Carotenoids Market

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

Report Code: FB 4411 May, 2024, by marketsandmarkets.com

[337 Pages Report] According to MarketsandMarkets, the Carotenoids market is projected to reach USD 3.4 billion by 2029 from USD 2.5 billion by 2024, at a CAGR of 6.3% during the forecast period in terms of value. Demand for dietary supplements is increasing, leading to higher consumption of natural Carotenoids. There is a growing need for sustainable, natural, clean label, natural carotenoids contributing to market expansion. Changing dietary preferences and the awareness of health and wellness further propel market growth. Overall, these trends highlight the growing significance and adoption of Carotenoids.

Carotenoids Market

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Carotenoids Market Opportunities

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Market Dynamics

Driver: Incresed use of natural carotenoids as food and beverage colorant.

The shift towards natural and clean label ingredients in the food industry has spurred increased utilization of natural carotenoids as food colorants. Carotenoids, found in fruits, vegetables, and algae, serve as appealing substitutes to synthetic colors due to their perceived health benefits and clean label appeal. Consumers seek products with recognizable, natural ingredients like beta-carotene, lycopene, and astaxanthin, which not only provide vibrant colors but also offer antioxidant properties. With a growing demand for natural ingredients and a preference for brightly colored foods, food manufacturers must prioritize understanding these trends to effectively meet consumer expectations and influence purchasing decisions. Consequently, incorporating natural carotenoid extracts across dairy, bakery, confectionery, beverages, and snacks enables versatile color applications in response to evolving consumer preferences.

Restraint: Risk with high doses of carotenoids as dietary supplements

High doses of carotenoids pose several risks, as indicated by clinical trials from Ohio State University. Large doses of beta-carotene can inhibit some functions of Vitamin A critical for vision, bone, skin, immune, and heart health. Heavy beta-carotene supplementation has been linked to a higher lung cancer risk, particularly in chain smokers. Intake exceeding 50,000 IU of beta-carotene may reduce blood levels of lutein, lycopene, and other carotenoids. Additionally, combining beta-carotene with selenium, vitamin C, and vitamin E might decrease the effectiveness of cholesterol-lowering medications. These findings from trials like the Alpha Tocopherol Beta-Carotene (ATBC) cancer prevention trial in Finland underscore the need for caution in using carotenoids extensively in food and beverage applications.

Opportunity: Increased opportunity for expansion into high-growth potential markets, including developing countries in the Asia Pacific and South America regions

Currently, Europe is poised to lead the carotenoids market, yet the Asia Pacific region anticipates sustained demand growth due to expanding markets for dietary supplements and food and beverages. Increasing awareness of carotenoids' benefits is expected to fuel demand in Asia Pacific and South America. Additionally, the burgeoning animal feed segment in Asia Pacific is projected to drive market expansion. According to the 2024 Alltech report, Latin America has demonstrated consistent growth over the past decade, driven by robust monogastric exports and expanding aqua and pet markets. With China, India, and Japan among the top feed-producing countries, the region's accelerating use of carotenoids in animal feed is forecasted to propel overall market growth.

Challenge: Challenges in achieving the necessary quality standards.

The prevalence of adulteration poses a significant challenge to maintaining carotenoid quality, endangering animals, humans, and the environment. Adulterated carotenoids, increasingly found in North America, can be hazardous, even fatal, when consumed excessively. Synthetic astaxanthin, prevalent in the US market, is typically derived from petrochemicals or genetically modified yeast, posing health risks. To counter this, manufacturers are shifting towards natural sources for carotenoid production, yet the limited adoption of natural alternatives may impede overall market growth. Moreover, heightened competition, particularly in burgeoning Asian Pacific and South American markets, has led to an influx of smaller regional players, potentially compromising carotenoid quality.

Carotenoids
Market Ecosystem

Key players within this market consist of reputable and financially robust Carotenoids manufacturers. These entities boast extensive industry tenure, offering diversified product portfolios, cutting-edge technologies, and robust global sales and marketing networks. Prominent companies in this market are DSM (Netherlands), BASF SE (Germany), Cyanotech Corporation (US), Givaudan (Switzerland), ADM (US), NHU (China), Divi's Laboratories Limited (India), Allied Biotech Corporation (Taiwan), Lycored (US), Kemin Industries, Inc. (US), Fuji Chemical Industries Co., Ltd. (Japan), EW Nutrition (Germany), Döhler GmbH (Germany), ExcelVite (Malaysia) and Farbest Brands (US).

Top Companies in Carotenoids Market

In by source segment, synthetic segment holds the largest market share in the Carotenoids Market.

The synthetic segment holds the highest market share in the carotenoids industry for several reasons. Firstly, synthetic carotenoids offer cost advantages over natural counterparts, making them economically attractive for manufacturers. Secondly, synthetic carotenoids provide consistent color and performance characteristics, ensuring uniformity in product formulations. Additionally, advancements in synthetic chemistry have led to the development of high-quality synthetic carotenoids with improved stability and functionality, further driving their demand across various industries such as food, beverages, cosmetics, and pharmaceuticals.

In by application segment, food & beverage segment is expected to grow at highest CAGR during the forecast period.

The food and beverage segment in the carotenoid market is witnessing the highest growth rate due to several key drivers. Firstly, increasing consumer demand for natural and healthy food additives drives the incorporation of carotenoids as natural colorants and functional ingredients. Secondly, growing awareness of the health benefits associated with carotenoids, such as antioxidant properties and potential disease prevention, fuels their utilization in a wide range of food and beverage products. Additionally, the rise in innovative product development and the introduction of clean-label products further stimulate market growth in this segment, catering to evolving consumer preferences for natural and nutritious food options.

The beadlet segment is expected to grow at the highest CAGR during the forecast period.

The beadlet segment is experiencing the highest growth rate in the carotenoid market due to several key factors. Firstly, beadlets offer enhanced stability and ease of handling, making them preferred for formulation in various applications such as dietary supplements, food, and beverages. Secondly, advancements in encapsulation technologies have led to the development of beadlets with improved bioavailability, ensuring efficient delivery of carotenoids to the body. Thirdly, increasing consumer demand for clean-label and natural products drives the adoption of beadlet formulations, which often use natural ingredients and avoid synthetic additives. Additionally, the versatility and convenience of beadlets make them a preferred choice for manufacturers seeking innovative solutions in the carotenoid market.

The Asia Pacific region is expected to grow at the highest CAGR in the Carotenoids Market during the forecast period.

The carotenoid market in the Asia-Pacific region is experiencing the highest growth rate due to several key factors. Firstly, rising consumer awareness of health and wellness, coupled with changing dietary preferences towards natural and functional ingredients, drives the demand for carotenoids in food, beverages, and dietary supplements. Secondly, rapid urbanization and increasing disposable incomes in emerging economies fuel the expansion of the food and beverage industry, creating opportunities for carotenoid manufacturers. Additionally, the growing prevalence of chronic diseases and aging populations amplify the demand for carotenoids, known for their antioxidant properties and health benefits, further propelling market growth in the region.

North American Carotenoids Market Size, and Share

Key Market Players

The key players in the market include BASF SE (Germany), DSM (Netherlands), Cyanotech Corporation (US), Givaudan (Switzerland), ADM (US), NHU (China), Divi's Laboratories Limited (India), Allied Biotech Corporation (Taiwan), Lycored (US), Kemin Industries, Inc. (US), Fuji Chemical Industries Co., Ltd. (Japan), EW Nutrition (Germany), Döhler GmbH (Germany), ExcelVite (Malaysia) and Farbest Brands (US). These market participants are emphasizing the expansion of their footprint via agreements and partnerships. They maintain a robust presence in North America, Asia Pacific, South America, RoW, and Europe, and they are supported by manufacturing facilities and well-established distribution networks spanning these regions.

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Scope of the Report

Report Metric

Details

Market size estimation

2024–2029

Base year considered

2023

Forecast period considered

2024–2029

Units considered

Value (USD)

Segments Covered

By Type, Formulation, Application, Source and Region

Regions covered

North America, Europe, South America, Asia Pacific, Middle East and Africa

Companies studied

  • DSM (Netherlands)
  • BASF SE (Germany)
  • Cyanotech Corporation (US)
  • Givaudan (Switzerland)
  • ADM (US)
  • NHU (China)
  • Divi's Laboratories Limited (India)
  • Allied Biotech Corporation (Taiwan)
  • Lycored (US)
  • Kemin Industries, Inc. (US)
  • Fuji Chemical Industries Co., Ltd. (Japan)
  • EW Nutrition (Germany)
  • Döhler GmbH (Germany)
  • ExcelVite (Malaysia)
  • Farbest Brands (US)
  • Solabia Group (France)
  • VIDYA EUROPE SAS (France)
  • AROMATAGROUP SRL CON SOCIO UNICO (Italy)
  • Valensa International (US)
  • BGG World (China)
  • Kalsec Inc. (US)
  • Ambe Phytoextracts Pvt. Ltd. (India)
  • Vidya Herbs Pvt. Ltd. (India)
  • ASTAMAZ NZ LTD. (New Zealand)
  • Xiamen Sinoway Co., Ltd. (China)

This research report categorizes the carotenoids market based on type, formulation, application, source and region.

Target Audience

  • Carotenoids traders, retailers, and distributors.
  • Carotenoids manufacturers & suppliers.
  • Related government authorities, commercial research & development (R&D) institutions.  
  • Regulatory bodies, including government agencies and NGOs.
  • Commercial research & development (R&D) institutions and financial institutions.
  • Government and research organizations.
  • Venture capitalists and investors.  
  • Technology providers to Carotenoids and Carotenoids companies.
  • Associations and industry bodies.   

