Carotenoids Pigments essential to the global food and beverage industry, expected to reach $539 million by 2022 and increase at a rate of 5.5% per year until 2032. These pigments, which will account for 33.28% of the US$ 1.6 billion natural pigment market in 2021, are highly valued for their medicinal and culinary applications. They are derived from a variety of plants and animals, including flamingos, salmon, and carrots.
Global use of Carotenoids Pigments in the food and beverage industry is covered by Carotenoids Pigments market insights. The market is anticipated to develop at a compound annual growth rate (CAGR) of 5.5 between 2022 and 2032, and to reach a market worth of around $539 million by 2022.Sales of pigments containing carotenoids accounted for a staggering ~33.28% of the US$1.6 billion global market for natural pigments in 2021.
Carotenoids are frequently employed as food colouring in culinary operations due to their numerous medicinal benefits. Many different plants and animals, such as daffodils, salmon, lobster, prawns, carrots, parsnips, corn, tomatoes, canaries and flamingos, are sources of carotenoids.
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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.
The Carotenoids Pigments market, integral to the global food and beverage industry, is poised to reach a substantial USD 539 million valuation by 2022, exhibiting an annual growth rate of 5.5% until 2032. These pigments, contributing to 33.28% of the USD 1.6 billion natural pigment market in 2021, are renowned for their therapeutic and culinary applications, sourced from diverse plants and animals such as carrots, salmon, and flamingos.
Key Takeaways:
- The overall natural food colors market is expected to witness CAGRs of 6.5% and 6.1% in North America and Latin America, respectively, through 2032. Meanwhile, 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, currently pegged at 700 metric tons by volume and USD 160 million by value, is expected to experience a remarkable 9% CAGR between 2022 and 2032.
- In 2021, the Asia Pacific market held a 23.4% market share in the global carotenoids food colors market. It is projected to register over a 6% CAGR through 2032 due to the rising occurrence of chronic diseases and growing awareness among people of the advantages of carotenoids.
- Although the beverages industry commands the highest market share of 20% by application, the pet food segment for carotenoids consumption is set to expand at a CAGR of 2%.
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In the human diet, the absorption of carotenoids is enhanced when consumed with fat in a meal. The increasing number of consumers shifting to an organic diet has led to a surge in the use of Carotenoids food colors in the food processing industry. Moreover, the growing health-consciousness among people during the pandemic has fueled the global demand for natural food colors like Carotenoids.
Carotenoids food colorant manufacturers are advised to target the health and nutrition markets, such as the dietary supplements industry. Manufacturers should also strive to achieve higher production volumes to make such natural food colors more affordable for the food processing industries. With a consolidated market dominated by major players, competitive strategies include cost-cutting procedures and collaborations with leading food brands to increase product reach.
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.)
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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