Beta Carotene Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Germany, UK, France, Italy, Spain, Poland, Belgium, Netherlands, Russia, Japan, China, India, South Korea, Malaysia, Sri Lanka, Brazil, Argentina, UAE, South Africa, Saudi Arabia), Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI204
Growing awareness among consumers regarding the merits of adequate carotenoid intake is likely to drive beta carotene market growth. These benefits include better eye, skin and cardiovascular health, as well as extensive usage in food & beverage and pharmaceutical industries.
Beta-carotene is a part of the plant pigment group carotenoid. These pigments are present in various plants such as sweet potatoes, apricots and carrots, among others, and are responsible for their reddish-violet colors. Advantageous properties such as the ability to serve as a provitamin for Vitamin A production in the body, as well as antioxidant properties are the key factors contributing to increasing beta-carotene market demand. The substance is also useful for the reduction of damage from free radicals in the body.
Burgeoning levels of health consciousness among populations, owing to increasingly hectic lifestyles are leading to a significant increase in demand for natural food products. Studies suggest that nearly 88% consumers are willing to spend more for products manufactured with naturally sourced ingredients. Modern consumers are increasingly seeking products with natural colorants in their food products, as a result of emerging concerns regarding the long-term impact of synthetic coloring agents. This in turn, is adding impetus to the beta carotene industry penetration, owing to the robust usage of the product as a colorant in various food & beverage applications.
Beta carotene derived from algae is gaining prominence on a global scale, owing to several benefits over other counterparts. Microalgae-based beta carotene is projected to witness widespread usage across the industrial spectrum in the years ahead. Furthermore, certain microalgae strains such as spirulina possess higher concentrations of the substance than carrots, thereby propelling beta carotene market expansion from the segment over the forecast spell.
The Europe beta carotene market is expected to witness prolific gains in the foreseeable future, given the strong presence of carotenoid manufacturers in the region. Furthermore, evolving societal perceptions and preferences in terms of health and diet, and the subsequent surge in demand for naturally sourced ingredients is likely to fuel regional industry growth.
The global beta carotene industry is largely fragmented owing to the presence of prominent players such as DSM and BASF, which hold dominant positions in the market, as well as other entities including LycoRed (Adama Agricultural Solutions), Kemin Industries, Valensa International (EID Parry), Overseal Natural Ingredients, Cyanotech Corporation, Phytone, Sensient Technologies, Mera Pharmaceuticals, Algatechnologies (Societe La Biochimie Appliquee SA), and Pharmline (Stauber Performance Ingredients).
Product launches and strategic partnerships are among the key strategies implemented by industry participants to expand their business presence and gain a strong foothold in the global market space.
For instance, Bio-gen and Nutralliance entered a partnership to develop programs such as Seed-to-Drum transparency designed for Lute-gen™ Lutein and certifications including Kosher, ISO, HACCP, OHSAS and Halal, to ensure delivery of high-quality specialty ingredients and carotenoids.
Also, in 2018, BASF Animal Nutrition unveiled the next-generation Lucantin® NXT carotenoid product line for the EU market, stabilized using BHT (butylhydroxytoluene), tocopherol and PG (propyl gallate).
The COVID-19 disease, which was declared a global pandemic by the WHO in early 2020, has sparked several concerns regarding health and human welfare. Although there is a significant amount of uncertainty regarding the full impact of the virus, it has caused economic and social upheaval on a global scale.
Despite its widespread impact on the industrial spectrum however, the onset of the pandemic is likely to generate lucrative prospects for the beta carotene industry, as more and more countries stress on the importance of organic, natural and health nutritional patterns containing optimum levels of vitamins, antioxidants and minerals.
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