Carotenoids Market:

By Type
  • Astaxanthin
  • Beta-Carotene
  • Lutein
  • Lycopene
  • Canthaxanthin
  • Zeaxanthin
  • Other Types
By Formulation
  • Oil Suspension
  • Powder
  • Beadlet
  • Emulsion
By Application
  • Food & Beverage
  • Feed
  • Pharmaceuticals
  • Dietary Supplement
  • Cosmetics
By Source
  • Natural
  • Synthetic
By Region:
  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East
  • Africa

Recent Developments

  • In March, 2023, ADM (US) revealed the signing of a joint venture agreement with Marel (Netherlands), a leading provider of cutting-edge food processing solutions. This partnership aimed to establish an innovation center at the prestigious Wageningen Campus in the Netherlands, renowned as the epicenter of the nation's food valley. Tailored to foster collaboration among food manufacturers, food scientists, extrusion specialists, and culinary professionals, this strategic initiative is poised to bolster ADM's market expansion efforts and facilitate research and development in its carotenoid segments. 
  • In May 2022, Divi's Laboratories Limited (India) and Algalif (Iceland) announced a collaboration to develop highly concentrated beadlets of sustainable natural astaxanthin. Leveraging Algalif's production process in Iceland, which utilizes renewable energy and yields premium astaxanthin oleoresin sourced from microalgae, the partnership aims to enhance Divi's Laboratories Limited's capabilities and product offerings in the carotenoid segment.
  • In December 2021, Givaudan (Switzerland) finalized the acquisition of DDW, the Color House (US), a prominent natural color-based company. This acquisition is poised to enable Givaudan to enhance its portfolio of natural food color products and facilitate market expansion.

Frequently Asked Questions (FAQ):

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TABLE OF CONTENTS
 
1 INTRODUCTION (Page No. - 43)
    1.1 STUDY OBJECTIVES 
    1.2 MARKET DEFINITION 
    1.3 STUDY SCOPE 
           1.3.1 MARKETS COVERED
                    FIGURE 1 CAROTENOIDS MARKET SEGMENTATION
           1.3.2 REGIONS COVERED
           1.3.3 YEARS CONSIDERED
    1.4 CURRENCY CONSIDERED 
           TABLE 1 USD EXCHANGE RATES, 2020–2023
    1.5 UNIT CONSIDERED 
    1.6 STAKEHOLDERS 
    1.7 SUMMARY OF CHANGES 
 
2 RESEARCH METHODOLOGY (Page No. - 48)
    2.1 RESEARCH DATA 
           FIGURE 2 CAROTENOIDS MARKET: RESEARCH DESIGN
           2.1.1 SECONDARY DATA
                    2.1.1.1 Key data from secondary sources
           2.1.2 PRIMARY DATA
                    FIGURE 3 KEY DATA FROM PRIMARY SOURCES
                    2.1.2.1 Key industry insights
                               FIGURE 4 BREAKDOWN OF PRIMARY INTERVIEWS
    2.2 MARKET SIZE ESTIMATION 
           2.2.1 BOTTOM-UP APPROACH
                    FIGURE 5 DEMAND-SIDE ANALYSIS
           2.2.2 TOP-DOWN APPROACH
                    2.2.2.1 Approach to estimate market size using top-down analysis
                               FIGURE 6 MARKET SIZE ESTIMATION STEPS
                               FIGURE 7 SUPPLY-SIDE ANALYSIS
    2.3 DATA TRIANGULATION 
           FIGURE 8 DATA TRIANGULATION
    2.4 RESEARCH ASSUMPTIONS 
    2.5 RESEARCH LIMITATIONS 
    2.6 RECESSION IMPACT 
           2.6.1 MACRO INDICATORS
                    FIGURE 9 RECESSION INDICATORS
                    FIGURE 10 GLOBAL INFLATION RATE, 2011–2022
                    FIGURE 11 GLOBAL GDP, 2011–2022 (USD TRILLION)
                    FIGURE 12 RECESSION INDICATORS AND THEIR IMPACT ON MARKET
 
3 EXECUTIVE SUMMARY (Page No. - 62)
    TABLE 2 CAROTENOIDS MARKET SNAPSHOT, 2024 VS. 2029 
    FIGURE 13 ASTAXANTHIN SEGMENT TO LEAD MARKET DURING FORECAST PERIOD 
    FIGURE 14 BEADLET SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD 
    FIGURE 15 SYNTHETIC SEGMENT TO HAVE LARGEST MARKET SHARE DURING FORECAST PERIOD 
    FIGURE 16 ANIMAL FEED SEGMENT TO HOLD LARGEST MARKET SHARE DURING FORECAST PERIOD 
    FIGURE 17 NORTH AMERICA TO ACCOUNT FOR LARGEST MARKET SHARE DURING FORECAST PERIOD 
    FIGURE 18 CAROTENOIDS MARKET: EARLIER FORECAST VS. RECESSION FORECAST 
 
4 PREMIUM INSIGHTS (Page No. - 68)
    4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN CAROTENOIDS MARKET 
           FIGURE 19 INCREASING AWARENESS TOWARD HEALTH AND ORGANIC FOOD PRODUCTS TO DRIVE MARKET
    4.2 EUROPE: CAROTENOIDS MARKET, BY TYPE AND COUNTRY 
           FIGURE 20 LUTEIN SEGMENT AND FRANCE TO ACCOUNT FOR LARGEST SHARES IN EUROPEAN MARKET IN 2024
    4.3 CAROTENOIDS MARKET, BY COUNTRY 
           FIGURE 21 US TO ACCOUNT FOR LARGEST MARKET SHARE IN 2024
    4.4 CAROTENOIDS MARKET, BY TYPE AND REGION 
           FIGURE 22 ASTAXANTHIN TO HOLD LARGEST MARKET SHARE DURING FORECAST PERIOD
    4.5 CAROTENOIDS MARKET, BY FORMULATION AND REGION 
           FIGURE 23 BEADLET SEGMENT TO LEAD MARKET DURING FORECAST PERIOD
    4.6 CAROTENOIDS MARKET, BY SOURCE AND REGION 
           FIGURE 24 SYNTHETIC SOURCE TO ACCOUNT FOR LARGER MARKET SHARE DURING FORECAST PERIOD
    4.7 CAROTENOIDS MARKET, BY APPLICATION AND REGION 
           FIGURE 25 ANIMAL FEED SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD
 
5 MARKET OVERVIEW (Page No. - 75)
    5.1 INTRODUCTION 
    5.2 MACROECONOMIC INDICATORS 
           5.2.1 GLOBAL HEALTH AND WELLNESS MARKET
                    FIGURE 26 GLOBAL WELLNESS INDUSTRY, BY TYPE, 2022
    5.3 MARKET DYNAMICS 
           FIGURE 27 CAROTENOIDS MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
           5.3.1 DRIVERS
                    5.3.1.1 Increasing applications of carotenoids in preventive healthcare
                               TABLE 3 SOURCES OF CAROTENOIDS AND THEIR MEDICINAL PROPERTIES
                    5.3.1.2 Growing trend toward natural and clean label ingredients
                               FIGURE 28 US: FACTORS DRIVING CLEAN LABEL PURCHASES, 2021
                    5.3.1.3 Surge in applications in pharmaceuticals and cosmetics
                    5.3.1.4 Rise in innovative technologies for extracting carotenoids
                    5.3.1.5 Increasing consumer preference for organic products
                               FIGURE 29 ORGANIC FOOD & BEVERAGES MARKET, 2021 (USD BILLION)
           5.3.2 RESTRAINTS
                    5.3.2.1 Low water solubility and stability
                    5.3.2.2 Risks associated with high dosage
           5.3.3 OPPORTUNITIES
                    5.3.3.1 Booming dietary supplements and food & beverages markets
                    5.3.3.2 Expanding scope of research in feed industry
                    5.3.3.3 Growing inclination toward safety reassessment of synthetic food colors
           5.3.4 CHALLENGES
                    5.3.4.1 Stringent quality standards
                    5.3.4.2 High production costs
 
6 INDUSTRY TRENDS (Page No. - 86)
    6.1 INTRODUCTION 
    6.2 VALUE CHAIN ANALYSIS 
           FIGURE 30 VALUE CHAIN ANALYSIS
    6.3 TRADE ANALYSIS 
           TABLE 4 EUROPEAN UNION: IMPORT AND EXPORT VOLUME OF COLORING MATTER OF VEGETABLE OR ANIMAL ORIGIN, 2023 (KG)
           TABLE 5 EUROPEAN UNION: IMPORT AND EXPORT VOLUME OF COLORING MATTER OF VEGETABLE OR ANIMAL ORIGIN, 2022 (KG)
           TABLE 6 EUROPEAN UNION: IMPORT AND EXPORT VOLUME OF COLORING MATTER OF VEGETABLE OR ANIMAL ORIGIN, 2021 (KG)
    6.4 TECHNOLOGY ANALYSIS 
           6.4.1 CAROTENOIDS AND MICROENCAPSULATION
           6.4.2 ARTIFICIAL INTELLIGENCE AND MACHINE LEARNING
    6.5 PRICING ANALYSIS 
           6.5.1 AVERAGE SELLING PRICE TREND OF KEY PLAYERS, BY TYPE
                    FIGURE 31 AVERAGE SELLING PRICE TREND OF KEY PLAYERS, BY TYPE, 2023 (USD/TONS)
                    TABLE 7 AVERAGE SELLING PRICE TREND OF KEY PLAYERS, BY TYPE, 2023 (USD/TONS)
           6.5.2 AVERAGE SELLING PRICE TREND, BY REGION
                    FIGURE 32 AVERAGE SELLING PRICE TREND, BY REGION, 2020–2023 (USD/TONS)
                    TABLE 8 AVERAGE SELLING PRICE TREND, BY REGION, 2020–2023 (USD/TONS)
           6.5.3 AVERAGE SELLING PRICE TREND, BY TYPE
                    FIGURE 33 AVERAGE SELLING PRICE TREND, BY TYPE, 2020–2023 (USD/TONS)
                    TABLE 9 AVERAGE SELLING PRICE TREND, BY TYPE, 2020–2023 (USD/TONS)
    6.6 ECOSYSTEM ANALYSIS 
           FIGURE 34 ECOSYSTEM ANALYSIS
           TABLE 10 ROLE OF COMPANIES IN ECOSYSTEM
           6.6.1 UPSTREAM
                    6.6.1.1 Ingredient manufacturers
                    6.6.1.2 Technology providers
                    6.6.1.3 End users
           6.6.2 DOWNSTREAM
                    6.6.2.1 Regulatory bodies
                    6.6.2.2 Startups/emerging companies
    6.7 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 
           FIGURE 35 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS
    6.8 PATENT ANALYSIS 
           FIGURE 36 PATENT ANALYSIS
           FIGURE 37 JURISDICTIONS WITH HIGHEST PATENT APPROVALS FOR CAROTENOIDS, 2013–2023
           TABLE 11 INNOVATIONS AND PATENT REGISTRATIONS, 2023–2024
    6.9 KEY CONFERENCES AND EVENTS 
           TABLE 12 KEY CONFERENCES AND EVENTS, 2024–2025
    6.10 PORTER’S FIVE FORCES ANALYSIS 
           TABLE 13 IMPACT OF PORTER’S FIVE FORCES
           FIGURE 38 CAROTENOIDS MARKET: PORTER’S FIVE FORCES ANALYSIS
           6.10.1 INTENSITY OF COMPETITIVE RIVALRY
           6.10.2 BARGAINING POWER OF SUPPLIERS
           6.10.3 BARGAINING POWER OF BUYERS
           6.10.4 THREAT OF NEW ENTRANTS
           6.10.5 THREAT OF SUBSTITUTES
    6.11 REGULATORY LANDSCAPE 
           6.11.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 14 NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 15 EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 16 ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 17 SOUTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 18 REST OF THE WORLD: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
           6.11.2 NORTH AMERICA
                    6.11.2.1 US
                    6.11.2.2 Canada
                    6.11.2.3 Mexico
           6.11.3 EUROPEAN UNION
           6.11.4 ASIA PACIFIC
                    6.11.4.1 China
                    6.11.4.2 India
           6.11.5 SOUTH AMERICA
                    6.11.5.1 Brazil
           6.11.6 REST OF THE WORLD
                    6.11.6.1 South Africa
    6.12 KEY STAKEHOLDERS AND BUYING CRITERIA 
           6.12.1 KEY STAKEHOLDERS IN BUYING PROCESS
                    TABLE 19 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 3 APPLICATIONS (%)
           6.12.2 BUYING CRITERIA
                    FIGURE 40 KEY BUYING CRITERIA FOR TOP 3 APPLICATIONS
                    TABLE 20 KEY BUYING CRITERIA FOR TOP 3 APPLICATIONS
    6.13 CASE STUDY ANALYSIS 
           6.13.1 USE OF ARTIFICIAL INTELLIGENCE AND MACHINE LEARNING TO MEET DEMAND FOR FUNCTIONAL FOODS
           6.13.2 MANUFACTURING OF PLANT-BASED BARS FOR IMPROVED MENTAL HEALTH
           6.13.3 INVESTIGATING EFFICACY OF LYCODERM TO ENHANCING SKIN RESILIENCE
    6.14 INVESTMENT AND FUNDING SCENARIO 
                    FIGURE 41 INVESTMENT AND FUNDING SCENARIO, 2019–2024 (USD MILLION)
 
