Beta Carotene Market Size Analysis and Regional Analysis Forecast to 2024-2032

Beta Carotene Market Valuation – 2024-2031

The consumer desire for natural hues in food, cosmetics, and dietary supplements and growing health consciousness about synthetic additives are driving the beta-carotene market. According to the analyst from Market Research, the beta carotene market is estimated to reach a valuation of USD 471.55 Billion over the forecast subjugating around USD 352.16 Billion valued in 2024.

The expanding popularity of natural and organic products, the rising demand for functional foods, and the growing knowledge of antioxidants’ health advantages are all driving the global beta-carotene market forward. It enables the market to grow at a CAGR of 4.1% from 2024 to 2031.

Beta Carotene Market: Definition/Overview

Beta-carotene is a pigment and carotenoid present in many fruits and vegetables, especially yellow, orange, or dark green, such as carrots, sweet potatoes, and spinach. It acts as a precursor of vitamin A in the body, necessary for clear vision, a strong immune system, and healthy skin. Aside from its nutritional value, beta-carotene is commonly used in the food business as a natural colorant, improving the visual attractiveness of items such as margarine and beverages. It is also known for its antioxidant capabilities, which assist in protecting cells from oxidative damage and is commonly used in dietary supplements aimed at supporting overall health and wellness.

What are the Aspects Influencing the Growth of the Beta Carotene Market?

The increase in understanding of beta carotene’s importance in eye health and immunity is propelling market expansion. According to the National Health and Nutrition Examination Survey (NHANES), the usage of beta carotene supplements by adults in the United States grew from 4.3% in 2007-2008 to 5.9% in 2017-2018.

Beta carotene is commonly utilized as a natural food coloring and nutritional supplement. According to the Food and Agriculture Organization (FAO), the global market for natural food colors, including beta carotene, was worth USD 1.3 Billion in 2015 and is expected to rise to USD 1.7 Billion by 2020, with a compound annual growth rate (CAGR) of 5.4%.

Furthermore, beta-carotene is a common ingredient in skincare products due to its antioxidant effects. The Cosmetic Ingredient Database (CosIng) of the European Commission recognizes beta carotene as an authorized colorant and antioxidant for cosmetics. According to Market Research, the functional cosmetics market, which includes beta-carotene-containing products, was worth USD 3.09 Billion in 2023 and is predicted to rise at a CAGR of 4.3% between 2019 and 2025.

What are the Primary Hurdles Faced by the Beta Carotene Market?

The potential health hazards linked to high beta-carotene consumption serve as obstacles for the market. High doses cause skin pigmentation, joint discomfort, and gastrointestinal difficulties. These potential health risks discourage consumers from taking beta-carotene supplements or goods, impeding market growth. Also, unfavorable publicity about health hazards influences customer perceptions, reducing market demand.

Furthermore, the beta-carotene market faces competition from other natural colorants and supplements. As customers seek more diversified natural ingredient options, other carotenoids and plant-based colorants become popular, providing similar health advantages without the hazards associated with beta-carotene. This growing preference for alternatives reduces beta-carotene’s market share and limits its growth potential in a variety of applications.

Category-wise Acumens

What Dynamics Contribute to the Dominance of Natural Beta Carotene?

According to analyst, the natural beta carotene segment is estimated to dominate the beta carotene market during the forecast period. The increased customer preference for natural ingredients is an important factor. As customers become more health-conscious, they prefer natural items over synthetic ones. This trend is especially visible in the food and beverage, cosmetics, and dietary supplement industries, where natural beta-carotene is preferred due to its perceived safety and health benefits, resulting in increased demand and market share.

The growing regulatory backing for natural products is another driver. Concerns about the potential health risks linked with synthetic additives have led governments and health groups to promote the use of natural components. This regulatory environment pushes manufacturers to use natural beta-carotene in their formulations, reinforcing the company’s market dominance as companies align with consumer preferences and regulatory norms.

Furthermore, natural beta-carotene’s health benefits help it maintain market leadership. Natural beta-carotene is known for its antioxidant effects and as a precursor to vitamin A, which is required for vision, immunological function, and skin health. As consumers become more aware of these benefits, demand for natural beta-carotene rises, strengthening its market position in comparison to synthetic alternatives.

How Does the Food & Beverages Industry Influence the Growth Trajectory of the Market?

The food & beverage segment is estimated to hold the largest share of the beta carotene market during the forecast period owing to rising demand for natural colorants. As consumers become more health-conscious, food manufacturers are moving away from synthetic additives and toward natural alternatives such as beta-carotene, which not only improves the visual appeal of products but also provides nutritional benefits, increasing its use in a variety of food items.

The increasing popularity of functional foods is another factor contributing to the food & beverage segment’s dominance. Beta-carotene is known for its antioxidant characteristics and health advantages, which include immunological support and better vision. This has resulted in its inclusion in a wide range of products, including dairy, baked goods, and beverages, as manufacturers seek to meet consumer demand for healthier and beneficial food options.

