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CHEMICALS AND ADVANCED MATERIALS

Beta-carotene Market : Global Demand Analysis & Opportunity Outlook 2024

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Extensive insights into the Growth of Beta-carotene Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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Global Beta-carotene Market Overview

Beta-carotene is one of the widely used carotenoids in food industry. Carotenoids are natural fat soluble pigments responsible for the red, orange and yellow colours in plants, flowers, fruits, algae and bacteria. Beta-carotene is mainly used in food industry to provide appropriate colour to the products.  Human body is fit for the consumption of beta-carotene. In human body, beta-carotene gets transformed to vitamin A nutrients which empower the immune system in human body.  Commercial production of beta-carotene is carried out through biotechnological processes using filamentous fungi, yeast, bacteria or microalgae and solid liquid extraction from plants. Beta-carotene is considered as powerful antioxidants. Shielding effects of beta-carotene against disorders such as cancer and heart diseases is intensifying the growth of market in food and beverage industry.  In pet feeds, beta-carotene helps animals to maintain optimal health.              

Market Segmentation

By Beta-carotene Type

On the basis of type, the market can be segmented into following categories:-

  • Water Soluble Beta-carotene
    • Powder Beta-carotene
    • Liquid Beta-carotene
  • Oil Soluble Beta-carotene
    • Powder Beta-carotene
    • Liquid Beta-carotene

By Raw Material

  • Carrots
  • Sweet Potato
  • Pumpkin
  • Spinach
  • Others (plums)

 By Application

Based on in-depth interviews with food companies, report reflects a complete overview of following application segment:-

  • Food and Beverage Industry
  • Supplements
  • Cosmetics
  • Feed
  • Others

By Region

Global Beta-carotene Market is further classified on the basis of region as follows:

  • North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis

Growth Drivers and Challenges

Carotenoids are important factors in human health. The essential role of beta-carotene and others as the main dietary source of vitamin A has been known for many years. Rising awareness towards the consumption of beta-carotene is anticipated to be the major factor propelling the market growth over the forecast period. CLICK TO DOWNLOAD FREE SAMPLE REPORT

Physical properties of natural beta-carotene have a high edge over the synthetic beta-carotene. Synthetic beta-carotene has lower lip-solubility and antioxidant activity than naturally produced beta-carotene. This outsized shift of industry from synthetic to natural beta-carotene is intensifying the market growth all across the globe.

Beta-carotene Market

Beta-carotene holds exceptional properties as a colorant, physiological antioxidant and pro-vitamin A. This means that it is used across many diverse segments such as food, feed, supplements and cosmetics. Each segment demands different properties and stability of the beta-carotene formulations. Wide scope associated with the application of beta-carotene is anticipated to be the major factor driving the market in upcoming 5-6 years.

Excessive intake of beta-carotene can cause multiple disorders in human body, so it should be consumed in prescribed way. The beta-carotene market is an unorganised market, pricing issues with local manufacturers is anticipated to be the major factor restraining market growth over the forecast period i.e. 2016-2023.

Market Size & Forecast

The global beta-carotene market is estimated to reach USD 583 million by the end of 2024 witnessing a compound annual growth rate of 3.1% over the forecast period 2017-2024. The market is mainly driven by increasing demand for beta-carotene from food and beverage industry.

North America region subsidized the highest market share of beta-carotene market followed by Europe in 2015. U.S captured the highest market share in North America region followed by Canada. Increasing awareness associated with the consumption of beta-carotene is anticipated to be the major factor driving the market. Asia Pacific beta-carotene market is anticipated to show a persuasive growth over the forecast period.  

Carrot raw material segment is likely to dominate the global market. On the other hand in terms of application, food and beverage industry marked highest share in the beta-carotene market in terms of revenue.

Key Players

  • BASF SE
  • Kemin Industries Inc.
  • Algatechnologies Ltd.
  • Chr. Hansen A/S
  • Phytone Limited
  • Cyanotech Corporation
  • Royal DSM N.V.
  • LycoRed Ltd.
  • Overseal Natural Ingredients Ltd.
  • Pharmline Inc.
  • Sensient Technologies Corporation

Scope and Context

Overview of the Parent Market

Analyst View

Segmentation

  • By Raw Material Type Market Size & Y-O-Y Growth Analysis
  • By Beta-carotene Type Market Size & Y-O-Y Growth Analysis
  • By Application Market Size & Y-O-Y Growth Analysis

By Regions

Global Beta-carotene Market has been studied on countries and regions like:

  • North America (U.S., Canada) Market Size & Y-O-Y Growth Analysis
  • Latin America (Mexico, Brazil, Rest of Latin America) Market Size & Y-O-Y Growth Analysis
  • Western and Eastern Europe (Germany, Italy, Spain, France, U.K, Benelux, Hungary, Rest Of Western Europe, Russia Poland, Rest of Eastern Europe) Market Size & Y-O-Y Growth Analysis
  • Asia-Pacific (China, India, Singapore, Japan, Australia & New Zealand & Rest of Asia) Market Size & Y-O-Y Growth Analysis
  • Middle East and North Africa (MENA) Market Size & Y-O-Y Growth Analysis
  • Rest of World  Market Size & Y-O-Y Growth Analysis

Market Dynamics

Supply & Demand Risk

Competitive Landscape

Porter’s Five Force Model

Geographical Economic Activity

Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio

Recent Trends and Developments

Industry Growth Drivers and Challenges

Key Information for Players to establish themselves in current dynamic environment


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