USD 6.2 billion
Beta-Carotene Market Size, Share, Growth Analysis, By Type(Synthetic Beta-Carotene and Natural Beta-Carotene.), By Application(Food & Beverages, Dietary Supplements, Pharmaceuticals, Cosmetics & Personal Care and Animal Feed.), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30D2005 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
62
|Figures:
75
Beta-Carotene Market Insights
Beta-Carotene Market size was valued at USD 6.2 billion in 2021 and is poised to grow from USD 6.49 billion in 2022 to USD 9.4 billion by 2030, growing at a CAGR of 4.73% in the forecast period (2023-2030).
The Global Beta-Carotene Market has been witnessing significant growth in recent years, driven by the increasing consumer awareness regarding the health benefits associated with beta-carotene consumption. One of the key drivers of the Global Beta-Carotene Market is the growing demand for natural and organic ingredients in the food and beverage sector. Consumers are increasingly seeking healthier and more natural alternatives, and beta-carotene fits into this trend perfectly. It is used as a food colouring agent, fortifying agent, and dietary supplement, providing a safe and effective way to enhance the nutritional profile of food products. Additionally, beta-carotene's ability to improve immune function and promote healthy vision further adds to its appeal. Moreover, its role in maintaining healthy skin and supporting overall well-being has led to its incorporation into various cosmetic and personal care products, such as creams, lotions, and anti-aging formulations.
US Beta-Carotene Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Natural beta - carotene
Fastest Growth
Natural beta - carotene
Growth Rate
4.73% CAGR
Global Beta - carotene By Country ($ Bn)
Country Share for Asia Pacific Region (%)
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Beta-Carotene Market Segmental Analysis
The Global Beta-Carotene Market is segmented by type, application, and region. Based on type, the Market can be segmented into Synthetic Beta-Carotene, and Natural Beta-Carotene. Based on application, the Market is segmented Food & Beverages, Dietary Supplements, Pharmaceuticals, Cosmetics & Personal Care and Animal Feed. Based on region, the Market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Beta-Carotene Market Analysis by Type
In the global beta-carotene Market, the dominant type is natural beta-carotene. Natural beta-carotene is derived from natural sources such as fruits, vegetables, and algae. It is preferred by consumers due to its perceived health benefits and natural origin. The demand for natural beta-carotene is driven by the growing awareness among consumers regarding the importance of natural and organic ingredients in their diets and the increasing focus on clean-label products. As a result, natural beta-carotene holds a significant Market share and is the preferred choice for various applications.
On the other hand, the fastest-growing type in the Global Beta-Carotene Market is synthetic beta-carotene. Synthetic beta-carotene is chemically synthesised and widely used as a food additive, particularly in the food and beverage industry. It provides a cost-effective alternative to natural beta-carotene and offers similar colouring properties. The demand for synthetic beta-carotene is primarily driven by its application in processed food products, where consistent colour and stability are crucial. However, the growth of synthetic beta-carotene is expected to be moderate compared to natural beta-carotene due to the increasing consumer preference for natural and clean-label products.
Beta-Carotene Market Analysis by Application
In the global beta-carotene Market, among the various applications including Food & Beverages, Dietary Supplements, Pharmaceuticals, Cosmetics & Personal Care, and Animal Feed, the dominant application is the Food & Beverages sector. Beta-carotene is widely used in the food and beverage industry as a natural food colouring agent. It imparts a vibrant orange colour to various food products, including beverages, confectionery, dairy products, and baked goods. Additionally, beta-carotene serves as a precursor to vitamin A, providing nutritional benefits and contributing to eye health. The food and beverage sector accounts for a significant portion of the demand for beta-carotene globally.
The fastest-growing application for beta-carotene is in the Dietary Supplements segment. With increasing consumer awareness about health and wellness, there has been a rising demand for dietary supplements to bridge nutritional gaps and support overall well-being. Beta-carotene, as a precursor to vitamin A, is often included in dietary supplements to provide antioxidant properties and promote immune function. The growing emphasis on preventive healthcare and the desire for natural supplements drive the rapid growth of beta-carotene in the dietary supplements Market.
Global Beta - carotene By Type
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Beta-Carotene Market Regional Insights
In terms of dominance, Asia-Pacific emerges as the most dominant region in the global beta-carotene Market. The region has a significant Market share due to factors such as a large population, changing dietary patterns, and increasing consumer awareness regarding health and wellness. Countries like China and India have witnessed a considerable rise in demand for dietary supplements and functional food and beverages containing beta-carotene. The growing middle-class population and rising disposable incomes in the region have contributed to the dominance of Asia-Pacific in the beta-carotene Market.
Regarding the fastest-growing region, it is likely that North America is experiencing rapid growth in the global beta-carotene Market. Factors such as increasing health consciousness, growing demand for natural and organic products, and a rising focus on preventive healthcare are driving the Market growth in this region. Additionally, the expanding Market for dietary supplements and fortified food and beverages in North America has created opportunities for the utilisation of beta-carotene as a natural colourant and a source of provitamin A. The region's well-established food and beverage industry, along with a strong consumer preference for natural ingredients, has contributed to the fast-paced growth of the beta-carotene Market in North America.
