Beta Carotene Market Size By Source (Fruits & Vegetables, Algae, Synthetic, Yeast, Fungi, Bacteria), By Application (Food & Beverages, Pharmaceuticals, Cosmetics, Animal Feed, Dietary Supplements), By Product (Synthetic Beta Carotene, Natural Beta Carotene), By Form (Powder, Liquid), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Nov 2020  |  Report ID: GMI204  |  Authors: Kunal Ahuja, Amit Rawat

Report Format: PDF   |   Pages: 300   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Beta carotene market size exceeded USD 480 Million in 2019 and is estimated to register over 4% CAGR between 2020 and 2026. Increasing awareness among workers regarding hand injuries coupled with steady growth in the manufacturing sector will fuel the global market demand.
 

Beta carotene market

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Strong application outlook mainly in animal nutrition, food processing, and dietary supplements along with increasing consumer awareness regarding health benefits should drive beta carotene industry growth. Increasing healthy and natural food demand along with increasing food fortification with provitamin A source in food and beverage processing industries will trigger the industry landscape.
 

Increasing demand for beta carotene in animal feed and as food ingredient as color additive and nutrient supplement has enhanced the product penetration rate globally. Beta carotene has been gaining traction in the market owing to its excellent antioxidant properties, which supports the human body against oxidative stress caused by metabolism and ageing.
 

Beta carotene contains higher amount of vitamin-A and essential pro-vitamins that aid in improving fertility rate and immunity in dairy cattle, poultry and other farm animals. Positive outlook for the animal feed industry predicted at 3% CAGR up to 2026, is likely to trigger the beta carotene market demand.
 

Manufacturers are focusing on improving product quality and concentration levels of beta carotene to counter specific end-use industries and gain competitive advantage. Also, expansion in the distribution network over the forecast timeframe driven by rise in industry competitiveness will drive the market share. Naturally derived beta carotene is anticipated to augment the business expansion. However, high market consolidation and requirement of high initial investment can impact small players from entering the market.
 

Several studies indicate that beta carotene is beneficial in the prevention of several types of cancers and malignancies. Favorable regulations pertaining to use of beta carotene in diverse applications is likely to fuel the market expansion. The U.S. FDA has approved the use of beta carotene as an effective therapy for erythropoietin protoporphyria. This will further boost the global beta carotene industry demand.
 

Beta Carotene Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: USD 482.77 Million
Historical Data for: 2015 to 2018 Forecast Period: 2020 to 2026
Forecast Period 2020 to 2026 CAGR: 4.2% 2026 Value Projection: USD 643.13 Million
Pages: 300 Tables, Charts & Figures: 352
Geographies covered (22): U.S., Canada, Germany, UK, France, Italy, Poland, Spain, Russia, China, India, Japan, South Korea, Malaysia, Vietnam, Australia, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa
Segments covered: Source, Application, Product, Form, Region
Companies covered (18): BASF SE, Chr Hansen Holding A/S, DSM N.V., Food chem International, Bioextract, DD Williamson & Co., INC, Lycored, Zhejiang Medicine Co., Ltd., Nutralliance, Parry Nutraceuticals, Sentient Cosmetic Technologies, Allied Biotech Corp. Ltd, Divis Laboratories, ZMC-USA LLC, Dynadis SARL, RohaDyechem, Zhejiang NHU Co., LTD, Naturex SA
Growth Drivers:
  • Nutraceutical industry expansion
  • Growth in the pharmaceutical industry along with increasing healthcare spending
  • Food colorants industry growth
Pitfalls & Challenges:
  • Harmful health effects from excessive beta carotene consumption
  • High prices of natural beta carotene products

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Technological advancements in microbiology supported by large R&D investments driving the demand for algae sources

Algae as beta carotene source is expected to witness around 5.4% CAGR through 2026.  Dunaliella is the major algal species for obtaining beta- carotene. Dunaliella is a unicellular, biflagellate, naked green alga, and the type species, it is often found in natural hypersaline waters where it colors the brines red. This algal species was first identified to contain high intracellular concentrations of β-carotene. Algae based β-carotene is highly used in heart, eyes, and skin health. BASF is the leading manufacturer of algal based beta carotene.
 

The fruits and vegetables-based beta carotene market is projected to register more than 5% CAGR between 2020 and 2026, owing to rising health awareness along with increasing natural products demand. Moreover, the plant and vegetable sources have higher nutritional value and are highly effective in terms of their health-promoting properties.
 

Increasing health concerns due to usage of synthetic or artificial ingredients along with surge in demand for natural, herbal and organic beauty products will further boost the adoption of fruits and vegetable beta carotene sources in food, beverage, cosmetics and nutraceuticals applications.
 

Product usage as a colorant will drive the demand through food & beverage applications

Global Beta Carotene Market by Application

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Food & beverages application segment is anticipated to hold substantial share at over 40% in the global beta carotene market in 2019. Beta carotene is widely used as a colorant by food processing industries such as confectionary, dairy, packaged foods, and beverages to give food and beverages an appetizing yellow or orange-red color. Considerable growth in the overall food colorants business is likely to trigger the beta carotene demand.
 

