HS Code:
Carotenoid coloring matters and preparations based thereon (HS Code: 3204.19) include natural and synthetic carotenoids used primarily as coloring agents in food, cosmetics, and pharmaceutical industries. Carotenoids such as beta-carotene, lutein, and astaxanthin are derived from natural sources like plants, algae, and microorganisms, or produced synthetically. These compounds are valued for their vibrant colors (yellow, orange, red) and antioxidant properties, making them essential in health supplements and functional foods. Global trade in this category is driven by demand for natural and clean-label ingredients in consumer products.
Total Trade Volume
USD 1.2 billion
Data from 2022
Source
United Nations Comtrade Database
USD 350 million
29.2% of total trade of total trade
Increasing
USD 200 million
16.7% of total trade of total trade
Stable
USD 150 million
12.5% of total trade of total trade
Increasing
USD 100 million
8.3% of total trade of total trade
Increasing
USD 80 million
6.7% of total trade of total trade
Stable
Average Rate
5.8% ad valorem
Highest Rate
15% (imposed by certain developing countries to protect local industries)
Lowest Rate
0% (under free trade agreements like EU-USMCA or within ASEAN)
Rising demand for natural carotenoids
Increased preference for plant-based and organic products has boosted trade in natural carotenoids over synthetic alternatives, driving growth in exports from countries with strong agricultural bases like India and China.
2021-2022
Growth in health supplement market
Carotenoids like lutein and zeaxanthin are increasingly used in eye health supplements, leading to higher import demand in aging populations such as in the US and Europe.
2020-2022
Technological advancements in extraction
Innovations in extraction and synthesis techniques have reduced production costs, making carotenoids more competitive and increasing trade volumes globally.
2019-2022
The European Union introduced stricter guidelines on the use of synthetic carotenoids in food products, requiring detailed labeling and safety assessments.
March 2023
This may reduce imports of synthetic carotenoids into the EU while boosting demand for natural alternatives, benefiting exporters like India and China.
A new bilateral agreement has lowered tariffs on certain agricultural derivatives, including natural carotenoids, facilitating smoother trade between the two nations.
January 2023
This is expected to increase China's export volume to the US, strengthening its position as the top exporter in this category.
A Netherlands-based biotech firm announced a cost-effective method for producing astaxanthin from algae, potentially disrupting the market for synthetic astaxanthin.
September 2022
This could enhance the Netherlands' export share and drive down global prices for astaxanthin-based products.