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Beta Carotene Market Size By Source (Fruits & Vegetables, Algae, Synthetic, Yeast, Fungi, Bacteria), By Application (Pharmaceuticals, Cosmetics, Dietary Supplements, F&B), By Product (Synthetic, Natural), By Form (Powder, Liquid), 2023 – 2032

  • Report ID: GMI204
  • Published Date: Mar 2023
  • Report Format: PDF

Beta Carotene Market Size

Beta Carotene Market size surpassed USD 575 million in 2022 and is anticipated to grow at a CAGR of 5% between 2023 and 2032.
 

Beta Carotene Market

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Beta carotene is added to nutraceutical products owing to its vitamin A content and antioxidant properties, with potential applications in the treatment and prevention of heart diseases and tumours. Also, it is used as a food colorant and has applications in dietary supplements and functional food & beverages. The aging population, diversification of eating habits, inclination towards high-quality natural ingredients, growing demand for convenience, and food safety are some of the major reasons driving the global nutraceuticals industry.
 

Shifting consumer preference toward healthy food habits owing to the rising lifestyle-related diseases and the trend toward natural additive consumption will create new growth opportunities in the beta carotene market. Key health benefits, including the reduction of risk of obesity, hypertension, cancers, diabetes, and strokes, will proliferate the industry share. The growing demand for dietary supplements and nutrition among the geriatric population is one of the considerable factors driving the market demand.
 

Beta Carotene Market Analysis

Beta Carotene Market Size, By fruits and vegetables source

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 The beta carotene market from fruits and vegetables sources segment exceeded USD 10 million revenue in 2022, due to the rising health awareness and the demand for natural products. The plant & vegetable sources have a higher nutritional value and are highly effective owing to their health-promoting properties.
 

The increasing health concerns due to the usage of synthetic or artificial ingredients along with the surging demand for natural, herbal & organic beauty products will boost the adoption of fruit & vegetable beta carotenes in food, beverage, cosmetics, and nutraceutical applications. The market for beta carotene obtaining from other sources such as algae, synthetic, yeast, fungi, and bacteria is expected to expand owing to the numerous benefits offered by beta carotene such as the need of low-cost labour and low raw material prices.
 

The growing demand for natural ingredients and additives in food & beverage formulations has urged the manufacturers to adopt beta carotene as a standard coloring agent in food & beverage applications. Beta carotene is also used in beverages such as fruit juices, lemonades, and fruit beverages, as it provides cold-water-dispersible product range. Adding different concentrations of beta carotene allows the beverages to have colors such as yellow, orange, and red.
 

Food Dehydrator Market Size, By Product

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The beta-carotene market from synthetic products segment held more than USD 550 million revenue in 2022. The natural beta carotene segment will grow substantially during the forecast period, owing to the increasing consumer inclination toward naturally sourced ingredients and stringent regulations pertaining to product disposal. Furthermore, the shifting preference toward organic and natural cosmetic products will further drive the market from cosmetics industry. The increasing demand for herbal, organic, and natural products in the region should create opportunities for beta carotene manufacturers to develop and innovate products with natural ingredients as per consumer preferences.
 

The beta carotene market size from its powder form segment will surpass USD 850 million by 2032, on account of its prominent attributes, such as easier transportation, storage, and longer shelf-life, as compared to the liquid form. As it has decreased chances of spoilage, this has enhanced the utilization of powder forms in several industries. Fine micronized powder grades of beta carotene are prepared majorly by adopting spray drying techniques.
 

Powder solutions are significantly used for manufacturing of additives for food processing, dietary supplements and animal feed due to reduced chances of spoilage, low costs, and ease of manufacturing as compared to the liquid form. The powdered form of beta carotene are generally used in food & beverage applications such as confectionary, candied fruits, instant powder drinks, biscuits, chewing gums, pasta, soup powders, and fermented milk products.
 

North America beta-carotene market accounted for USD 175 million revenue in 2022, credited to the trend of consuming clean label products supported by stringent food & beverage labelling regulations has increased the demand for natural beta carotenes in the region. Also, the increasing lifestyle diseases among the geriatric and young populace in the U.S. have raised the demand for beta carotene in the dietary supplements industry.
 

The increasing number of consumers seeking clean label products and green ingredients in infant foods, cosmetics, and food & beverage products is likely to spur the market growth. Consumer awareness about consuming healthy diet is rising since they are inclined toward clean-label products. Consumers also have access to smart labels for products with clean labelling. Owing to these factors, the manufacturers are focussing on developing food products from clean and natural source. This factor will further provide new growth opportunities for the market growth.
 

Beta Carotene Market Revenue, By Region

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Beta Carotene Market Share

Prominent participants operating across the beta carotene market include

  • v BASF SE
  • DSM N.V
  • Chr Hansen Holding A/S
  • Bioextract
  • Foodchem International Corporation
  • DD Williamson & Co., Inc (DDW)
  • Sensient Cosmetic Technologies.

Companies are engaged in numerous market strategies such as merger, expanding production capacity, and acquisitions for business growth.

Lycored, in 2019 partnered with Alga technologies which is an Israel-based biotechnology company. The partnership was aimed at developing and launching new natural colorants derived from microalgae. This collaboration focused on leveraging the strengths of both companies in order to create innovative solutions for food, beverage, and dietary supplement industries.
 

This beta-carotene market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Tons and revenue in USD Million from 2018 to 2032 for the following segments:

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Market, By Source

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

Market, By Application

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

Market, By Product

  • Synthetic Beta Carotene
  • Natural Beta Carotene

Market, By Form

  • Powder
  • Liquid

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Poland
    • Spain
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Malaysia
    • Vietnam
    • Australia
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE
       
Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

The market size of beta carotene exceeded USD 575 million in 2022 and is estimated to witness over 5% CAGR between 2023 and 2032 backed by the booming pharmaceutical industry, the surging demand for dietary supplements and nutrition among the geriatric population, and increased healthcare expenditure.

The fruits and vegetables sources segment surpassed USD 10 million in 2022, on account of increasing health concerns due to the usage of synthetic or artificial ingredients, along with the soaring consumer preference for natural, herbal & organic beauty products.

The powder beta carotene segment is expected to cross USD 850 million by 2032, driven by its prominent attributes, such as easier transportation & storage and longer shelf-life as compared to the liquid form.

The market for beta carotene in North America dominated over USD 175 million in 2022, owing to increasing consumer demand for clean-label products and green ingredients in infant foods, cosmetics, and food & beverage products.

Beta Carotene Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 18
  • Tables & Figures: 364
  • Countries covered: 28
  • Pages: 310
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