7 CAROTENOIDS MARKET, BY TYPE (Page No. - 115)
    7.1 INTRODUCTION 
           FIGURE 42 CAROTENOIDS MARKET, BY TYPE, 2024 VS. 2029 (USD MILLION)
           TABLE 21 CAROTENOIDS MARKET, BY TYPE, 2020–2023 (USD MILLION)
           TABLE 22 CAROTENOIDS MARKET, BY TYPE, 2024–2029 (USD MILLION)
           TABLE 23 CAROTENOIDS MARKET, BY TYPE, 2020–2023 (TONS)
           TABLE 24 CAROTENOIDS MARKET, BY TYPE, 2024–2029 (TONS)
    7.2 BETA-CAROTENE 
           7.2.1 INCREASING USE AS NATURAL COLORANT TO DRIVE MARKET
                    TABLE 25 BETA-CAROTENE: CAROTENOIDS MARKET, BY REGION, 2020–2023 (USD MILLION)
                    TABLE 26 BETA-CAROTENE: CAROTENOIDS MARKET, BY REGION, 2024–2029 (USD MILLION)
                    TABLE 27 BETA-CAROTENE: CAROTENOIDS MARKET, BY REGION, 2020–2023 (TONS)
                    TABLE 28 BETA-CAROTENE: CAROTENOIDS MARKET, BY REGION, 2024–2029 (TONS)
    7.3 ASTAXANTHIN 
           7.3.1 GROWING ADOPTION IN FEED, DIETARY SUPPLEMENTS, AND COSMETIC INDUSTRIES TO DRIVE MARKET
                    TABLE 29 ASTAXANTHIN: CAROTENOIDS MARKET, BY REGION, 2020–2023 (USD MILLION)
                    TABLE 30 ASTAXANTHIN: CAROTENOIDS MARKET, BY REGION, 2024–2029 (USD MILLION)
                    TABLE 31 ASTAXANTHIN: CAROTENOIDS MARKET, BY REGION, 2020–2023 (TONS)
                    TABLE 32 ASTAXANTHIN: CAROTENOIDS MARKET, BY REGION, 2024–2029 (TONS)
    7.4 LUTEIN 
           7.4.1 RISING ACCEPTABILITY IN TREATING EYE DISEASES TO DRIVE MARKET
                    TABLE 33 LUTEIN: CAROTENOIDS MARKET, BY REGION, 2020–2023 (USD MILLION)
                    TABLE 34 LUTEIN: CAROTENOIDS MARKET, BY REGION, 2024–2029 (USD MILLION)
                    TABLE 35 LUTEIN: CAROTENOIDS MARKET, BY REGION, 2020–2023 (TONS)
                    TABLE 36 LUTEIN: CAROTENOIDS MARKET, BY REGION, 2024–2029 (TONS)
    7.5 LYCOPENE 
           7.5.1 INCREASING AWARENESS ABOUT ANTIOXIDANT HEALTH BENEFITS TO DRIVE MARKET
                    TABLE 37 LYCOPENE: CAROTENOIDS MARKET, BY REGION, 2020–2023 (USD MILLION)
                    TABLE 38 LYCOPENE: CAROTENOIDS MARKET, BY REGION, 2024–2029 (USD MILLION)
                    TABLE 39 LYCOPENE: CAROTENOIDS MARKET, BY REGION, 2020–2023 (TONS)
                    TABLE 40 LYCOPENE: CAROTENOIDS MARKET, BY REGION, 2024–2029 (TONS)
    7.6 ZEAXANTHIN 
           7.6.1 GROWING DEMAND IN POULTRY FEED TO DRIVE MARKET
                    TABLE 41 ZEAXANTHIN: CAROTENOIDS MARKET, BY REGION, 2020–2023 (USD MILLION)
                    TABLE 42 ZEAXANTHIN: CAROTENOIDS MARKET, BY REGION, 2024–2029 (USD MILLION)
                    TABLE 43 ZEAXANTHIN: CAROTENOIDS MARKET, BY REGION, 2020–2023 (TONS)
                    TABLE 44 ZEAXANTHIN: CAROTENOIDS MARKET, BY REGION, 2024–2029 (TONS)
    7.7 CANTHAXANTHIN 
           7.7.1 SURGE IN LIVESTOCK POPULATION TO DRIVE MARKET
                    TABLE 45 CANTHAXANTHIN: CAROTENOIDS MARKET, BY REGION, 2020–2023 (USD MILLION)
                    TABLE 46 CANTHAXANTHIN: CAROTENOIDS MARKET, BY REGION, 2024–2029 (USD MILLION)
                    TABLE 47 CANTHAXANTHIN: CAROTENOIDS MARKET, BY REGION, 2020–2023 (TONS)
                    TABLE 48 CANTHAXANTHIN: CAROTENOIDS MARKET, BY REGION, 2024–2029 (TONS)
    7.8 OTHER TYPES 
           TABLE 49 OTHER TYPES: CAROTENOIDS MARKET, BY REGION, 2020–2023 (USD MILLION)
           TABLE 50 OTHER TYPES: CAROTENOIDS MARKET, BY REGION, 2024–2029 (USD MILLION)
           TABLE 51 OTHER TYPES: CAROTENOIDS MARKET, BY REGION, 2020–2023 (TONS)
           TABLE 52 OTHER TYPES: CAROTENOIDS MARKET, BY REGION, 2024–2029 (TONS)
 
8 CAROTENOIDS MARKET, BY APPLICATION (Page No. - 132)
    8.1 INTRODUCTION 
           FIGURE 43 CAROTENOIDS MARKET, BY APPLICATION, 2024 VS. 2029 (USD MILLION)
           TABLE 53 CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (USD MILLION)
           TABLE 54 CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (USD MILLION)
           TABLE 55 CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (TONS)
           TABLE 56 CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (TONS)
    8.2 ANIMAL FEED 
           8.2.1 GROWING ADOPTION DUE TO DISEASE RESISTANCE AND COLOR-ENHANCING PROPERTIES TO DRIVE MARKET
                    TABLE 57 ANIMAL FEED: CAROTENOIDS MARKET, BY REGION, 2020–2023 (USD MILLION)
                    TABLE 58 ANIMAL FEED: CAROTENOIDS MARKET, BY REGION, 2024–2029 (USD MILLION)
                    TABLE 59 ANIMAL FEED: CAROTENOIDS MARKET, BY REGION, 2020–2023 (TONS)
                    TABLE 60 ANIMAL FEED: CAROTENOIDS MARKET, BY REGION, 2024–2029 (TONS)
    8.3 DIETARY SUPPLEMENTS 
           8.3.1 RISING AWARENESS AMONG CONSUMERS FOR NATURAL HEALTH SUPPLEMENTS TO DRIVE MARKET
                    TABLE 61 DIETARY SUPPLEMENTS: CAROTENOIDS MARKET, BY REGION, 2020–2023 (USD MILLION)
                    TABLE 62 DIETARY SUPPLEMENTS: CAROTENOIDS MARKET, BY REGION, 2024–2029 (USD MILLION)
                    TABLE 63 DIETARY SUPPLEMENTS: CAROTENOIDS MARKET, BY REGION, 2020–2023 (TONS)
                    TABLE 64 DIETARY SUPPLEMENTS: CAROTENOIDS MARKET, BY REGION, 2024–2029 (TONS)
    8.4 FOOD & BEVERAGES 
           8.4.1 SURGE IN DEMAND FOR NATURAL FOOD COLORANTS WITH ANTIOXIDANT AND ANTICARCINOGENIC PROPERTIES TO DRIVE MARKET
                    TABLE 65 FOOD & BEVERAGES: CAROTENOIDS MARKET, BY REGION, 2020–2023 (USD MILLION)
                    TABLE 66 FOOD & BEVERAGES: CAROTENOIDS MARKET, BY REGION, 2024–2029 (USD MILLION)
                    TABLE 67 FOOD & BEVERAGES: CAROTENOIDS MARKET, BY REGION, 2020–2023 (TONS)
                    TABLE 68 FOOD & BEVERAGES: CAROTENOIDS MARKET, BY REGION, 2024–2029 (TONS)
    8.5 COSMETICS 
           8.5.1 INCREASING DEMAND DUE TO ANTI-AGING AND ANTI-INFLAMMATORY PROPERTIES TO DRIVE MARKET
                    TABLE 69 COSMETICS: CAROTENOIDS MARKET, BY REGION, 2020–2023 (USD MILLION)
                    TABLE 70 COSMETICS: CAROTENOIDS MARKET, BY REGION, 2024–2029 (USD MILLION)
                    TABLE 71 COSMETICS: CAROTENOIDS MARKET, BY REGION, 2020–2023 (TONS)
                    TABLE 72 COSMETICS: CAROTENOIDS MARKET, BY REGION, 2024–2029 (TONS)
    8.6 PHARMACEUTICALS 
           8.6.1 GROWING POPULARITY OF CAROTENOIDS TO BOOST IMMUNITY TO DRIVE MARKET
                    TABLE 73 PHARMACEUTICALS: CAROTENOIDS MARKET, BY REGION, 2020–2023 (USD MILLION)
                    TABLE 74 PHARMACEUTICALS: CAROTENOIDS MARKET, BY REGION, 2024–2029 (USD MILLION)
                    TABLE 75 PHARMACEUTICALS: CAROTENOIDS MARKET, BY REGION, 2020–2023 (TONS)
                    TABLE 76 PHARMACEUTICALS: CAROTENOIDS MARKET, BY REGION, 2024–2029 (TONS)
 
