Beta Carotene Market size to exceed USD 640Mn by 2026
Published Date: November 5, 2020 Authors: Kunal Ahuja, Amit Rawat
Beta Carotene Market size is estimated to exceed USD 640 Mn by 2026; according to a new research report by Global Market Insights, Inc.
Wide application scope owing to superior antioxidant properties is fueling the beta carotene business expansion. Beta carotene is majorly used in food & beverage, animal feed, and dietary supplement applications. Technological advancements in the food ingredients industry coupled with rise in consumer health consciousness is among the key factors propelling the beta carotene demand. Also, key properties such as the ability to serve as a provitamin for vitamin A production in the body are contributing to global beta carotene market growth.
Rising health issues and lifestyle-related diseases such as high cholesterol levels, blood pressure, obesity, and diabetes has urged manufacturers to utilize beta carotene in food & beverage products. The food & beverage industry observes a consumer shift towards healthy lifestyles to gain optimal nutrition and reduce the prevalence of diseases. Moreover, positive outlook for the nutraceutical industry supported by technological advancements in the health ingredients manufacturing and rise in consumer spending on healthcare products will support the use of beta carotene in the long term.
Manufacturers are concentrating on penetrating the market through new product offerings and expanding their distribution network owing to large application base of beta carotene. Increasing production capacity over the long run can limit the end-product prices, thereby resulting in improved product demand. Also, commercialization of natural beta carotene from diverse sources is likely to enhance the industry competitiveness. Also, favorable growth in overall carotenoids market driven by investments in microbiology will support the beta carotene industry expansion.
Browse key industry insights spread across 300 pages with 319 market data tables & 33 charts & figures from the report Beta Carotene Market Analysis By Source (Fruits & Vegetables, Algae, Synthetic, Yeast, Fungi, Bacteria), Application (Food & Beverages, Pharmaceuticals, Cosmetics, Animal Feed, Dietary Supplements), Products (Synthetic Beta Carotene, Natural Beta Carotene), Form (Powder, Liquid), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
“Synthetic beta carotene market size is forecast to reach USD 600 million by 2026”
Large production capacity of synthetic variant along with cost effectiveness is driving segment share
Synthetic beta carotene sources dominate the global industry share accounting for over 95% market share in 2019. Synthetic carotene does not involve microorganism or living organisms for their production thus, are faster to produce and require lower extraction and harvesting costs compared to other sources. Royal DSM and BASF SE are the leading producers of synthetic beta carotene product. Cost effectiveness, ease in commercialization is among the key factors supporting the demand for synthetic sources.
Superior health advantages coupled with surge in nutraceuticals market is supporting the product use in dietary supplements industry
Dietary supplements segment of beta carotene market will grow at a CAGR over 4.5% between 2020 to 2026, owing to growing consumer awareness towards nutritional enrichment and benefits such as immune modulation. Beta carotene serves as a precursor of vitamin A. Beta carotene is converted to vitamin A by the human body and provides healthy skin and good eye health. Product usage for preventing heart diseases is among the major factors propelling its adoption in dietary supplements.
Natural beta carotene market is anticipated to grow at over 5% CAGR from 2020 to 2026. Natural beta carotene is derived majorly from fruits, vegetables, and microbial sources such as algae. Developing regulations to enhance the use of natural ingredients in the food & beverage industry will drive the segment demand. Rise in knowledge pertaining to use of food ingredients supported by favorable labelling regulations is likely to escalate the natural beta carotene demand over the projected timeframe.
Better compatibility with supplements along with surge in processed food & beverage demand will augment liquid form segment share
Liquid form holds around 20% share in the global beta carotene market in 2019. Liquid form provides smoothness in the end-product and is available in varied formulations as required by the end-use industry. It is easy to mix it has wider acceptance in the food and beverage such as multivitamin juices, beverages for athletes, food supplement preparations, health foods and many others.
Europe dominates the global beta carotene industry in 2019 accounting for over 38% revenue share. Rising purchasing power and consumer adoption of health and wellness trends are among the key drivers for beta carotene market in the region. Moreover, increasing used in cosmetics owing to its antioxidant properties, curing skin from ageing and promoting healthy skin will fuel the product landscape. Europe accounted for 24% of the global beauty and personal care market in 2019. The rising awareness of beauty among population, increasing disposal incomes, and tourist inflow in the region will accelerate cosmetics sales in the region.
The global market share is highly consolidated with presence of large multinational corporations along with considerable share distributed among the regional players. The key manufacturers in the global beta carotene market include BASF SE, Lycored, DSM, Allied Biotech Corp., Chr Hansen Holding A/S, Divis Laboratories, Nutralliance, and Food Chem International. Product launches, acquisitions & collaborations for expanding their distribution channel are among the key strategies observed in the industry.
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