The global beta carotene market size reached a valuation of USD 427.4 million in 2023. The expanding demand for an essential vitamin with health benefits is projected to be the market's primary growth driver. The overall sales of beta carotene products are projected to grow at a robust CAGR of 5.9% between 2023 and 2033, totaling around USD 761.1 million by the end of 2033.
| Attribute | Details |
|---|---|
| Beta Carotene Market Size (2023) | USD 427.4 million |
| Beta Carotene Market Revenue Forecast (2033) | USD 761.1 million |
| Beta Carotene Market Growth Rate (2023 to 2033) | 5.9% CAGR |
| North America Market Share | 33.3% |
The organic pigment beta-carotene is predominantly found in plants, fungi, and fruits. It's what grants fruits and vegetables their red/yellow color. Beta carotene is a subset of carotene, a terpene that can be derived naturally or synthesized through a biochemical reaction.
Beta carotene is a rich source of vitamin A, an essential vitamin that aids the immune system, rectifies eye defects (night blindness), and promotes reproduction. Beta carotene can also act as an antioxidant, preventing chemical oxidation that leads to cancer.
The growing market for beta carotene from numerous different sectors like food, cosmetics, and pharmaceuticals is predicted to propel the global beta carotene market forward throughout the forthcoming years. Furthermore, the convenience of procuring beta carotene is another driving force, as important stakeholders do not need to exert undue effort to obtain it.
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As per Future Market Insights, the global demand for beta carotenes is anticipated to expand at a healthy CAGR of 5.9% during the forecast period between 2023 and 2033, in comparison to the 0.9% CAGR registered from 2018 to 2022. The rapid increase in demand for naturally-sourced beta carotene owing to its health advantages for applications across several major industries is expected to spur beta carotene market growth in the coming years.
The rising geriatric, combined with the rising incidence of chronic illnesses worldwide, is increasing the demand for health and dietary supplements, which is assumed to facilitate the growth of the beta-carotene market. Furthermore, beta carotene's skin-protective attributes are predicted to contribute to the product's development in the cosmetics and personal care industry.
The vitamin A content of beta carotene appears to contribute to the product's nutritional benefits. Deficiency diseases such as night blindness and xerophthalmia can be treated by ingesting beta-carotene products regularly.
Overindulgence in beta-carotene products and supplements can prompt joint pain, skin color changes, stool loss, and other health complications in humans, stifling the beta-carotene market's expansion. Food regulatory governments' stringent regulations on using and commercializing food ingredients are also expected to inhibit beta-carotene market growth.
Principal Consultant
| Countries | CAGR (2022) |
|---|---|
| United States | 15.4% |
| Germany | 6.2% |
| China | 5.3% |
| Japan | 6.9% |
| India | 6.9% |
The Asia-Pacific region is predicted to thrive the quickest during the projected period, owing to rising demand for beta-carotene from the expanding food and beverage industries of densely populated Asian economies such as India and China. The product's affordability is expected to drive up demand for it in the production of personal care and cosmetics and animal feed in the Asia Pacific. Key industry players source beta carotene raw materials or ingredients from this region, which will spark the region's growth.
Because of a shift in consumer preference toward a healthier diet, the North American beta-carotene market is anticipated to surpass USD 251 million by 2033. Furthermore, the burgeoning geriatric population is fueling the consumption of dietary supplements, bolstering market share. The demand for organic sources of synthetic beta carotene, vitamins, and other dietary supplements remains high in the USA.
Due to increased product penetration, consumers are inclined to spend on dietary supplements and vitamins in addition to their typical food materials. Changes in individual lifestyles and dietary habits have resulted in a variety of diseases such as cardiovascular disease, diabetes, and others; as a result, customers are opting for healthier alternatives. Beta carotene is pertinent for immune system function because it has antioxidant characteristics that assist cells in fighting infection. These aspects are confined by geographic market demand.
More than 60% of the American population aspires to ingest beta-carotene and other carotenoid vitamins frequently. Vitatine, an antibiotic subsidiary, has signed an exclusive agreement with B & D Nutritional Ingredient to bring its natural beta-carotene to the USA for use in the food, beverage, and dietary supplement industries. In addition, beverage company GacLife has introduced the world's first line of gac-based wellness products with skin and vision care functions. North America is accounting for a market share of 33.3% of the global beta-carotene market.
