafting captivating taste and aroma experiences. Established in 1895, the company operates across two sectors: Fragrances & Beauty and Taste & Wellbeing. Carotenoid products are distributed through its Taste & Wellbeing segment. With a global ingredient sourcing strategy and state-of-the-art technology, Givaudan innovates products for the food, beverage, consumer goods, and fragrance & cosmetic industries. Guided by a commitment to sustainability, Givaudan's mission is to "Create for happier, healthier lives with love for nature," resonating with its presence in more than 166 locations worldwide.

In July 2022, Givaudan, along with Bühler and Cargill, partnered with FoodTech HUB Latam and ITAL to establish a food innovation hub, the "Tropical Food Innovation Lab," in Campinas, Brazil, a hub of technology in the country. Situated at ITAL, the lab spans 1,300 square meters and will foster collaborative research and development efforts. This initiative can benefit Givaudan by providing a platform for research into tropical ingredients, including carotenoids, catering to the region's unique culinary preferences and expanding its presence in the carotenoids market.

ADM (US)

Archer Daniels Midland Company (ADM) operates in food ingredients, animal feed, and biofuels production, holding a prominent position in agricultural processing. The company is structured into four key segments: Ag services & oilseeds, carbohydrate solutions, nutrition, and other businesses. It offers a range of plant-derived edible oils for diverse applications, including food, industrial, and fuel. ADM's WILD Flavors & Specialty Ingredients segment includes its NATURE product line, featuring natural carotenoids. These color solutions, sourced from plants, ensure clean labeling and high performance across various forms like powder, liquid, and emulsions. They comply with multiple certifications and regulations, such as organic, palm oil-free, GMO-free, kosher, halal, and aseptic packaging, meeting diverse market needs.

In March 2023, ADM revealed a partnership with Marel, a renowned supplier of cutting-edge food processing solutions, to establish an innovation hub at Wageningen Campus in the Netherlands' food valley. Pending regulatory clearance, the center is expected to commence operations by the latter half of 2024. This collaboration enhances ADM's access to advanced food processing technologies, potentially enabling more efficient extraction and processing of carotenoids from natural sources, thereby bolstering its position in the carotenoids market.

Related Reports:

Carotenoids Market by Type (Astaxanthin, Beta-Carotene, Lutein, Lycopene, Canthaxanthin, Zeaxanthin), Formulations (Oil Suspension, Powder, Beadlet, and Emulsion), Source (Natural And Synthetic), Application and Region - Global Forecast to 2029

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