Carotenoids Pigments market insights covers the food and beverage industry that uses Carotenoids Pigments all over the world. The market is expected to reach a market valuation of near by $539 million by 2022 and grow at a CAGR of 5.5 per year between 2022 and 2032. Carotenoids pigment sales accounted for a whopping ~33.28% of revenue in the global natural pigments market valued at US$1.6 billion in 2021.
Because carotenoids have several therapeutic properties, they are also widely used as food colouring in culinary operations. Carotenoids can be derived from a variety of plants and animals, including daffodils, salmon, lobster, prawns, carrots, parsnips, corn, tomatoes, canaries and flamingos.
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Key Takeaways from Market Report
- The overall natural food colors market is expected to expand at CAGRs of 6.5% and 6.1% in North America and Latin America, respectively, through 2032, while the carotenoids food colors market is anticipated to grow at a rate of 5.8% and 6% in these regions respectively.
- The European carotenoids food colors market is currently pegged at 700 metric tons by volume and USD 160 mn by value. The demand for carotenoid Food Colors is about to grow at 9% CAGR between 2022 and 2032 in this region.
- In 2021, the Asia Pacific market had a market share of 23.4% in the global carotenoids food colors market. It is anticipated to register over 6% CAGR through 2032 due to the rising occurrence of chronic diseases and the growing awareness among people of the advantages of carotenoids.
- Although by application, the beverages industry holds command over the highest market share of 20%, the pet food segment for carotenoids consumption is set to expand at a CAGR of 2%.
- Growing consumer preference for organic, healthy, and nutritious food products is the main driver for sales of carotenoid food colors across global markets.
In the human diet, absorption of carotenoids enhances when consumed with fat in a meal. Cooking carotenoid-rich vegetables in oil and shredding the vegetable both increase carotenoid bioavailability. Hence, it is quite convenient to extract and utilize carotenoid natural colors in foods and beverages.
With the rising number of consumers shifting to an organic diet, the use of Carotenoids food colors has boomed in the food processing industry. Also, the enlarging health-consciousness among people during the pandemic has triggered people globally into looking for natural food colors like Carotenoids color shades on their plates.
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“Carotenoids food colorant manufacturers are advised to target the health and nutrition markets like dietary supplements industry. Manufacturers should also strive to achieve higher production volumes, to make such natural food colors more affordable to food processing industries. Carotenoids already find application in numerous other industries apart from F&B, hence corporations should not limit themselves to Food and beverages,” says a Future Market Insights analyst.
Competitive Landscape
The market is consolidated and dominated by major players. Carotenoids food colorant producers are majorly cost-cutting procedures in order to make carotenoids food colors affordable for the food processing industry. These manufacturers also participate in various collaborations with leading food brands around the world to increase the reach of their products.
Major market players operating in the carotenoid extract market are Divis Laboratories, Allied Biotech Corporation, D.D. Williamson & Co. Inc., Sensient Technology Corporation, Chr. Hansen Holding A/S, Lycored, Kemin Industries Inc, Cyanotech Corporation, Kalsec Inc, Fiorio Colori, FMC Corporation, WILD Flavors, Naturex S.A., and a few other regional players.
Carotenoids Pigment Market by Category
By Product, the Carotenoids Pigment market is segmented as:
- Astaxanthin
- Beta-carotene
- Lutein
- Lycopene
- Canthaxanthin
- Zeaxanthin
- Other types (capsanthin, annatto, alpha-carotene, apocarotenal, etc.)
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By Application, the Carotenoids Pigment market is segmented as:
- Bakery & Confectionery Products
- Beverages
- Fruit Preparations/ Fillings
- Dairy Food Products
- Potatoes, Pasta, and Rice
- Soups, Sauces, and Dressings
- Meat, Poultry, Fish, and Eggs
- Seasonings
- Others
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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