The beta carotene market size is projected to grow from US$ 360 million in 2022 to US$ 550 million by 2030; the market is expected to record a CAGR of 5.3% from 2022 to 2030.
Market Insights and Analyst View:
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.
Growth Drivers and Challenges:
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. Further, studies also suggest potential benefits for heart health and anti-inflammatory effects. According to the studies conducted by the researcher, shows that antioxidants through diet help promote people's immune system, protect against free radicals, and lower the risk of developing heart diseases and cancer. In addition, the report published by the BMJ also showed that high blood beta-carotene levels compensate for some of the lung damage caused by oxygen-free radicals. However, obtaining beta carotene through a balanced diet rather than an excessive supplementation is crucial, as high dosages may have adverse effects. Consulting with a professional is advisable for personalized guidance on its consumption.
Further, 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. Thus, key manufacturers are engaged in adopting strategic initiatives such as collaborations, mergers and acquisitions, and partnerships to develop and distribute natural beta carotene to various industries.
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Beta Carotene Market: Strategic Insights
Market Size Value in US$ 360 million in 2022 Market Size Value by US$ 550 million by 2030 Growth rate CAGR of 5.3% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Beta Carotene Market: Strategic Insights
| Market Size Value in | US$ 360 million in 2022 |
| Market Size Value by | US$ 550 million by 2030 |
| Growth rate | CAGR of 5.3% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Report Segmentation and Scope:
The global beta carotene market is segmented based on nature, end-use, and geography. Based on nature, the beta carotene market is segmented into natural and synthetic. Based on the end use, the market is segmented into food and beverages, pharmaceuticals and nutraceuticals, personal care, and others. Geographically, the market is segmented into North America (the US, Canada, and Mexico), Europe (Germany, France, Italy, the UK, Russia, and the Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Segmental Analysis:
Based on nature, the beta carotene market is segmented into natural and synthetic. The synthetic segment holds a significant market share, and the natural segment is expected to grow the fastest during the forecast period. Synthetic beta carotene holds a significant share owing to the easy availability and less complexity in the production of synthetic beta carotene. However, the demand for natural beta carotene has been attributed to a surging demand for natural and clean-label products from various end-use industries such as food and beverages, pharmaceuticals and nutraceuticals, personal care, and others.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Regional Analysis:
The beta carotene market is segmented into five key regions—North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa. The global beta carotene market was dominated by North America. Europe is the second major contributor to the market, and Asia Pacific is expected to grow substantially during the forecast period. 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.
Industry Developments and Future Opportunities:
Various initiatives taken by key players operating in the beta carotene market are listed below:
- In December 2022, 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.
COVID-19 Pandemic Impact:
The COVID-19 pandemic affected industries in various countries, influencing their economic conditions. Lockdowns, business shutdowns, and travel bans in leading countries in North America, Europe, Asia Pacific (APAC), South & Central America (SAM), and the Middle East & Africa (MEA) negatively affected the growth of various industries, including the food & beverages, and pharmaceutical & nutraceutical industries. The shutdown of manufacturing units disturbed global manufacturing activities, supply chains, delivery schedules, and sales of various essential and non-essential products. In 2020, various companies announced possible delays in deliveries and a slump in future sales of their products. In addition, the bans on international travel imposed by various governments in Europe, Asia, and North America forced the companies to put their collaboration and partnership plans on a temporary hold. Additionally, lockdowns and disruption in the supply chain initially caused sourcing ingredients and packaging challenges. All these factors hampered the food & beverages and pharmaceuticals & nutraceuticals industry in 2020 and early 2021, thereby hindering the growth of various markets related to this industry, including the global beta carotene market.
Various industries, including food and beverages, pharmaceuticals and nutraceuticals, personal care, and others, faced challenges due to the COVID-19 outbreak in 2020. The food & beverage and pharmaceuticals & nutraceuticals industry declined due to the shutdown of its units and supply chain disruption. The pandemic disturbed the manufacturing processes with restrictions imposed by government authorities in various countries. During the initial phase of the pandemic, almost all countries proposed lockdowns in their respective economies, where people were restricted from going outside their houses. However, the demand for dietary supplements and immunity-boosting supplements owing to increasing awareness regarding their health benefits has surged the demand for beta carotene. In addition, the surging demand for natural color from the food and beverages industry further propelled the demand for natural beta carotene. Manufacturers' initiatives to increase production by implementing safety measures for workers propelled the growth of the beta-carotene market during the forecast period. Additionally, surging health-conscious consumers sought out healthier options, leading to the development of functional products with healthier ingredients.
Competitive Landscape and Key Companies:
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. These market players are adopting strategic development initiatives to expand, further driving the market growth.
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.
The List of Companies
1. BASF SE
2. DSM NV
3. FoodChem International Corporation
4. Flavorchem Corporation
5. Lycored
6. BioExtract
7. DD Williamson and Co. Inc.
8. Nutralliance
9. Parry Nutraceuticals
10. Zhejiang Medical Co. Ltd.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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