Furthermore, the growing popularity of plant-based diets helps to drive the expansion of the food & beverage segment. As more people adopt vegetarian and vegan lifestyles, the demand for natural sources of nutrients, such as beta-carotene, grows. This tendency pushes food companies to supplement their offerings with beta-carotene-rich substances, cementing its place as an important component in the food and beverage industry.

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Country/Region-wise Acumens

What are the Key Drivers Influencing the European Beta Carotene Market?

Europe region is estimated to dominate the beta carotene market during the forecast period. Europe’s strict food additive rules have spurred demand for natural alternatives such as beta-carotene. The European Food Safety Authority (EFSA) has approved beta carotene (E 160a) as a food additive in the EU. According to a European Commission report, the market for natural food colors in Europe was valued at €400 million in 2015 and is expected to increase at a 6.5% CAGR through 2025, driven by consumer demand for clean-label products.

Europe has a thriving nutraceutical market, with beta carotene being a prominent element. According to a report by the European Federation of Associations of Health Product Manufacturers (EHPM), the European food supplement market was worth €12.6 billion in 2018, containing vitamins and minerals (including beta carotene) accounting for 50% of the market share. The report also projected a growth rate of 5% annually for the market.

Furthermore, the European cosmetics industry makes extensive use of beta carotene in a variety of skincare and anti-aging products. Cosmetics Europe, the European trade group for the cosmetics and personal care market, reported that the European cosmetics and personal care market was worth €79.8 billion in 2019, making it the world’s largest market. The natural and organic cosmetics segment, which includes beta carotene-based products, increased by 7% in 2019, exceeding total market growth.

What Factors Contribute to Surging Demand for Beta Carotene in the Asia Pacific?

The Asia Pacific region is estimated to exhibit the highest growth within the market during the forecast period. The Asia-Pacific region is experiencing an increase in demand for functional foods and beverages, with many including beta carotene for its health advantages and natural coloring qualities. According to an Asia Pacific Food Industry report, the region’s functional food and beverage industry was valued at $71.6 billion in 2020 and is expected to reach $107.9 billion by 2025, rising at an 8.5% CAGR. This expansion is driving up demand for beta carotene, a critical component.

Furthermore, beta carotene, a precursor to vitamin A, is becoming increasingly important in combating vitamin A insufficiency in the region. According to the World Health Organization (WHO), approximately 33% of preschool-aged children in Southeast Asia suffer from vitamin A insufficiency. This health concern has prompted governments and food manufacturers to fortify their goods with beta carotene. For example, the Food Safety and Standards Authority of India (FSSAI) has ordered that edible oil be fortified with vitamin A, indirectly boosting the beta carotene market.

Competitive Landscape

The beta-carotene market is competitive, with a wide range of companies concentrating on innovation, product differentiation, and strategic collaborations to gain market share. Companies are investing in R&D to improve product quality and meet changing consumer needs, while also addressing regulatory issues and sustainability concerns.

Some of the prominent players operating in the beta carotene market include:

• BASF SE
• Koninklijke DSM N.V.
• Chr Hansen A/S
• Sensient Technologies Corporation
• LycoRed Ltd.
• FMC Corporation
• Foodchem International Corporation
• DD Williamson & Co. Inc.
• Zhejiang Medicine Co. Ltd.
• Allied Biotech Corporation
• Naturex SA
• Avanchem
• Divi’s Nutraceuticals
• Nutralliance

Latest Developments:

• In April 2023, Givaudan announced acquiring Amyris Inc.’s cosmetic ingredient portfolio. Givaudan’s acquisition will boost its position in the cosmetic and personal care category by offering natural, chemical-free products infused with beta-carotene.

Report Scope

Beta Carotene Market, by Category

Product:

• Synthetic Beta Carotene
• Natural Beta Carotene

Source:

• Fruits & Vegetables
• Algae
• Synthetic
• Yeast
• Fungi
• Bacteria

Application:

• Food & Beverages
• Pharmaceuticals
• Cosmetics
• Animal Feed
• Dietary Supplements

Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Analyst’s Take

The Beta-Carotene Market is poised for substantial growth over the forecast period, driven by factors such as the expanding health and wellness industry, the rising demand for natural ingredients in food and cosmetics, and the growing awareness regarding the benefits of antioxidants. Additionally, advancements in extraction technologies and sustainable sourcing practices are expected to further propel market expansion. However, challenges such as regulatory constraints and fluctuations in raw material prices may impede market growth to some extent. Overall, strategic collaborations, product innovation, and geographical expansion present lucrative opportunities for stakeholders aiming to capitalize on the evolving landscape of the Beta-Carotene Market.

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Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factorsProvision of market value (USD Billion) data for each segment and sub-segmentIndicates the region and segment that is expected to witness the fastest growth as well as to dominate the marketAnalysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each regionCompetitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiledExtensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market playersThe current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regionsIncludes an in-depth analysis of the market of various perspectives through Porter’s five forces analysisProvides insight into the market through Value ChainMarket dynamics scenario, along with growth opportunities of the market in the years to come6-month post-sales analyst support

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