9 CAROTENOIDS MARKET, BY FORMULATION (Page No. - 145)
    9.1 INTRODUCTION 
           FIGURE 44 CAROTENOIDS MARKET, BY FORMULATION, 2024 VS. 2029 (USD MILLION)
           TABLE 77 CAROTENOIDS MARKET, BY FORMULATION, 2020–2023 (USD MILLION)
           TABLE 78 CAROTENOIDS MARKET, BY FORMULATION, 2024–2029 (USD MILLION)
           TABLE 79 CAROTENOIDS MARKET, BY FORMULATION, 2020–2023 (TONS)
           TABLE 80 CAROTENOIDS MARKET, BY FORMULATION, 2024–2029 (TONS)
    9.2 BEADLET 
           9.2.1 NEED FOR INCREASED STABILITY OF CAROTENOID PRODUCTS TO DRIVE MARKET
                    TABLE 81 BEADLET: CAROTENOIDS MARKET, BY REGION, 2020–2023 (USD MILLION)
                    TABLE 82 BEADLET: CAROTENOIDS MARKET, BY REGION, 2024–2029 (USD MILLION)
                    TABLE 83 BEADLET: CAROTENOIDS MARKET, BY REGION, 2020–2023 (TONS)
                    TABLE 84 BEADLET: CAROTENOIDS MARKET, BY REGION, 2024–2029 (TONS)
    9.3 POWDER 
           9.3.1 INCREASING DEMAND FOR CAROTENOIDS WITH HIGH THERMAL STABILITY AND SHELF LIFE TO DRIVE MARKET
                    TABLE 85 POWDER: CAROTENOIDS MARKET, BY REGION, 2020–2023 (USD MILLION)
                    TABLE 86 POWDER: CAROTENOIDS MARKET, BY REGION, 2024–2029 (USD MILLION)
                    TABLE 87 POWDER: CAROTENOIDS MARKET, BY REGION, 2020–2023 (TONS)
                    TABLE 88 POWDER: CAROTENOIDS MARKET, BY REGION, 2024–2029 (TONS)
    9.4 OIL SUSPENSION 
           9.4.1 GROWING DEMAND FOR AFFORDABLE CAROTENOIDS TO DRIVE MARKET
                    TABLE 89 OIL SUSPENSION: CAROTENOIDS MARKET, BY REGION, 2020–2023 (USD MILLION)
                    TABLE 90 OIL SUSPENSION: CAROTENOIDS MARKET, BY REGION, 2024–2029 (USD MILLION)
                    TABLE 91 OIL SUSPENSION: CAROTENOIDS MARKET, BY REGION, 2020–2023 (TONS)
                    TABLE 92 OIL SUSPENSION: CAROTENOIDS MARKET, BY REGION, 2024–2029 (TONS)
    9.5 EMULSION 
           9.5.1 RISING ADOPTION IN PROCESSING AND STORAGE OF Β-CAROTENE TO DRIVE MARKET
                    TABLE 93 EMULSION: CAROTENOIDS MARKET, BY REGION, 2020–2023 (USD MILLION)
                    TABLE 94 EMULSION: CAROTENOIDS MARKET, BY REGION, 2024–2029 (USD MILLION)
                    TABLE 95 EMULSION: CAROTENOIDS MARKET, BY REGION, 2020–2023 (TONS)
                    TABLE 96 EMULSION: CAROTENOIDS MARKET, BY REGION, 2024–2029 (TONS)
 
10 CAROTENOIDS MARKET, BY SOURCE (Page No. - 157)
     10.1 INTRODUCTION 
               FIGURE 45 CAROTENOIDS MARKET, BY SOURCE, 2024 VS. 2029 (USD MILLION)
               TABLE 97 CAROTENOIDS MARKET, BY SOURCE, 2020–2023 (USD MILLION)
               TABLE 98 CAROTENOIDS MARKET, BY SOURCE, 2024–2029 (USD MILLION)
               TABLE 99 CAROTENOIDS MARKET, BY SOURCE, 2020–2023 (TONS)
               TABLE 100 CAROTENOIDS MARKET, BY SOURCE, 2024–2029 (TONS)
     10.2 SYNTHETIC 
             10.2.1 LOWER MANUFACTURING COST TO DRIVE MARKET
                       TABLE 101 SYNTHETIC: CAROTENOIDS MARKET, BY REGION, 2020–2023 (USD MILLION)
                       TABLE 102 SYNTHETIC: CAROTENOIDS MARKET, BY REGION, 2024–2029 (USD MILLION)
                       TABLE 103 SYNTHETIC: CAROTENOIDS MARKET, BY REGION, 2020–2023 (TONS)
                       TABLE 104 SYNTHETIC: CAROTENOIDS MARKET, BY REGION, 2024–2029 (TONS)
     10.3 NATURAL 
             10.3.1 INCREASING FOCUS ON IMPROVED IMMUNITY RATES IN HUMANS AND ANIMALS TO DRIVE MARKET
                       TABLE 105 NATURAL: CAROTENOIDS MARKET, BY REGION, 2020–2023 (USD MILLION)
                       TABLE 106 NATURAL: CAROTENOIDS MARKET, BY REGION, 2024–2029 (USD MILLION)
                       TABLE 107 NATURAL: CAROTENOIDS MARKET, BY REGION, 2020–2023 (TONS)
                       TABLE 108 NATURAL: CAROTENOIDS MARKET, BY REGION, 2024–2029 (TONS)
 
