Beta Carotene Market size is expected to cross USD 1000 Billion by the end of 2035, growing at a CAGR of 5% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of beta carotene was USD 575 Billion. The growth of the market can be attributed to the rising consumption of dietary supplements. Dietary supplements containing beta-carotene boost the immunity of people suffering from chronic diseases. Around 77% of people in America take dietary supplements. Moreover, adults between the ages of 35 and 54 use dietary supplements the most of any age group.
In addition to these, factors that are believed to fuel the market growth of beta carotene include the rising production of fruits and vegetables. Fruits and vegetables have a high concentration of beta-carotene and are also consumed by a major set of the population. The supply of vegetables is expected to increase by 23-grams per person per day in 2030 and by 97–112 grams per person per day in 2031 across the globe. On the other hand, growing demand for cosmetic products is expected to surge the market’s growth, as the production of cosmetics contains beta carotene that is good for the skin. The International Trade Commission estimates that China will have the largest cosmetics sector in 2020, with makeup accounting for 12% of the whole market.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~5% |
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Base Year Market Size (2022) |
~ USD 575 Million |
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Forecast Year Market Size (2035) |
~ USD 1000 Million |
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Regional Scope |
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Source (Fruits & Vegetables, Algae, Synthetic, Yeast, Fungi, Bacteria)
The global beta carotene market is segmented and analyzed for demand and supply by source into fruits & vegetables, algae, synthetic, yeast, fungi, and bacteria. Out of the six sources of beta carotene, the fruits & vegetables segment is estimated to gain the largest market share over the projected time frame. The growth of the segment can be attributed to the high concentration of beta-carotene in fruits and vegetables. The brilliant color of red, orange, and yellow veggies is caused by a plant ingredient called beta-carotene. Moreover, basic fruits and vegetables are easily available and affordable for people who cannot afford dietary supplements. Sweet potatoes, carrots, dark leafy greens, butternut squash, cantaloupe, lettuce, red bell peppers, apricots, broccoli, and peas are examples of foods high in beta-carotene. For instance, bakes sweet potatoes have around 11,500 mcg of beta carotene in every 100g. Moreover, nearly 8000 mcg beta carotene is found in per 100 gm of carrot.
Product (Synthetic, Natural)
The global beta carotene market is also segmented and analyzed for demand and supply by product into synthetic beta carotene, and natural beta carotene. Out of the two segments, the natural beta segment is expected to have the major market share on the back of rising consumption of natural sources of beta carotene, such as fruits and vegetables. It is said, the more intense the color of the fruits or vegetables, the higher amount of beta-carotene they contain. The brilliant color of red, orange, and yellow veggies is caused by a plant ingredient called beta-carotene. Moreover, the absorption of natural beta carotene from various fruits and vegetables can be increased by consuming healthy fats, such as avocado, olive oil, nuts or seeds.
Our in-depth analysis of the global market includes the following segments:
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By Source |
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By Form |
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By Application |
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By Product |
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North American Market Forecast
The North American beta carotene market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. The growth of the market can be attributed majorly to the rise in the number of people suffering from chronic diseases. Beta-carotene shields the body from harmful chemicals known as free radicals. Oxidation is a mechanism that free radicals uses to harm cells and that further may result in a multitude of chronic conditions. Moreover, beta carotene also increases immunity against chronic disease management. According to the Centers for Disease Control and Prevention, every 6 in 10 adults in America is living with a chronic disease. Moreover, out of 10, 4 people adults have two or more chronic illnesses. Furthermore, the rising consumption of food and beverages is also expected to boost the demand for beta carotene market in the region. Beta carotene brings color and pigments to all types of food and beverages. Around 61% of American youngsters and nearly 50% of American adults regularly consume soda or other sugary drinks.
APAC Market Statistics
The Asia Pacific beta carotene market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. The market growth in the region is expected on the account of rising cases of cancer in the region. From 2010 to 2019, India saw an increase in cancer cases at an average annual rate of approximately 1% to nearly 2%. The breast, lung, mouth, cervix, uterus, and tongue were the five primary sites of the disease. Besides this, the growth of the market in the Asia Pacific is also expected on the back of rising sales of dietary supplements. According to the International Trade Administration, Japan is the third-largest dietary supplement market in the world.
September 2020: Chr, Hansen Holdings A/S announce the launch of clean label FruitMax product extracted from turmeric. It is a food additive with a bright yellow color and a little aftertaste for many applications. Owing to turmeric's well-known light sensitivity, FruitMax® Yellow 1000 WSS is appropriate for a wide range of opaquely packed foods.
September 2021: Royal DSM announces the acquirement of First Choice Ingredients, by this acquisition, DSM is aiming to expand the growth of its food and beverage segment.
Author Credits: Anil Kumar, Ipsheeta Dash
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