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The global beta carotene market is anticipated to grow at a crucial pace during the forecast period, due to several health benefits associated with beta carotene consumption and uses. Anti-aging and anti-cancer properties of beta carotene are anticipated to boost its demand in various end-use industries, such as food & beverages, cosmetics, pharmaceuticals, and others.
Key companies operating in the global beta carotene market are focusing on the launch of new products and merger and acquisition activities to maintain their prominence in the global market. Koninklijke DSM N.V., BASF SE, and Naturex SA are some of the key companies performing in the global beta carotene market.
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Beta carotene is a prominent carotenoid and pigment with strong antioxidant properties. Beta carotene is abundant in fruits and plants but can be obtained from various other sources, such as algae, palm oil, fungi, and other synthetic sources. Carotene serves as strong disease preventive substances and can prevent various cardiovascular diseases, and can promote skin health, lung health, and aid the immune system.
The rapid increase in the demand for naturally-sourced beta carotene due to their health benefitting properties, for applications across several major industries, is anticipated to drive the market growth of beta carotene during the forecast period. Increasing geriatric population, coupled with the growing prevalence of chronic diseases across the globe is boosting the demand for health and dietary supplements, which in turn is projected to aid the growth of beta carotene market. Furthermore, the presence of skin-protective properties in beta carotene is projected to contribute to the growth of the product’s demand in the cosmetics & personal care industry.
Excessive consumption of beta carotene products and supplements can result in joint pain, change of skin color, loss of stools, and other health complications among human beings, which can hinder the growth of beta carotene market. Stringent regulations by food regulatory authorities on the use and commercialization of food ingredients is further projected to restrain the beta carotene market growth.
Some of the major companies that are present in the global beta carotene market are Naturex SA, BASF SE, Chr. Hansen Holding A/S, Flavorchem Corporation, Foodchem International Corporation, LycoRed Ltd., Koninklijke DSM N.V., Parry Nutraceuticals Limited, Bio Extracts (Pvt) Ltd., Zhejiang Medicine Co. Ltd., and D.D. Williamson & Co., Inc., among the other players operating in the global beta carotene market.
By Product Type
· Synthetic Beta Carotene
· Natural Beta Carotene
· Food & Beverage
Ø Soft Drinks
Ø Bakery & Confectionery
Ø Processed Food
Ø Dairy Products
· Dietary Supplements
· Animal Feed
· North America (U.S., Canada, and Mexico)
· Europe (France, Germany, Italy, Spain, U.K., Russia, and Rest of Europe)
· Asia Pacific (China, India, Japan, Australia, and Rest of Asia Pacific)
· South America (Brazil, Argentina, and Rest of South America)
· Middle East & Africa (South Africa and Rest of ME&A)
On the basis of product type, the global beta carotene market has been segmented into synthetic beta carotene and natural beta carotene. Synthetic beta carotene segment is anticipated to hold the major market share during the forecast years, owing to easy availability and less complexity associated with the production of synthetic beta carotene. However, natural beta carotene segment is anticipated to witness significant rise during the forecast years, due to rising demand for natural products and ingredients.
On the basis of application, the global beta carotene market has been segmented into food & beverage, dietary supplements, cosmetics, animal feed, pharmaceuticals, and others. The application of beta carotene in the food & beverage segment is projected to be the highest due to the increased application of beta carotene as a crucial food and beverage colorant. The demand for beta carotene from cosmetics and dietary supplements industry is projected to grow at a rapid pace during the forecast period, due to high antioxidant properties exhibited by the product.
The Asia Pacific is projected to witness the fastest growth during the forecast years, owing to increasing demand for beta-carotene from growing food & beverage industry of populous Asian economies, such as India and China. Cost-efficiency of the product is projected to increase its demand in the production of personal care and cosmetics products, as well as animal feed in the Asia Pacific. Europe is anticipated to hold the major revenue share in the global beta carotene market, owing to increased consumption of the product attributed by health benefits offered by the product.
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