11 CAROTENOIDS MARKET, BY REGION (Page No. - 164)
     11.1 INTRODUCTION 
               FIGURE 46 CAROTENOIDS MARKET, BY COUNTRY, 2024–2029
               TABLE 109 CAROTENOIDS MARKET, BY REGION, 2020–2023 (USD MILLION)
               TABLE 110 CAROTENOIDS MARKET, BY REGION, 2024–2029 (USD MILLION)
               TABLE 111 CAROTENOIDS MARKET, BY REGION, 2020–2023 (TONS)
               TABLE 112 CAROTENOIDS MARKET, BY REGION, 2024–2029 (TONS)
     11.2 NORTH AMERICA 
             11.2.1 RECESSION IMPACT ANALYSIS
                       FIGURE 47 NORTH AMERICA: INFLATION RATES, BY KEY COUNTRY, 2018–2022
                       FIGURE 48 NORTH AMERICA: RECESSION IMPACT ANALYSIS, 2023
                       TABLE 113 NORTH AMERICA: CAROTENOIDS MARKET, BY COUNTRY, 2020–2023 (USD MILLION)
                       TABLE 114 NORTH AMERICA: CAROTENOIDS MARKET, BY COUNTRY, 2024–2029 (USD MILLION)
                       TABLE 115 NORTH AMERICA: CAROTENOIDS MARKET, BY COUNTRY, 2020–2023 (TONS)
                       TABLE 116 NORTH AMERICA: CAROTENOIDS MARKET, BY COUNTRY, 2024–2029 (TONS)
                       TABLE 117 NORTH AMERICA: CAROTENOIDS MARKET, BY TYPE, 2020–2023 (USD MILLION)
                       TABLE 118 NORTH AMERICA: CAROTENOIDS MARKET, BY TYPE, 2024–2029 (USD MILLION)
                       TABLE 119 NORTH AMERICA: CAROTENOIDS MARKET, BY TYPE, 2020–2023 (TONS)
                       TABLE 120 NORTH AMERICA: CAROTENOIDS MARKET, BY TYPE, 2024–2029 (TONS)
                       TABLE 121 NORTH AMERICA: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (USD MILLION)
                       TABLE 122 NORTH AMERICA: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (USD MILLION)
                       TABLE 123 NORTH AMERICA: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (TONS)
                       TABLE 124 NORTH AMERICA: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (TONS)
                       TABLE 125 NORTH AMERICA: CAROTENOIDS MARKET, BY FORMULATION, 2020–2023 (USD MILLION)
                       TABLE 126 NORTH AMERICA: CAROTENOIDS MARKET, BY FORMULATION, 2024–2029 (USD MILLION)
                       TABLE 127 NORTH AMERICA: CAROTENOIDS MARKET, BY FORMULATION, 2020–2023 (TONS)
                       TABLE 128 NORTH AMERICA: CAROTENOIDS MARKET, BY FORMULATION, 2024–2029 (TONS)
                       TABLE 129 NORTH AMERICA: CAROTENOIDS MARKET, BY SOURCE, 2020–2023 (USD MILLION)
                       TABLE 130 NORTH AMERICA: CAROTENOIDS MARKET, BY SOURCE, 2024–2029 (USD MILLION)
                       TABLE 131 NORTH AMERICA: CAROTENOIDS MARKET, BY SOURCE, 2020–2023 (TONS)
                       TABLE 132 NORTH AMERICA: CAROTENOIDS MARKET, BY SOURCE, 2024–2029 (TONS)
             11.2.2 US
                       11.2.2.1 Rising focus on mitigating risks associated with cancer and cardiovascular disorders to drive market
                                   TABLE 133 US: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (USD MILLION)
                                   TABLE 134 US: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (USD MILLION)
                                   TABLE 135 US: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (TONS)
                                   TABLE 136 US: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (TONS)
             11.2.3 CANADA
                       11.2.3.1 Growing livestock of dairy and poultry animals to drive market
                                   TABLE 137 CANADA: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (USD MILLION)
                                   TABLE 138 CANADA: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (USD MILLION)
                                   TABLE 139 CANADA: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (TONS)
                                   TABLE 140 CANADA: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (TONS)
             11.2.4 MEXICO
                       11.2.4.1 Increasing use of carotenoids in feed industry to drive market
                                   TABLE 141 MEXICO: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (USD MILLION)
                                   TABLE 142 MEXICO: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (USD MILLION)
                                   TABLE 143 MEXICO: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (TONS)
                                   TABLE 144 MEXICO: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (TONS)
     11.3 EUROPE 
               FIGURE 49 EUROPE: CAROTENOIDS MARKET SNAPSHOT
             11.3.1 RECESSION IMPACT ANALYSIS
                       FIGURE 50 EUROPE: INFLATION RATES, BY KEY COUNTRY, 2018–2022
                       FIGURE 51 EUROPE: RECESSION IMPACT ANALYSIS, 2023
                       TABLE 145 EUROPE: CAROTENOIDS MARKET, BY COUNTRY, 2020–2023 (USD MILLION)
                       TABLE 146 EUROPE: CAROTENOIDS MARKET, BY COUNTRY, 2024–2029 (USD MILLION)
                       TABLE 147 EUROPE: CAROTENOIDS MARKET, BY COUNTRY, 2020–2023 (TONS)
                       TABLE 148 EUROPE: CAROTENOIDS MARKET, BY COUNTRY, 2024–2029 (TONS)
                       TABLE 149 EUROPE: CAROTENOIDS MARKET, BY TYPE, 2020–2023 (USD MILLION)
                       TABLE 150 EUROPE: CAROTENOIDS MARKET, BY TYPE, 2024–2029 (USD MILLION)
                       TABLE 151 EUROPE: CAROTENOIDS MARKET, BY TYPE, 2020–2023 (TONS)
                       TABLE 152 EUROPE: CAROTENOIDS MARKET, BY TYPE, 2024–2029 (TONS)
                       TABLE 153 EUROPE: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (USD MILLION)
                       TABLE 154 EUROPE: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (USD MILLION)
                       TABLE 155 EUROPE: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (TONS)
                       TABLE 156 EUROPE: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (TONS)
                       TABLE 157 EUROPE: CAROTENOIDS MARKET, BY FORMULATION, 2020–2023 (USD MILLION)
                       TABLE 158 EUROPE: CAROTENOIDS MARKET, BY FORMULATION, 2024–2029 (USD MILLION)
                       TABLE 159 EUROPE: CAROTENOIDS MARKET, BY FORMULATION, 2020–2023 (TONS)
                       TABLE 160 EUROPE: CAROTENOIDS MARKET, BY FORMULATION, 2024–2029 (TONS)
                       TABLE 161 EUROPE: CAROTENOIDS MARKET, BY SOURCE, 2020–2023 (USD MILLION)
                       TABLE 162 EUROPE: CAROTENOIDS MARKET, BY SOURCE, 2024–2029 (USD MILLION)
                       TABLE 163 EUROPE: CAROTENOIDS MARKET, BY SOURCE, 2020–2023 (TONS)
                       TABLE 164 EUROPE: CAROTENOIDS MARKET, BY SOURCE, 2024–2029 (TONS)
             11.3.2 FRANCE
                       11.3.2.1 Booming dietary supplements industry to drive market
                                   TABLE 165 FRANCE: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (USD MILLION)
                                   TABLE 166 FRANCE: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (USD MILLION)
                                   TABLE 167 FRANCE: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (TONS)
                                   TABLE 168 FRANCE: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (TONS)
             11.3.3 GERMANY
                       11.3.3.1 Growing concerns regarding food safety to drive market
                                   TABLE 169 GERMANY: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (USD MILLION)
                                   TABLE 170 GERMANY: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (USD MILLION)
                                   TABLE 171 GERMANY: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (TONS)
                                   TABLE 172 GERMANY: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (TONS)
             11.3.4 NETHERLANDS
                       11.3.4.1 Growing incidences of cancer cases to drive market
                                   TABLE 173 NETHERLANDS: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (USD MILLION)
                                   TABLE 174 NETHERLANDS: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (USD MILLION)
                                   TABLE 175 NETHERLANDS: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (TONS)
                                   TABLE 176 NETHERLANDS: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (TONS)
             11.3.5 RUSSIA
                       11.3.5.1 Increasing demand for antioxidant-rich foods to drive market
                                   TABLE 177 RUSSIA: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (USD MILLION)
                                   TABLE 178 RUSSIA: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (USD MILLION)
                                   TABLE 179 RUSSIA: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (TONS)
                                   TABLE 180 RUSSIA: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (TONS)
             11.3.6 SPAIN
                       11.3.6.1 Surge in consumer demand for natural color alternatives over artificial additives to drive market
                                   TABLE 181 SPAIN: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (USD MILLION)
                                   TABLE 182 SPAIN: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (USD MILLION)
                                   TABLE 183 SPAIN: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (TONS)
                                   TABLE 184 SPAIN: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (TONS)
             11.3.7 ITALY
                       11.3.7.1 Increasing utilization of carotenoids in skincare and cosmetics to drive market
                                   TABLE 185 ITALY: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (USD MILLION)
                                   TABLE 186 ITALY: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (USD MILLION)
                                   TABLE 187 ITALY: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (TONS)
                                   TABLE 188 ITALY: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (TONS)
             11.3.8 REST OF EUROPE
                       TABLE 189 REST OF EUROPE: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (USD MILLION)
                       TABLE 190 REST OF EUROPE: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (USD MILLION)
                       TABLE 191 REST OF EUROPE: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (TONS)
                       TABLE 192 REST OF EUROPE: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (TONS)
     11.4 ASIA PACIFIC 
               FIGURE 52 ASIA PACIFIC: CAROTENOIDS MARKET SNAPSHOT
             11.4.1 RECESSION IMPACT ANALYSIS
                       FIGURE 53 ASIA PACIFIC: INFLATION RATES, BY KEY COUNTRY, 2018–2022
                       FIGURE 54 ASIA PACIFIC: RECESSION IMPACT ANALYSIS, 2023
                       TABLE 193 ASIA PACIFIC: CAROTENOIDS MARKET, BY COUNTRY, 2020–2023 (USD MILLION)
                       TABLE 194 ASIA PACIFIC: CAROTENOIDS MARKET, BY COUNTRY, 2024–2029 (USD MILLION)
                       TABLE 195 ASIA PACIFIC: CAROTENOIDS MARKET, BY COUNTRY, 2020–2023 (TONS)
                       TABLE 196 ASIA PACIFIC: CAROTENOIDS MARKET, BY COUNTRY, 2024–2029 (TONS)
                       TABLE 197 ASIA PACIFIC: CAROTENOIDS MARKET, BY TYPE, 2020–2023 (USD MILLION)
                       TABLE 198 ASIA PACIFIC: CAROTENOIDS MARKET, BY TYPE, 2024–2029 (USD MILLION)
                       TABLE 199 ASIA PACIFIC: CAROTENOIDS MARKET, BY TYPE, 2020–2023 (TONS)
                       TABLE 200 ASIA PACIFIC: CAROTENOIDS MARKET, BY TYPE, 2024–2029 (TONS)
                       TABLE 201 ASIA PACIFIC: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (USD MILLION)
                       TABLE 202 ASIA PACIFIC: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (USD MILLION)
                       TABLE 203 ASIA PACIFIC: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (TONS)
                       TABLE 204 ASIA PACIFIC: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (TONS)
                       TABLE 205 ASIA PACIFIC: CAROTENOIDS MARKET, BY FORMULATION, 2020–2023 (USD MILLION)
                       TABLE 206 ASIA PACIFIC: CAROTENOIDS MARKET, BY FORMULATION, 2024–2029 (USD MILLION)
                       TABLE 207 ASIA PACIFIC: CAROTENOIDS MARKET, BY FORMULATION, 2020–2023 (TONS)
                       TABLE 208 ASIA PACIFIC: CAROTENOIDS MARKET, BY FORMULATION, 2024–2029 (TONS)
                       TABLE 209 ASIA PACIFIC: CAROTENOIDS MARKET, BY SOURCE, 2020–2023 (USD MILLION)
                       TABLE 210 ASIA PACIFIC: CAROTENOIDS MARKET, BY SOURCE, 2024–2029 (USD MILLION)
                       TABLE 211 ASIA PACIFIC: CAROTENOIDS MARKET, BY SOURCE, 2020–2023 (TONS)
                       TABLE 212 ASIA PACIFIC: CAROTENOIDS MARKET, BY SOURCE, 2024–2029 (TONS)
             11.4.2 CHINA
                       11.4.2.1 Growing production of carotenoid-rich products to drive market
                                   TABLE 213 CHINA: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (USD MILLION)
                                   TABLE 214 CHINA: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (USD MILLION)
                                   TABLE 215 CHINA: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (TONS)
                                   TABLE 216 CHINA: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (TONS)
             11.4.3 INDIA
                       11.4.3.1 Rising health awareness and egg production to drive market
                                   TABLE 217 INDIA: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (USD MILLION)
                                   TABLE 218 INDIA: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (USD MILLION)
                                   TABLE 219 INDIA: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (TONS)
                                   TABLE 220 INDIA: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (TONS)
             11.4.4 THAILAND
                       11.4.4.1 Growing super-aged population to drive market
                                   TABLE 221 THAILAND: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (USD MILLION)
                                   TABLE 222 THAILAND: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (USD MILLION)
                                   TABLE 223 THAILAND: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (TONS)
                                   TABLE 224 THAILAND: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (TONS)
             11.4.5 JAPAN
                       11.4.5.1 Increasing demand for processed food & beverages to drive market
                                   TABLE 225 JAPAN: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (USD MILLION)
                                   TABLE 226 JAPAN: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (USD MILLION)
                                   TABLE 227 JAPAN: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (TONS)
                                   TABLE 228 JAPAN: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (TONS)
             11.4.6 MALAYSIA
                       11.4.6.1 Surge in meat consumption to drive market
                                   TABLE 229 MALAYSIA: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (USD MILLION)
                                   TABLE 230 MALAYSIA: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (USD MILLION)
                                   TABLE 231 MALAYSIA: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (TONS)
                                   TABLE 232 MALAYSIA: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (TONS)
             11.4.7 INDONESIA
                       11.4.7.1 Booming fisheries industry to drive market
                                   TABLE 233 INDONESIA: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (USD MILLION)
                                   TABLE 234 INDONESIA: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (USD MILLION)
                                   TABLE 235 INDONESIA: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (TONS)
                                   TABLE 236 INDONESIA: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (TONS)
             11.4.8 AUSTRALIA & NEW ZEALAND
                       11.4.8.1 Increasing inclination toward vitamin supplements and herbal remedies to drive market
                                   TABLE 237 AUSTRALIA & NEW ZEALAND: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (USD MILLION)
                                   TABLE 238 AUSTRALIA & NEW ZEALAND: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (USD MILLION)
                                   TABLE 239 AUSTRALIA & NEW ZEALAND: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (TONS)
                                   TABLE 240 AUSTRALIA & NEW ZEALAND: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (TONS)
             11.4.9 REST OF ASIA PACIFIC
                       TABLE 241 REST OF ASIA PACIFIC: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (USD MILLION)
                       TABLE 242 REST OF ASIA PACIFIC: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (USD MILLION)
                       TABLE 243 REST OF ASIA PACIFIC: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (TONS)
                       TABLE 244 REST OF ASIA PACIFIC: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (TONS)
     11.5 SOUTH AMERICA 
             11.5.1 RECESSION IMPACT ANALYSIS
                       FIGURE 55 BRAZIL: INFLATION RATES, 2018–2022
                       FIGURE 56 SOUTH AMERICA: RECESSION IMPACT ANALYSIS
                       TABLE 245 SOUTH AMERICA: CAROTENOIDS MARKET, BY COUNTRY, 2020–2023 (USD MILLION)
                       TABLE 246 SOUTH AMERICA: CAROTENOIDS MARKET, BY COUNTRY, 2024–2029 (USD MILLION)
                       TABLE 247 SOUTH AMERICA: CAROTENOIDS MARKET, BY COUNTRY, 2020–2023 (TONS)
                       TABLE 248 SOUTH AMERICA: CAROTENOIDS MARKET, BY COUNTRY, 2024–2029 (TONS)
                       TABLE 249 SOUTH AMERICA: CAROTENOIDS MARKET, BY TYPE, 2020–2023 (USD MILLION)
                       TABLE 250 SOUTH AMERICA: CAROTENOIDS MARKET, BY TYPE, 2024–2029 (USD MILLION)
                       TABLE 251 SOUTH AMERICA: CAROTENOIDS MARKET, BY TYPE, 2020–2023 (TONS)
                       TABLE 252 SOUTH AMERICA: CAROTENOIDS MARKET, BY TYPE, 2024–2029 (TONS)
                       TABLE 253 SOUTH AMERICA: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (USD MILLION)
                       TABLE 254 SOUTH AMERICA: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (USD MILLION)
                       TABLE 255 SOUTH AMERICA: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (TONS)
                       TABLE 256 SOUTH AMERICA: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (TONS)
                       TABLE 257 SOUTH AMERICA: CAROTENOIDS MARKET, BY FORMULATION, 2020–2023 (USD MILLION)
                       TABLE 258 SOUTH AMERICA: CAROTENOIDS MARKET, BY FORMULATION, 2024–2029 (USD MILLION)
                       TABLE 259 SOUTH AMERICA: CAROTENOIDS MARKET, BY FORMULATION, 2020–2023 (TONS)
                       TABLE 260 SOUTH AMERICA: CAROTENOIDS MARKET, BY FORMULATION, 2024–2029 (TONS)
                       TABLE 261 SOUTH AMERICA: CAROTENOIDS MARKET, BY SOURCE, 2020–2023 (USD MILLION)
                       TABLE 262 SOUTH AMERICA: CAROTENOIDS MARKET, BY SOURCE, 2024–2029 (USD MILLION)
                       TABLE 263 SOUTH AMERICA: CAROTENOIDS MARKET, BY SOURCE, 2020–2023 (TONS)
                       TABLE 264 SOUTH AMERICA: CAROTENOIDS MARKET, BY SOURCE, 2024–2029 (TONS)
             11.5.2 BRAZIL
                       11.5.2.1 Surge in aging population to drive market
                                   TABLE 265 BRAZIL: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (USD MILLION)
                                   TABLE 266 BRAZIL: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (USD MILLION)
                                   TABLE 267 BRAZIL: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (TONS)
                                   TABLE 268 BRAZIL: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (TONS)
             11.5.3 ARGENTINA
                       11.5.3.1 High production of meat to drive market
                                   TABLE 269 ARGENTINA: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (USD MILLION)
                                   TABLE 270 ARGENTINA: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (USD MILLION)
                                   TABLE 271 ARGENTINA: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (TONS)
                                   TABLE 272 ARGENTINA: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (TONS)
             11.5.4 REST OF SOUTH AMERICA
                       TABLE 273 REST OF SOUTH AMERICA: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (USD MILLION)
                       TABLE 274 REST OF SOUTH AMERICA: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (USD MILLION)
                       TABLE 275 REST OF SOUTH AMERICA: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (TONS)
                       TABLE 276 REST OF SOUTH AMERICA: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (TONS)
     11.6 REST OF THE WORLD 
             11.6.1 RECESSION IMPACT ANALYSIS
                       FIGURE 57 REST OF THE WORLD: INFLATION RATES, BY KEY COUNTRY, 2018–2022
                       FIGURE 58 REST OF THE WORLD: RECESSION IMPACT ANALYSIS, 2023
             11.6.2 MIDDLE EAST
                       TABLE 277 MIDDLE EAST: CAROTENOIDS MARKET, BY COUNTRY, 2020–2023 (USD MILLION)
                       TABLE 278 MIDDLE EAST: CAROTENOIDS MARKET, BY COUNTRY, 2024–2029 (USD MILLION)
                       TABLE 279 MIDDLE EAST: CAROTENOIDS MARKET, BY COUNTRY, 2020–2023 (TONS)
                       TABLE 280 MIDDLE EAST: CAROTENOIDS MARKET, BY COUNTRY, 2024–2029 (TONS)
                       TABLE 281 MIDDLE EAST: CAROTENOIDS MARKET, BY TYPE, 2020–2023 (USD MILLION)
                       TABLE 282 MIDDLE EAST: CAROTENOIDS MARKET, BY TYPE, 2024–2029 (USD MILLION)
                       TABLE 283 MIDDLE EAST: CAROTENOIDS MARKET, BY TYPE, 2020–2023 (TONS)
                       TABLE 284 MIDDLE EAST: CAROTENOIDS MARKET, BY TYPE, 2024–2029 (TONS)
                       TABLE 285 MIDDLE EAST: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (USD MILLION)
                       TABLE 286 MIDDLE EAST: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (USD MILLION)
                       TABLE 287 MIDDLE EAST: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (TONS)
                       TABLE 288 MIDDLE EAST: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (TONS)
                       TABLE 289 MIDDLE EAST: CAROTENOIDS MARKET, BY FORMULATION, 2020–2023 (USD MILLION)
                       TABLE 290 MIDDLE EAST: CAROTENOIDS MARKET, BY FORMULATION, 2024–2029 (USD MILLION)
                       TABLE 291 MIDDLE EAST: CAROTENOIDS MARKET, BY FORMULATION, 2020–2023 (TONS)
                       TABLE 292 MIDDLE EAST: CAROTENOIDS MARKET, BY FORMULATION, 2024–2029 (TONS)
                       TABLE 293 MIDDLE EAST: CAROTENOIDS MARKET, BY SOURCE, 2020–2023 (USD MILLION)
                       TABLE 294 MIDDLE EAST: CAROTENOIDS MARKET, BY SOURCE, 2024–2029 (USD MILLION)
                       TABLE 295 MIDDLE EAST: CAROTENOIDS MARKET, BY SOURCE, 2020–2023 (TONS)
                       TABLE 296 MIDDLE EAST: CAROTENOIDS MARKET, BY SOURCE, 2024–2029 (TONS)
             11.6.3 SAUDI ARABIA
                       11.6.3.1 Growing focus on domestic food security and sustainability to drive market
                                   TABLE 297 SAUDI ARABIA: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (USD MILLION)
                                   TABLE 298 SAUDI ARABIA: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (USD MILLION)
                                   TABLE 299 SAUDI ARABIA: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (TONS)
                                   TABLE 300 SAUDI ARABIA: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (TONS)
             11.6.4 UAE
                       11.6.4.1 Increasing shift toward natural and clean label products to drive market
                                   TABLE 301 UAE: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (USD MILLION)
                                   TABLE 302 UAE: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (USD MILLION)
                                   TABLE 303 UAE: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (TONS)
                                   TABLE 304 UAE: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (TONS)
             11.6.5 REST OF MIDDLE EAST
                       TABLE 305 REST OF MIDDLE EAST: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (USD MILLION)
                       TABLE 306 REST OF MIDDLE EAST: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (USD MILLION)
                       TABLE 307 REST OF MIDDLE EAST: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (TONS)
                       TABLE 308 REST OF MIDDLE EAST: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (TONS)
             11.6.6 AFRICA
                       11.6.6.1 Growing availability of affordable carotenoid products to drive market
                                   TABLE 309 AFRICA: CAROTENOIDS MARKET, BY COUNTRY, 2020–2023 (USD MILLION)
                                   TABLE 310 AFRICA: CAROTENOIDS MARKET, BY COUNTRY, 2024–2029 (USD MILLION)
                                   TABLE 311 AFRICA: CAROTENOIDS MARKET, BY COUNTRY, 2020–2023 (TONS)
                                   TABLE 312 AFRICA: CAROTENOIDS MARKET, BY COUNTRY, 2024–2029 (TONS)
                                   TABLE 313 AFRICA: CAROTENOIDS MARKET, BY TYPE, 2020–2023 (USD MILLION)
                                   TABLE 314 AFRICA: CAROTENOIDS MARKET, BY TYPE, 2024–2029 (USD MILLION)
                                   TABLE 315 AFRICA: CAROTENOIDS MARKET, BY TYPE, 2020–2023 (TONS)
                                   TABLE 316 AFRICA: CAROTENOIDS MARKET, BY TYPE, 2024–2029 (TONS)
                                   TABLE 317 AFRICA: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (USD MILLION)
                                   TABLE 318 AFRICA: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (USD MILLION)
                                   TABLE 319 AFRICA: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (TONS)
                                   TABLE 320 AFRICA: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (TONS)
                                   TABLE 321 AFRICA: CAROTENOIDS MARKET, BY FORMULATION, 2020–2023 (USD MILLION)
                                   TABLE 322 AFRICA: CAROTENOIDS MARKET, BY FORMULATION, 2024–2029 (USD MILLION)
                                   TABLE 323 AFRICA: CAROTENOIDS MARKET, BY FORMULATION, 2020–2023 (TONS)
                                   TABLE 324 AFRICA: CAROTENOIDS MARKET, BY FORMULATION, 2024–2029 (TONS)
                                   TABLE 325 AFRICA: CAROTENOIDS MARKET, BY SOURCE, 2020–2023 (USD MILLION)
                                   TABLE 326 AFRICA: CAROTENOIDS MARKET, BY SOURCE, 2024–2029 (USD MILLION)
                                   TABLE 327 AFRICA: CAROTENOIDS MARKET, BY SOURCE, 2020–2023 (TONS)
                                   TABLE 328 AFRICA: CAROTENOIDS MARKET, BY SOURCE, 2024–2029 (TONS)
             11.6.7 SOUTH AFRICA
                       11.6.7.1 Rising focus on improving meat coloration to drive market
                                   TABLE 329 SOUTH AFRICA: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (USD MILLION)
                                   TABLE 330 SOUTH AFRICA: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (USD MILLION)
                                   TABLE 331 SOUTH AFRICA: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (TONS)
                                   TABLE 332 SOUTH AFRICA: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (TONS)
             11.6.8 NIGERIA
                       11.6.8.1 Increasing demand for animal protein to drive market
                                   TABLE 333 NIGERIA: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (USD MILLION)
                                   TABLE 334 NIGERIA: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (USD MILLION)
                                   TABLE 335 NIGERIA: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (TONS)
                                   TABLE 336 NIGERIA: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (TONS)
             11.6.9 REST OF AFRICA
                       TABLE 337 REST OF AFRICA: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (USD MILLION)
                       TABLE 338 REST OF AFRICA: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (USD MILLION)
                       TABLE 339 REST OF AFRICA: CAROTENOIDS MARKET, BY APPLICATION, 2020–2023 (TONS)
                       TABLE 340 REST OF AFRICA: CAROTENOIDS MARKET, BY APPLICATION, 2024–2029 (TONS)
 