Cosmetics application segment is anticipated to witness significant gains owing to antioxidants properties of beta carotene, which has enhanced their utilization in formulation of bath products, aftershave lotions, makeup, hair conditioners, cleansing products, shampoos, and suntan products. Due to its antioxidant capacity beta carotene is utilized as a soral sun protector to prevent skin from photoaging and sun burning.
 

Cost effectiveness owing to economies of scale will support the demand for synthetic beta carotene

Global Beta Carotene Market By Product

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Synthetic beta carotene segment dominates the global beta carotene market in 2019 accounting for over 95% market share. Synthetic beta-carotene consists of just the "all-trans" isomer of the nutrient, whereas natural beta-carotene consists of two different isomers, "9-cis" and "all-trans”. Synthetic sources of beta carotene are used as internal standards for HPLC analyses of lipid phase plasma micronutrients. Key operational benefits such as low-cost of labor and low raw materials prices have surged the production of synthetic beta carotene globally.
 

Natural beta carotene segment is anticipated to grow at a CAGR over 5% between 2020 to 2026. Increasing natural constituents demand driven by consumer driven movements such as ‘clean label’ is propelling the segment share. Moreover, growing consumer knowledge on product benefits and ingredients. Natural beta carotene is enriched with pro-vitamin activity, which is needed in many of the end products in order to convert vitamin A in the human body.
 

Ease in transportation and enhanced shelf life is escalating the powder form demand

Powder Form Beta Carotene Market

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Beta carotene formulation are available in both powder and liquid form for ensuring the proper product bioavailability, solubility, and stability across numerous end-use industries. Powder from segment is anticipated to hold major share of 80% in the global beta carotene market in 2019. Moreover, powdered products have prominent attributes, such as easier transportation, storage, and longer shelf-life compared to liquid form thereby exhibit decreased chances of spoilage, this has enhanced their utilization in several industries.
 

Liquid form segment of beta carotene market is anticipated to grow at a significant pace between 2020 to 2026, owing to better stability, solubility and bioavailability compared to powder form. Liquid products contain around 90 percent of moisture and have high water solubility and a favorable antioxidant profile, making them suitable for animal feed and nutraceutical formulations.
 

Large nutraceutical sector along with technological advancements in microbiology is propelling the North America beta carotene industry growth

North America region is anticipated to hold over 30% revenue share in the global beta carotene market by 2026. Trend towards consumption of clean label products supported by stringent food and beverage labelling regulations has triggered the demand for natural beta carotene in the region.
 

Rise in consumer awareness on health benefits of beta carotene has supported its incorporation in diverse applications such as nutraceuticals. Also, prevalence of obesity among the geriatric and young populace in the U.S. has triggered the demand for beta carotene in dietary supplements industry. North America dominates the global nutraceutical market in 2019 owing to large consumer base and offering of advanced products.
 

Asia Pacific beta carotene market is anticipated to be the fastest growing region between 2020 and 2026. Japan, India and China are among the leading consumers of beta carotene products in the region. Rise in middle class income levels, surge in demand for health ingredients from food & beverage and nutraceutical sector is augmenting the product scope. Also, factors such as considerable growth in the animal feed market, and concerns related to animal health & nutrition have led to enhanced demand for superior quality feed ingredients such as beta carotene.
 

New product launches and distribution network expansion to remain prime business strategies by market players

The global beta carotene market share is highly consolidated among a few multinational players. The key manufacturers in the market include BASF SE, DSM, Allied Biotech Corp., Lycored, Nutralliance, Divis Laboratories, Food chem International, and Chr Hansen Holding A/S.
 

BASF and DSM together account for majority of the overall industry share, with synthetic beta carotene being their major product. These key players are also involved in extensive R&D in developing natural beta carotene. The key strategies observed among the industry participants include acquisition & collaboration, distribution channel expansion, and new product development to gain market share.
 

The Global beta carotene market research report includes in-depth coverage of the industry trends, with estimates & forecast in terms of volume (Tons) and revenue (USD Million) from 2015 to 2026, for the following segments:
 

By Source

  • Fruits & Vegetables
  • Algae
  • Synthetic
  • Yeast
  • Fungi
  • Bacteria
  • Others

By Application

  • Food & Beverages
  • Pharmaceuticals
  • Cosmetics
  • Animal Feed
  • Dietary Supplements

By Product

  • Synthetic
  • Natural

By Form

  • Powder
  • Liquid
     

Frequently Asked Questions (FAQ) :

The global beta carotene industry revenue surpassed USD 480 Million in 2019 and is projected to grow at 4% CAGR through 2026 owing to the increasing awareness regarding hand injuries among workers and the expanding manufacturing sector.
Algae as a ?-carotene source is anticipated to expand at 5.4% CAGR through 2026 due to the rising usage of Algae-based ?-carotene in eyes, heart, and skin health.
In 2019, the food & beverage application segment is estimated to hold over 40% share in the global beta carotene market due to product usage in the food processing industries like dairy, packaged foods, etc.
North America is poised to hold over 30% of the global beta carotene industry share through 2026.

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Premium Report Details

  • Published Date: Nov 2020
  • Pages: 300
  • Tables: 319
  • Charts / Figures: 33
  • Companies covered: 18
  • Countries covered: 22

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