Analysis by Source (Fruits & Vegetables, Algae, Synthetic, Yeast, Fungi, and Bacteria); by Form (Powder, and Liquid), by Application (Pharmaceuticals, Cosmetics, Animal Feed, Food & Beverages, and Dietary Supplements); and by Product (Synthetic Beta Carotene, and Natural Beta Carotene) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035
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The global beta carotene market is estimated to garner a revenue of around USD 1000 Billion by the end of 2035 by growing at a CAGR of ~5% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of USD 575 Billion in the year 2022. 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.
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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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Growth Drivers
Growing Production & Consumption of Processed Food-The processed food that contains a lots of artificial colors, are usually extracted from beta carotenes. Around 400,000 enterprises make up the processed food industry, that valued over USD 2 trillion dollars.
Rising Population of Malnutrition People – People suffering from malnutrition severely lack an adequate amount of vitamins, minerals, fats, carbohydrates, and proteins. Therefore, it is anticipated to increase the growth of the global beta carotene market. According to UNICEF, with 11.7% of the world's population experiencing severe levels of food insecurity, severe food insecurity has become more common. A healthy diet is now out of reach for about 3.1 billion people worldwide, an increase of 112 million.
Growing Incidences of Vision Impairment – A precursor to vitamin A, beta-carotene plays a key role in numerous biological processes, including eyesight. According to the World Health Organization, at least 2.2 billion people worldwide suffer from near- or distance vision impairment. About half of these cases, or at least 1 billion, involved vision damage that either might have been avoided or is still unaddressed.
Rising Sales of Cosmetic Products– The formulation of aftershave lotions, makeup, bath products, shampoos, and others all contain beta-carotene. In the years 2020 and 2019, respectively, the top makeup brand Sephora produced sales of approximately 6 billion dollars from its offerings in the beauty and personal care categories.
Rising Consumption of Dietary Supplements – There are various dietary supplements containing beta carotene in the market. People consume them to overcome the deficiency of the required nutrition. In Lithuania around 63% and 67% of people consumed dietary supplements for improving their body and immune system respectively. Moreover, consumption significantly increased during a pandemic.
Challenges
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.
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 beta carotene 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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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.
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.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Increasing consumption of dietary supplements, rising cases of vision impairment, and rising demand for processed food are the major factors driving the market growth.
Ans: The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2023 – 2035.
Ans: Excessive beta carotene is harmful to human health, the high price of beta carotene products, and the shortage of natural beta carotene in underdeveloped regions are estimated to be the growth hindering factors for the market expansion.
Ans: The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Ans: The major players in the market are Kemin Industries, Inc., Algatech Ltd., Chr. Hansen Holdings A/S, Phytone Limited, Cyanotech Corporation, Royal DSM, Overseal Natural Ingredients Ltd., Pharmline Marketing PTE LTD., Sensient Technologies Corporation, and Mera Pharm GmbH
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue-generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by source, form, application, product, and by region.
Ans: The fruits and vegetables segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
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