The global market for beta carotene is witnessing growth on the back of rising health concerns and increased importance of intake of beta carotene. Moreover, shift in trends towards natural ingredients is another factor driving towards the market growth. But, due to excessive intake of beta carotene can also causes various effects on the human body therefore it is recommend to consumed in prescribed quantities only. However, rising demand from emerging economies and increasing demand of algae based carotene in functional and heath food provide huge market opportunities.
There are many other larger, medium, and small manufacturers and private label players present in the market but only few accounts for major market share. Some of the other players in this market are Allied Biotech Corp. Ltd, Naturex SA, Chr. Hansen, and Zhejiang NHU Co., Ltd among others.
On the basis of product type, the global beta carotene market has been segmented into synthetic and natural beta carotene. The synthetic beta carotene segment accounted for the largest share in 2021 in terms of volume and revenue. This segment dominates the market as its lesser expensive and requires less labour as compared to the natural beta carotene.
However, the natural beta carotene is projected to be the fastest-growing segment. Increasing health awareness has led to the increased demand for the natural products which is one of the major factors for driving the natural beta carotene market.
Application Segment Analysis
By applications type, food and beverages segment accounted for 40% share of the pie in terms of volume and revenue in 2021 and is projected to maintain their dominance during the forecast period.
Growth is projected to be highest from the supplements segment which is projected to grow at a CAGR of 3.1% in terms of volume during forecast period owing to rising health concerns, increasing awareness about the benefits of beta carotene and busy life style. Cosmetics segment is another major application which will witness potential growth during the forecast period.
In 2021, by region, Europe and North America together accounted for more than 70% share of the pie in terms of volume and revenue. Europe is projected to grow at a second highest rate in terms of volume from 2023 to 2030. The U.S. is the largest market globally for beta carotene and is projected to grow at a rate of 3.5% in terms of revenue for the next six years.
Asia Pacific region is projected to witness fastest growth rate in both, volume and revenue. In, Asia Pacific, Japan accounted for the largest share but growth is projected to highest from India and China. RoW is also projected to witness moderate growth rate. Economies such as Brazil, Turkey, Saudi Arabia offers huge untapped market opportunities.
Carotenoids belong to a class of naturally occurring fat soluble pigments liable for the color range from red to orange and yellow. In nature, More than 500 carotenoids have been acknowledged and characterized, but only up to 45 dietary carotenoids from vegetables and fruits may be absorbed and metabolized by human.
Beta-carotene represents the largest product market supported by extensive use as a coloring agent in various applications including food, cosmeceuticals and pharmaceuticals. Similar to all carotenoids, beta-carotene is an antioxidant. An antioxidant is a substance which inhibits the oxidation of other molecules; and protects the body from free radicals. Beta-carotene is also precursor of vitamin A and also holds various unique properties such as provitamin A and colorants. This flexibility of beta carotene is used across many different segments, which include food, feed, pharmaceuticals, supplements, personal care and cosmetics. As the above mention segment demands different properties and stability of the beta-carotene formulations. Beta carotene is available in three major product groups which include oil suspensions, powders and emulsions.
There are two type of beta carotene; natural beta carotene has more enhanced properties when compared to their synthetic counterparts. Some of the best sources of beta carotene are yellow/orange vegetables such as sweet potatoes, carrots and pumpkins and fruits which include papayas, apricots, and mangoes among others. Beta carotene is also found in green leafy vegetables such as spinach, kale and broccoli.
Beta Carotene is more than just a pretty color and it is also used to improve animal performance. It is an essential nutrient for all farmed stock. As it is only found in plants and cannot be synthesized by livestock, animals’ requirement of this nutrient is fulfilled by their diet. The natural beta carotene content of forages in animal diets varies, and supplementation is the proven way to make sure that diets consistently supply sufficient beta carotene. The global market for animal feed additives is projected to grow at a rate of more than 5% over the next six years.
Due to its orange color it also found its application in cosmetics and personal care products. It is used in the formulation of after bath products, shave lotions, hair conditioners, cleansing products, makeup, shampoos, suntan products and skin care products. It also improves the appearance of damaged or dry skin by reducing restoring and flaking suppleness. The global personal care industry is projected to witness growth at a rate of more than 6% over the next six years. Thus, the growth in the end user application such as animal feed, cosmetics, personal care and food industry and many others is in turn driving the growth for beta carotene market.
The supplements market is projected to be the most promising market for beta carotene over the coming six years. With the aging population, rising health concerns, rising health supplements market, urbanization and busy lifestyle. Such factors are significantly increasing the demand for supplements which in turn has increased the demand for beta carotene.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Beta Carotene market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