Europe is expected to hold the largest revenue share in the global beta carotene market, owing to increased product consumption of the product's health advantages. Europe is predicted to hold a market share of 40.4% of the global beta-carotene market.
The vastly increased demand for natural-source carotene products is expected to aid the expansion of the European beta-carotene industry. The accelerated aging of the population and the emergence of chronic diseases are increasing demand for beta-carotene-containing foods and supplements, driving up demand for the Europe beta carotene market. Personal and cosmetic care represents a potentially profitable Europe beta carotene market. Customers all over Europe are engaged in anti-aging supplements and cosmetics. Beta carotene is getting prominence in the European market because of its significant antioxidant content, which protects the human body from oxidative stress caused by metabolism and aging.
Because of the ease of availability and lower complexity associated with the fabrication of synthetic beta-carotene, the synthetic beta-carotene segment is expected to capture the majority of the market share during the forecast years. However, due to the rising demand for natural products and ingredients, the natural beta-carotene segment is expected to grow substantially during the forecast years.
The food and beverage segment is predicted to have the highest beta-carotene application due to the increasing utilization of beta-carotene as critical food and beverage colorant. Because of the product's high antioxidant properties, demand for beta carotene in cosmetics and pharmaceutical, and dietary segments is also predicted to rise rapidly in the forthcoming years.
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Manufacturers are adopting various marketing strategies such as new product launches, geographical expansion, mergers and acquisitions, partnerships, and collaboration to identify the interest of potential buyers and create a larger customer base.
Some of the leading include
These key beta carotene providers are adopting various strategies such as new product launches and approvals, partnerships, collaborations, acquisitions, mergers, etc. to increase their sales and gain a competitive edge in the global beta carotene market. For instance,
Recent Developments
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 5.9% from 2023 to 2033 |
| Market Value in 2023 | USD 427.4 million |
| Market Value in 2033 | USD 761.1 million |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Source Type, End Use, Region |
| Regions Covered |
North America; Latin America; Europe; East Asia; South Asia; Oceania; Middle East and Africa |
| Key Countries Profiled |
United States of America, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, Russia, China, Japan, South Korea, India, Singapore, Indonesia, Thailand, Australia, New Zealand, GCC Countries, South Africa |
| Key Companies Profiled |
BASF SE; Kemin Industries Inc.; Algatechnologies Ltd.; Chr. Hansen A/S; Phytone Limited; Cyanotech Corporation; Royal DSM N.V.; LycoRed Ltd.; Overseal Natural Ingredients Ltd.; Pharmline Inc.; Sensient Technologies Corporation; Mera Pharmaceuticals Inc.; Valensa International LLC |
The market is estimated to secure a valuation of US$ 427.4 million in 2023.
Europe is expected to be a lucrative growth region through 2033.
The market is estimated to secure a valuation of US$ 761.1 million in 2033.
Overseal Natural Ingredients Ltd., Pharmline Inc., and Sensient Technologies Corporation are key players in the market.
China may witness significant growth in the Beta Carotene Market.
North America held a share of 33.3% in the global market in 2022.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Source 5.1. Natural 5.2. Synthetic 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-Use 6.1. Food and Beverages 6.2. Cosmetic Industry 6.3. Animal Feed 6.4. Pharmaceutical and Dietary 6.5. Supplements 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. BASF SE 17.2. Kemin Industries Inc. 17.3. Algatechnologies Ltd. 17.4. Chr. Hansen A/S 17.5. Phytone Limited 17.6. Cyanotech Corporation 17.7. Royal DSM N.V. 17.8. LycoRed Ltd. 17.9. Overseal Natural Ingredients Ltd. 17.10. Pharmline Inc. 17.11. Sensient Technologies Corporation 17.12. Mera Pharmaceuticals Inc. 17.13. Valensa International LLC 18. Assumptions & Acronyms Used 19. Research Methodology
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Beta Carotene Market