12 COMPETITIVE LANDSCAPE (Page No. - 259)
     12.1 OVERVIEW 
     12.2 KEY PLAYER STRATEGIES 
               TABLE 341 KEY PLAYER STRATEGIES
     12.3 REVENUE ANALYSIS 
               FIGURE 59 REVENUE ANALYSIS OF KEY MARKET PLAYERS, 2020–2023 (USD BILLION)
     12.4 MARKET SHARE ANALYSIS 
               FIGURE 60 MARKET SHARE ANALYSIS OF KEY COMPANIES IN 2023
               TABLE 342 DEGREE OF COMPETITION
     12.5 BRAND/PRODUCT COMPARISON 
               FIGURE 61 BRAND/PRODUCT COMPARISON
     12.6 COMPANY VALUATION AND FINANCIAL METRICS 
               FIGURE 62 COMPANY VALUATION (USD BILLION)
               FIGURE 63 EV/EBITDA, 2023 (USD BILLION)
               FIGURE 64 EBIT/EBITDA, 2023 (USD BILLION)
     12.7 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023 
             12.7.1 STARS
             12.7.2 EMERGING LEADERS
             12.7.3 PERVASIVE PLAYERS
             12.7.4 PARTICIPANTS
                       FIGURE 65 CAROTENOIDS MARKET: COMPANY EVALUATION MATRIX (KEY PLAYERS), 2023
             12.7.5 COMPANY FOOTPRINT
                       FIGURE 66 CAROTENOIDS MARKET: COMPANY FOOTPRINT
                       TABLE 343 CAROTENOIDS MARKET: PRODUCT TYPE FOOTPRINT
                       TABLE 344 CAROTENOIDS MARKET: REGION FOOTPRINT
                       TABLE 345 CAROTENOIDS MARKET: APPLICATION FOOTPRINT
                       TABLE 346 CAROTENOIDS MARKET: SOURCE FOOTPRINT
     12.8 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023 
             12.8.1 PROGRESSIVE COMPANIES
             12.8.2 RESPONSIVE COMPANIES
             12.8.3 DYNAMIC COMPANIES
             12.8.4 STARTING BLOCKS
                       FIGURE 67 CAROTENOIDS MARKET: COMPANY EVALUATION MATRIX (STARTUP/SME), 2023
             12.8.5 COMPETITIVE BENCHMARKING
                       TABLE 347 CAROTENOIDS MARKET: KEY STARTUP/SMES
                       TABLE 348 CAROTENOIDS MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUP/SMES
     12.9 COMPETITIVE SCENARIOS AND TRENDS 
             12.9.1 PRODUCT LAUNCHES
                       TABLE 349 CAROTENOIDS MARKET: PRODUCT LAUNCHES, JANUARY 2019–MAY 2024
             12.9.2 DEALS
                       TABLE 350 CAROTENOIDS MARKET: DEALS, JANUARY 2019–MAY 2024
             12.9.3 EXPANSIONS
                       TABLE 351 CAROTENOIDS MARKET: EXPANSIONS, JANUARY 2019–MAY 2024
 
