The beta carotene market size is projected to reach US$ 580 million by 2031 from US$ 380 million in 2023. The market is expected to register a CAGR of 5.3% during 2023–2031. Increasing consumption of dietary supplements is likely to remain a key trend in the market.
Beta Carotene Market Analysis
Increasing demand for natural colors in various end-use industries and rising awareness regarding the benefits of beta carotene contribute to market growth. In addition, key players' strategic initiatives such as mergers and acquasitions, collaborations, product launch, and partnerships further contribute to the market growth. Further, exponential growth in the skincare industry has surged the demand for skin care products, propelling the market growth.
Beta Carotene Market Overview
Beta carotene is a natural pigment and antioxidant found in fruits and vegetables and offers a wide range of benefits. Beta carotene is commonly found in fruits and vegetables, imparting a yellow or orange color. It is valued for its role in supporting vision, skin health, and immune functions. In recent years, the demand for beta carotene has surged owing to increasing awareness regarding its benefits. Beta carotene, once consumed, helps to convert vitamin A, supporting vision, especially in low-light conditions, and promoting overall eye health. Further, the anti-cancer and anti-aging properties of beta carotene are anticipated to boost its demand in various end-use industries, including pharmaceuticals and nutraceuticals, food and beverages, personal care, and others.
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Beta Carotene Market: Strategic Insights
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Beta Carotene Market: Strategic Insights
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Beta Carotene Market Drivers and Opportunities
Increasing Awareness Regarding Beta Carotene benefits to Favor Market
In recent years, the demand for beta carotene has surged owing to increasing awareness regarding its benefits. Beta carotene, once consumed, helps to convert vitamin A, supporting vision, especially in low-light conditions, and promoting overall eye health. Its antioxidant properties help combat free radicals, potentially reducing the risk of chronic diseases and supporting cellular health. Additionally, beta carotene plays a role in bolstering the immune system, protecting against infection, and contributing to skin health by shielding against sun damage.
Increasing Demand for Natural Colours in the Food Industry
The demand for natural colors in the food and beverages industry has propelled the demand for natural beta carotene. Rising awareness regarding the health benefits of natural and clean-label products has surged among consumers. They are concerned about the long-term effects of synthetic colors on health and so prefer natural colorants in their food. Beta carotene is largely used as a colorant for food and beverage applications.
Beta Carotene Market Report Segmentation Analysis
Key segments that contributed to the derivation of the beta carotene market analysis are nature and end user.
- Based on nature, the beta carotene market is divided into natural and syntehtic.
- In terms of end use, the market is segmented into food and beverages, pharmaceuticals and nutraceuticals, personal care, and others.
Beta Carotene Market Share Analysis by Geography
The geographic scope of the beta carotene market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the market. In North America, several factors contribute to the demand for beta carotene. Firstly, the increasing awareness and emphasis on health and wellness among consumers have led to a growing interest in nutritional supplements and fortified foods. Secondly, the prevalence of lifestyle-related health concerns, such as skin protection and cardiovascular health, has spurred interest in antioxidants like beta-carotene. Consumers are seeking products that offer multifaceted health benefits, contributing to the demand for supplements and foods containing beta-carotene. Thus, these factors are expected to propel the growth of the market in the region.
Beta Carotene Market Regional Insights
The regional trends and factors influencing the Beta Carotene Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Beta Carotene Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
- Get the Regional Specific Data for Beta Carotene Market
Beta Carotene Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 380 Million |
| Market Size by 2031 | US$ 580 Million |
| Global CAGR (2023 - 2031) | 5.3% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Nature
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
Beta Carotene Market Players Density: Understanding Its Impact on Business Dynamics
The Beta Carotene Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Beta Carotene Market are:
- BASF SE
- AVANSCHEM
- DSM
- Divi's Nutraceuticals
- Foodchem International Corporation
- Lycored
Disclaimer: The companies listed above are not ranked in any particular order.
- Get the Beta Carotene Market top key players overview
Beta Carotene Market News and Recent Developments
The beta carotene market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the beta carotene market are listed below:
- Bitmis Corp announced the completion of a merger with Cambell International Holdings Limited. The acquisition was aimed to focus on research and development of the extraction process of natural beta-carotene as well as the production, distribution, marketing, and sales of beta-carotene health food products. (Source: Press Release, December 2022)
Beta Carotene Market Report Coverage and Deliverables
The "Beta Carotene Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Beta Carotene market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Beta Carotene market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter's Five Forces and SWOT analysis
- Beta Carotene market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the beta carotene market
- Detailed company profiles
- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Global, Regional, Country
- Industry and Competitive Landscape
- Excel Dataset
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Nature, and by End Use
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
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BASF SE, AVANSCHEM, DSM, Divi's Nutraceuticals, Foodchem International Corporation, Lycored, Nutralliance, Otsuka Pharmaceutical Co Ltd, Allied Biotech Corporation, and Sensient Colors LLC are among the prominent players operating in the global beta carotene market.
Increasing consumotion of dietary supplemnets is likely to remain key trends in the market.
The global beta carotene market is estimated to register a CAGR of 5.3% during the forecast period 2023–2031.
Increasing demand for natural colors in various end-use industries and rising awareness regarding benefits of beta carotene are major factors contributing to the market growth.
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