Global Beta - carotene By Geography
- Largest
- Fastest
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Beta-Carotene Market Dynamics
Beta-Carotene Market Drivers
Increasing Health Awareness
- The Market for beta-carotene is being driven by the growing awareness among consumers regarding its health benefits. Beta-carotene, known for its powerful antioxidant properties and its role as a precursor of vitamin A, is recognized as crucial for vision, immune function, and overall health. As individuals place greater emphasis on preventive healthcare and show a rising demand for natural and nutritional supplements, the Market for beta-carotene experiences growth.
Beta-Carotene Market Restraints
Availability of Alternatives
- The presence of alternative sources of food colourants, both natural and synthetic, as well as other alternatives for obtaining vitamin A, presents a potential restraint on the beta-carotene Market. With various options available, consumers and manufacturers have the freedom to choose from substitutes. The availability of these alternatives may impact the demand for beta-carotene in certain applications. It is essential for Market players to consider the competition from these alternatives when assessing the growth prospects of the beta-carotene Market.
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Beta-Carotene Market Competitive Landscape
The Global Beta-Carotene Market is characterised by a competitive landscape with several key players vying for Market share. Beta-carotene is a naturally occurring pigment found in various fruits, vegetables, and plants, and is widely used as a food colouring agent, nutritional supplement, and ingredient in cosmetic products. The Market is driven by the increasing consumer demand for natural and healthy food products. Beta-carotene is recognized for its antioxidant properties and its role as a precursor of vitamin A, which contributes to its popularity as a dietary supplement. The growing awareness among consumers regarding the health benefits of beta-carotene has spurred its demand in the global Market.
Beta-Carotene Market Top Player’s Company Profiles
- DSM Nutritional Products Ltd. (Netherlands)
- BASF SE (Germany)
- Chr. Hansen Holding A/S (Denmark)
- FMC Corporation (US)
- Lycored Ltd. (Israel)
- Kemin Industries, Inc. (US)
- Zhejiang Medicine Co., Ltd. (China)
- Divi's Laboratories Ltd. (India)
- Allied Biotech Corporation (Taiwan)
- DDW The Colour House (US)
- Nutralliance (US)
- BTSA Biotecnologías Aplicadas S.L. (Spain)
- Guangzhou Leader Bio-Technology Co., Ltd. (China)
- ZMC LLC (US)
- Tianjin Glucose Co., Ltd. (China)
- Novus International, Inc. (US)
- Guangzhou Wisdom Bio-Technology Co., Ltd. (China)
- Phytone Limited (UK)
- Parchem Fine & Specialty Chemicals (US)
- Vitae Naturals S.L. (Spain)
Beta-Carotene Market Recent Developments
- In February 2023, DSM, a global science-based company, announced that it has expanded its beta-carotene production capacity in the Netherlands. The expansion will allow DSM to meet the growing demand for beta-carotene from the food, beverage, and dietary supplement industries.
- In January 2023, BASF, a German chemical company, announced that it has launched a new line of beta-carotene products for the food and beverage industry. The new products are designed to provide a natural and sustainable source of beta-carotene for food manufacturers.
- In December 2022, Naturex, a French natural ingredients company, announced that it had acquired the beta-carotene business of Kemin Industries. The acquisition will allow Naturex to expand its portfolio of natural beta-carotene products and to meet the growing demand for beta-carotene from the food and beverage industry.
- In November 2022, Carotentech, a Dutch company that produces beta-carotene from algae, announced that it has raised €10 million in funding. The funding will be used to expand Carotentech's production capacity and to develop new beta-carotene products.
- In October 2022, A team of researchers from the University of California, Davis, published a study in the journal "Nature Food" that found that beta-carotene can help to protect against age-related macular degeneration. The study found that beta-carotene can help to reduce the risk of developing AMD by up to 25%.
Beta-Carotene Key Market Trends
- Consumer preference for natural and plant-based ingredients: A key Market trend in the Global Beta-Carotene Market is the increasing consumer preference for natural and plant-based ingredients in various industries. Beta-carotene, a pigment found in many fruits and vegetables, is a popular choice due to its natural origin and numerous health benefits. Consumers are becoming more conscious about the ingredients used in their food, beverages, and personal care products, driving the demand for natural alternatives. Beta-carotene, with its antioxidant properties and provitamin A activity, is highly sought after as a natural colourant and nutritional supplement. The trend towards clean label products and the growing interest in health and wellness are propelling the demand for beta-carotene across the globe. To cater to this trend, manufacturers are focusing on sourcing high-quality beta-carotene from natural sources, such as algae, fruits, and vegetables, and offering a wide range of application-specific beta-carotene products to meet the diverse needs of industries such as food and beverage, cosmetics, and pharmaceuticals.
Beta-Carotene Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to the global beta-carotene analysis, the increasing consumer awareness regarding the health benefits of beta-carotene, such as its role in supporting eye health and boosting the immune system are the key growth drivers. Additionally, the rising demand for natural colourants in the food and beverage industry drives the Market 's growth, as beta-carotene is widely used as a natural colouring agent. The growing application of beta-carotene in the pharmaceutical and cosmetic industries further fuels Market expansion. The competitive landscape of the Global Beta-Carotene Market is thoroughly analysed in the report.The report emphasises the importance of innovation and product differentiation as key strategies for Market players to gain a competitive edge. It also highlights the significance of research and development activities to enhance product quality and cater to evolving customer demands.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 6.2 billion |
| Market size value in 2031 | USD 9.4 billion |
| Growth Rate | 4.73% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Beta-Carotene Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Beta-Carotene Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Beta-Carotene Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Beta-Carotene Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Beta-Carotene Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Beta-Carotene Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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