The global beta carotene market size is anticipated to reach to USD 621.0 million by 2024. Increasing awareness regarding balanced diet and daily calorie monitoring are the key factors driving growth of the market. Increasing application of naturally derived beta carotene is estimated to further fuel demand in the forthcoming years.
Beta carotene is a colored pigment copiously available in fruits and plants. This antioxidant belongs to carotenoid family. Beta carotene can be derived from natural as well as synthetic sources. Natural sources include algae; fruits and vegetables like carrot, sweet potato, pumpkin, spinach, and plum; fungus; palm oil; yeast; bacteria; and fermentation of microorganisms. Benzene extracted from acetylene gas is one of the synthetic sources of this antioxidant.
Food and beverage, pharmaceutical and dietary supplements, personal care and cosmetics, and animal feed are the major end-use industries for global beta carotene market. In food and beverage, it is widely used as nutrition source and coloring agent. It is also utilized as antioxidant in dietary supplements and cosmetics industry. Beta carotene is extensively used as a nutritional supplement in animal feed. Value chain for beta carotene consists of raw material procurement, manufacturing process, distribution, and end-use industry.
Food and beverage was the largest end-user application segment in 2017 and is expected to continue showcasing similar growth trend over the next eight years. The market for food and beverage was worth more than USD 100 million in 2015. It is anticipated to expand at a CAGR of over 4% during the forecast period. Increasing awareness regarding the importance of natural food coloring is resulting in growth of the market for beta carotene.
Algae-based beta carotene was worth over USD 100 million in 2015 and is expected to exhibit a CAGR of 4.4% over the forecast period. Development of new and improved products such as Genetic Modification (GM) project and OxC-beta Livestock is projected to drive market expansion in near future. Demand in terms of consumption of synthetic beta carotene is decreasing owing to its various disadvantages including lack of nutritional value.
Europe held the largest market share of around 34% in 2015. Growing food and beverage, pharmaceutical, and personal care industries has resulted in expansion of the regional beta carotene market. Asia Pacific is expected to register the fastest CAGR of 4.6% in terms of consumption over the forecast period. Expansion of food and beverages, pharmaceutical, and animal feed among other end-use industries in developing countries such as China and India is contributing to the rise in regional demand for beta carotene.
The global beta carotene market is highly fragmented with the presence of a smaller number of mature players and a large number of small-scale regional players. This factor makes this market highly competitive in nature. The industry requires high initial investment and R&D cost. Major market participants include DSM N.V., BASF SE, Chr. Hansen Holding A/S, Foodchem International Corporation, Flavorchem Corporation, and LycoRed Ltd.
Companies are investing in research and development activities for innovating new technologies and products. Mature players such as BASF and DSN N.V. are engaged in complete integration of processes. These companies are also adopting business strategies like joint ventures and merger and acquisitions to increase their product portfolio and expand their global market presence. They are working on deriving beta carotene from genetically modified microorganisms. Introduction of advanced technologies such as Golden Rice and OxC-beta Livestock are anticipated to boost growth opportunities for the market.
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Hexa Research has segmented the Beta Carotene Market report based on source, application and region.
Segmentation by Source
• Fruits & Vegetables
Segmentation by Application
• Food & Beverages
• Dietary Supplements
• Animal Feed
Segmentation by Region
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
Key players analyzed:
• DSM N.V
• BASF SE
• Chr. Hansen Holding A/S
• Foodchem International Corporation
• Flavorchem Corporation
• D.D. Williamson & Co., Inc.
• Zhejiang Medicine Co., Ltd
• Parry Nutraceuticals