13 COMPANY PROFILES (Page No. - 281)
     13.1 KEY PLAYERS 
(Business Overview, Products/Solutions/Services Offered, Recent Developments, MnM view (Key strengths/Right to win, Strategic choices made, Weakness/competitive threats)*
             13.1.1 DSM-FIRMENICH
                       TABLE 352 DSM-FIRMENICH: COMPANY OVERVIEW
                       FIGURE 68 DSM-FIRMENICH: COMPANY SNAPSHOT
                       TABLE 353 DSM-FIRMENICH: PRODUCTS OFFERED
                       TABLE 354 DSM-FIRMENICH: EXPANSIONS
             13.1.2 BASF SE
                       TABLE 355 BASF SE: COMPANY OVERVIEW
                       FIGURE 69 BASF SE: COMPANY SNAPSHOT
                       TABLE 356 BASF SE: PRODUCTS OFFERED
                       TABLE 357 BASF SE: EXPANSIONS
             13.1.3 CYANOTECH CORPORATION
                       TABLE 358 CYANOTECH CORPORATION: COMPANY OVERVIEW
                       FIGURE 70 CYANOTECH CORPORATION: COMPANY SNAPSHOT
                       TABLE 359 CYANOTECH CORPORATION: PRODUCTS OFFERED
                       TABLE 360 CYANOTECH CORPORATION: PRODUCT LAUNCHES
             13.1.4 GIVAUDAN
                       TABLE 361 GIVAUDAN: COMPANY OVERVIEW
                       FIGURE 71 GIVAUDAN: COMPANY SNAPSHOT
                       TABLE 362 GIVAUDAN: PRODUCTS OFFERED
                       TABLE 363 GIVAUDAN: DEALS
                       TABLE 364 GIVAUDAN: EXPANSIONS
             13.1.5 ADM
                       TABLE 365 ADM: COMPANY OVERVIEW
                       FIGURE 72 ADM: COMPANY SNAPSHOT
                       TABLE 366 ADM: PRODUCTS OFFERED
                       TABLE 367 ADM: DEALS
             13.1.6 NHU
                       TABLE 368 NHU: COMPANY OVERVIEW
                       FIGURE 73 NHU: COMPANY SNAPSHOT
                       TABLE 369 NHU: PRODUCTS OFFERED
             13.1.7 DIVI'S LABORATORIES LIMITED
                       TABLE 370 DIVI'S LABORATORIES LIMITED: COMPANY OVERVIEW
                       FIGURE 74 DIVI'S LABORATORIES LIMITED: COMPANY SNAPSHOT
                       TABLE 371 DIVI'S LABORATORIES LIMITED: PRODUCTS OFFERED
                       TABLE 372 DIVI'S LABORATORIES LIMITED: PRODUCT LAUNCHES
             13.1.8 ALLIED BIOTECH CORPORATION
                       TABLE 373 ALLIED BIOTECH CORPORATION: COMPANY OVERVIEW
                       TABLE 374 ALLIED BIOTECH CORPORATION: PRODUCTS OFFERED
                       TABLE 375 ALLIED BIOTECH CORPORATION: PRODUCT LAUNCHES
             13.1.9 LYCORED
                       TABLE 376 LYCORED: COMPANY OVERVIEW
                       TABLE 377 LYCORED: PRODUCTS OFFERED
                       TABLE 378 LYCORED: EXPANSIONS
             13.1.10 KEMIN INDUSTRIES, INC.
                                   TABLE 379 KEMIN INDUSTRIES, INC.: COMPANY OVERVIEW
                                   TABLE 380 KEMIN INDUSTRIES, INC.: PRODUCTS OFFERED
                                   TABLE 381 KEMIN INDUSTRIES, INC.: PRODUCT LAUNCHES
                                   TABLE 382 KEMIN INDUSTRIES, INC.: DEALS
                                   TABLE 383 KEMIN INDUSTRIES, INC.: EXPANSIONS
             13.1.11 FUJI CHEMICAL INDUSTRIES CO., LTD.
                                   TABLE 384 FUJI CHEMICAL INDUSTRIES CO., LTD.: COMPANY OVERVIEW
                                   TABLE 385 FUJI CHEMICAL INDUSTRIES CO., LTD.: PRODUCTS OFFERED
                                   TABLE 386 FUJI CHEMICAL INDUSTRY CO., LTD.: PRODUCT LAUNCHES
             13.1.12 EW NUTRITION
                                   TABLE 387 EW NUTRITION: COMPANY OVERVIEW
                                   TABLE 388 EW NUTRITION: PRODUCTS OFFERED
                                   TABLE 389 EW NUTRITION: DEALS
             13.1.13 DÖHLER GMBH
                                   TABLE 390 DÖHLER GMBH: COMPANY OVERVIEW
                                   TABLE 391 DÖHLER GMBH: PRODUCTS OFFERED
                                   TABLE 392 DÖHLER GMBH: DEALS
             13.1.14 EXCELVITE
                                   TABLE 393 EXCELVITE: COMPANY OVERVIEW
                                   TABLE 394 EXCELVITE: PRODUCTS OFFERED
                                   TABLE 395 EXCELVITE: DEALS
             13.1.15 FARBEST BRANDS
                                   TABLE 396 FARBEST BRANDS: COMPANY OVERVIEW
                                   TABLE 397 FARBEST BRANDS: PRODUCTS OFFERED
                                   TABLE 398 FARBEST BRANDS: DEALS
     13.2 OTHER PLAYERS 
             13.2.1 SOLABIA GROUP
                       TABLE 399 SOLABIA GROUP: COMPANY OVERVIEW
             13.2.2 VIDYA EUROPE SAS
                       TABLE 400 VIDYA EUROPE SAS: COMPANY OVERVIEW
             13.2.3 FIORIO COLORI
                       TABLE 401 FIORIO COLORI: COMPANY OVERVIEW
             13.2.4 VALENSA INTERNATIONAL
                       TABLE 402 VALENSA INTERNATIONAL: COMPANY OVERVIEW
             13.2.5 BGG WORLD
                       TABLE 403 BGG WORLD: COMPANY OVERVIEW
             13.2.6 KALSEC INC.
                       TABLE 404 KALSEC INC.: COMPANY OVERVIEW
             13.2.7 AMBE PHYTOEXTRACTS PVT. LTD.
                       TABLE 405 AMBE PHYTOEXTRACTS PVT. LTD.: COMPANY OVERVIEW
             13.2.8 VIDYA HERBS PVT. LTD.
                       TABLE 406 VIDYA HERBS PVT. LTD.: COMPANY OVERVIEW
             13.2.9 ASTAMAZ NZ LTD.
                       TABLE 407 ASTAMAZ NZ LTD.: COMPANY OVERVIEW
             13.2.10 XIAMEN SINOWAY CO., LTD.
                                   TABLE 408 XIAMEN SINOWAY CO., LTD.: COMPANY OVERVIEW
*Details on Business Overview, Products/Solutions/Services Offered, Recent Developments, MnM view (Key strengths/Right to win, Strategic choices made, Weakness/competitive threats)* might not be captured in case of unlisted companies.
 
