Beta Carotene Market Share, Insight, Report, Trends, Analysis, & Forecast

SKU: DM3176 | Last Updated On: May 24 2022 | Available Formats

> Global Beta Carotene Market Expected to reach a high CAGR By 2029: DataM Intelligence

Global Beta Carotene Market is segmented By Source (Fruits & Vegetables, Microorganisms, Chemical synthesis), By Application (Cosmetics & Personal care, Food & Beverages, Pharmaceuticals, Animal Nutrition, Others), By Form (Powder, Liquid), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

The Global "Beta Carotene Market" is estimated to reach at a high CAGR during the forecast period (2022-2029).

Beta carotene is an organic, strongly colored red-orange pigment that is abundantly found in plants and fruits. Beta carotene has tremendous health benefits as a provitamin A and is also popular as a colorant for food and beverage applications. Beta carotene is a powerful antioxidant, it helps the body scavenge free radicals, thereby limiting the damage to cell membranes, DNA, and protein structures in the cell thus reducing the risk of cancer. Increasing demand for beta carotene in the food industry, coupled with its vivid application in other end-user industries, such as pharmaceuticals for coloring, pro-vitamin A source in dietary supplements, health ingredients in animal feed, antioxidants in cosmetic products, has been propelling the market growth, globally.

Market Dynamics

Growing awareness in people regarding the risks associated with vitamin A inadequacy is driving the growth of the market

The increased awareness in people regarding the risks associated with vitamin A deficiency which is commonly observed in premature infants, pregnant and lactating women in developing countries and people with cystic fibrosis is driving the growth of the market. According to an estimation presented by The World Health Organization, 9.8 million pregnant women around the world have xerophthalmia as a result of vitamin A deficiency. Several types of research have proved that beta carotene is a vitamin A probiotic which can help fight the deficiencies related to vitamin A. While many healthcare organizations recommend people to include beta carotene-rich food in their diets, the lack of time in people to invest in self-care has led people to adopt beta carotene supplements. Countries like Africa, with a high population suffering due to measles, which occur mainly due to deficiency of vitamin A, can serve as an opportunity for the beta carotene market.

Moreover, increasing demand for natural and healthy products is one of the significant reasons attributing towards the growth of the beta carotene market. Rising dietary supplement consumption owing to increasing health problems including nutrient deficiency and obesity should drive the product demand. The substance is also useful for the reduction of damage from free radicals in the body. Furthermore, rising consumer awareness and concerns pertaining to the addition of synthetic ingredients has surged the demand for natural beta-carotene products. Also, increasing demand for clean label products and food fortification with provitamin A source in processing industries like food & beverage is uplifting the demand for the beta carotene industry.

Market Segmentation

Beta carotene supplements are highly popular among adults, infants and pregnant women

The dietary supplements segment contributed to a market revenue share of YY% in the year 2020. Beta-carotene supplements are highly consumed by people along with their diet. It is documented by the National Institutes of Health (Office of dietary supplements) that about 28%–37% of the general population use supplements containing vitamin A. Adults over 70 and children below 9 are the common users, as they are more prone to vitamin A deficiency. Also, several studies recorded in the Women's Health Initiative journal, have proved that approximately 50% of pregnant women consume supplements rich in beta-carotene.

By form type, the powder segment is expected to dominate the market. Powdered products have prominent attributes, which easier storage, transportation, as well as longer shelf life compared to liquid form thus exhibiting decreased chance of spoilage. This has turned into enhanced their utilization in several industries like pharmaceutical, cosmetic and others. Thereby, demand for beta carotene from powder form is gaining traction in the market. Powder solutions are widely used in manufacturing additives for food processing, animal feed and dietary supplements owing to reduced chances of spoilage, low cost and ease of manufacturing compared to liquid form.

Geographical Penetration

North America dominated the global beta carotene market

North America is the largest shareholder of the beta-carotene market, owing to a shift in consumer preference toward a healthy diet. The United States dominated the NorthAmerica beta carotene market. The growth of beta carotene-rich products is credited to the highly awoken population in the country regarding vitamin A deficiency. According to the CRN consumer survey 2019, 77% of Americans consume dietary supplements, with Vitamin A holding the largest share. In the United States, Beta carotene (95% pure) is permitted as a colorant under 21 CFR 73.95 and 21 CFR 166.110 and a pro-vitamin A nutrition supplement under 21 CFR 182.5245 and 21 CFR 184.1245. Further, more than 60% of the American population prefer having beta-carotene and other carotenoid vitamins in their regular diet. Beverage manufacturers have launched various RTD containing beta carotene, nature-identical being the most predominant form. For instance, Vitatine which is an antibiotic subsidiary signed an exclusive agreement with B & D Nutritional Ingredient which will bring its natural beta carotene available in the United States for application in the food and beverages and dietary supplement industry.

Competitive Landscape

The global beta carotene market is fragmented, and key players operating in the industry include DSM, Lycored, Chr Hansen Holding A/S, BASF SE, Food chem International, Allied Biotech Corp., Bio extract and others. The major manufacturers in the global beta carotene market are expanding their presence and procurement procedures, along with significant investment in R&D. For instance, BASF launched its beta carotene brand under the name Lucarotin which has gained popularity because of usage in beverages, confectioneries and energy drinks. In October 2020, Nutralliance announced a strategic partnership with Globionic, a Russia-based supplier specializing in ingredients for the sales and distribution of the company’s products in Eastern Europe. This strategy will help the company to expand its sales of beta carotene products in European countries. Likewise, In July 2018, Lycored announced to launch of beta carotene Beta Blasters, an interactive classic arcade game that tells the narrative journey of beta carotene and its effect on the body, at the NBJ Summit in the U.S.

COVID-19 Impact: Pandemic had a positive impact on the global beta carotene market

The beta carotene market was seen to be boosted during this period because of raising consciousness in people regarding health. The market was seen to be high on the rise in countries like the United States which were badly hit by the pandemic. According to an online platform that conducted a COVID-19-focused customer survey of 2400 adults aged 18 years and older living in the United States by the Council for Responsible Nutrition (CRN) found that during the COVID-19 pandemic, more than two in five (43 percent) consumed dietary supplements including beta carotene supplements during the pandemic. The increased demand for immunity-boosting food products and dietary supplements among consumers has been observed during the COVID-19 pandemic, which has encouraged the key players to innovate in the category. Further, various scientific studies have depicted that the regular consumption of food products rich in Beta carotene, Ascorbic acid & other essential vitamins are good options to build resilience in the body against viruses such as COVID-19, hence creating a potential market growth for the category.

Why Purchase the Report?

  • Understand the current market scenario and viability of global beta carotene over the forecast period
  • Visualize the composition of the global beta carotene market in terms of source, application, product and form to identify major players, growth potential, and market strategies
  • Identify the key regulations prevailing in the market and understand their impact n the market over the forecast period
  • Understand the key business factors such as market competition, product pricing, new product developments, and patent filings pertaining to the market

What do we offer?

  • PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study
  • Excel data sheet with valuable data points of the global beta carotene market – Regional and Country level segmentation
  • Product mapping in excel for the key products of all major market players
  • Market Share Analysis covering business revenues ($) and revenue share (%) of key market players

Target Audience:

  • Cosmetics Companies
  • Pharmaceutical Companies
  • Animal Feed Manufacturers
  • Dietary Supplements Manufacturers
  • Food Ingredients Manufacturers
  • Industry Investors/Investment Bankers
  • Education & Research Institutes
  • Research Professionals

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