14 ADJACENT & RELATED MARKETS (Page No. - 325)
     14.1 INTRODUCTION 
               TABLE 409 ADJACENT MARKETS TO LYCOPENE MARKET
     14.2 RESEARCH LIMITATIONS 
     14.3 FOOD COLORS MARKET 
             14.3.1 MARKET DEFINITION
             14.3.2 MARKET OVERVIEW
             14.3.3 FOOD COLORS MARKET, BY TYPE
                       TABLE 410 FOOD COLORS MARKET, BY TYPE, 2023–2028 (USD MILLION)
     14.4 ASTAXANTHIN MARKET 
             14.4.1 MARKET DEFINITION
             14.4.2 MARKET OVERVIEW
             14.4.3 ASTAXANTHIN MARKET, BY FORM
                       TABLE 411 ASTAXANTHIN MARKET, BY FORM, 2021–2026 (USD MILLION)
 
15 APPENDIX (Page No. - 330)
     15.1 DISCUSSION GUIDE 
     15.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 
     15.3 CUSTOMIZATION OPTIONS 
     15.4 RELATED REPORTS 
     15.5 AUTHOR DETAILS 
 

The study involved four major activities in estimating the current size of the carotenoids market. Exhaustive secondary research was done to collect information on the market, peer, and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.

Secondary Research

This research study involved the extensive use of secondary sources—directories and databases such as Bloomberg Businessweek and Factiva—to identify and collect information useful for a technical, market-oriented, and commercial study of the carotenoids market.

In the secondary research process, various sources such as annual reports, press releases & investor presentations of companies, white papers, certified publications, articles from recognized authors, gold & silver standard websites, directories, and databases were referred to identify and collect information. This research study involved the extensive use of secondary sources—directories and databases such as Bloomberg Businessweek and Factiva—to identify and collect information useful for a technical, market-oriented, and commercial study of the carotenoids market.

Secondary research was mainly used to obtain key information about the industry’s supply chain, the total pool of key players, and market classification and segmentation as per the industry trends to the bottom-most level, regional markets, and key developments from both market- and technology-oriented perspectives.

Primary Research

Extensive primary research was conducted after obtaining information regarding the carotenoids market scenario through secondary research. Several primary interviews were conducted with market experts from both the demand and supply sides across major countries of North America, Europe, Asia Pacific, the Middle East & Africa, and South America. Primary data was collected through questionnaires, emails, and telephonic interviews. The primary sources from the supply side included various industry experts, such as Chief X Officers (CXOs), Vice Presidents (VPs), Directors from business development, marketing, research, and development teams, and related key executives from distributors and key opinion leaders. Primary interviews were conducted to gather insights such as market statistics, data on revenue collected from the products and services, market breakdowns, market size estimations, market forecasting, and data triangulation. Primary research also helped in understanding the various trends related to type, formulation, application, source, and region.

Carotenoids Market Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

Both the top-down and bottom-up approaches were used to estimate and validate the total size of the carotenoids market. These approaches were also used extensively to estimate the size of various dependent submarkets. The research methodology used to estimate the market size includes the following:

  • Key players were identified through extensive secondary research.
  • Primary and secondary research determined the industry’s value chain and market size.
  • All percentage share splits and breakdowns were determined using secondary sources and verified through primary sources.
  • All the possible parameters that affect the markets covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.
  • The following figure provides an illustrative representation of the complete market size estimation process implemented in this research study for an overall estimation of the carotenoids market in a consolidated format.

The following sections (bottom-up & top-down) depict the overall market size estimation process employed for the purpose of this study.

Global Carotenoids Market: Bottom-Up Approach

Carotenoids Market Bottom Up Approach

To know about the assumptions considered for the study, Request for Free Sample Report

Global Carotenoids Market: Top-Down Approach

Carotenoids Market Top Down Approach

Data Triangulation

After arriving at the overall market size from the estimation process explained above, the total market was split into several segments and subsegments. Data triangulation and market breakdown procedures were employed, wherever applicable, to estimate the overall carotenoids market and arrive at the exact statistics for all segments and subsegments. The data was triangulated by studying various factors and trends from the demand and supply sides. The market size was also validated using both the top-down and bottom-up approaches.

Market Definition

According to European Feed Additives Manufacturers Association (FEFANA):

Carotenoids are naturally transpiring pigments predominantly accountable for the array of yellow to red hues observed in flora, fauna, fungi, avifauna, and aquatic organisms such as fish flesh, the cuticle of crustaceans, or insects. For instance, the yellow-orange hue of carrots arises from one of the most recognizable carotenoids and a precursor of vitamin A, β-carotene, from which the nomenclature of this entire category of innate pigments originates.

Key Stakeholders

  • Supply-Side: Carotenoids Producers, Suppliers, Distributors, Importers, and Exporters
  • Demand Side: Feed Industry, Food & Beverage Industry, Dietary Supplement Industry, Pharmaceutical Industry, Cosmetics Industry and Researchers
  • Government, Research Organizations, and Institutions
  • World Health Organization (WHO)
  • Food and Drug Administration (FDA)
  • Food and Agriculture Organization (FAO)
  • Food Additives and Ingredients Association (FAIA)
  • Food Processing Suppliers Association (FPSA)
  • Institute of Food and Agricultural Sciences (IFAS)
  • Association of Nutrition & Foodservice Professionals (ANFP)
  • Natural Products Association (NPS)
  • Department of Environment Food and Rural Affairs (DEFRA)
  • US Department of Agriculture (USDA)
  • European Food Safety Association (EFSA)
  • Commercial Research & Development (R&D) Institutions and Financial Institutions

Report Objectives

Market Intelligence

  • To determine and project the size of the carotenoids market with respect to the type, formulation, application, source and region, over five years, ranging from 2024 to 2029.
  • To identify the attractive opportunities in the market by determining the largest and fastest-growing segments across the key regions
  • To analyze the demand-side factors based on the following:
  • Impact of macro-and micro-economic factors on the market
  • Shifts in demand patterns across different subsegments and regions.

Competitive Intelligence

  • Identifying and profiling the key players in the carotenoids market
  • Providing a comparative analysis of market leaders based on the following:
  • Product offerings
  • Business strategies
  • Strengths and weaknesses
  • Key financials
  • Understanding the competitive landscape and identifying the major growth strategies players across the country adopt.
  • Providing insights on key product innovations and investments in the carotenoids market.

Available Customizations:

With the given market data, MarketsandMarkets offers customizations according to company-specific scientific needs.

The following customization options are available for the report:

Product Analysis

  • Product Matrix, which gives a detailed comparison of the product portfolio of each company.

Geographic Analysis

With the given market data, MarketsandMarkets offers customizations according to company-specific scientific needs.

  • Further breakdown of the Rest of Europe into the UK, Turkey, Switzerland, Belgium, Ukraine and other EU & non-EU countries.  
  • Further breakdown of the Rest of Asia Pacific into South Korea, Kazakhstan, Vietnam and other Asian countries
  • Further breakdown of the Rest of South America into Uruguay, Venezuela, Colombia and other South American countries.

Company Information

  • Detailed analyses and profiling of additional market players (up to five)
Custom Market Research Services

We will customize the research for you, in case the report listed above does not meet with your exact requirements. Our custom research will comprehensively cover the business information you require to help you arrive at strategic and profitable business decisions.

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Report Code
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Published ON
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