Global Beta Carotene Market - 2023-2030
The Global Beta Carotene Market reached US$ 452.4 million in 2022 and is projected to witness lucrative growth by reaching up to US$ 633.5 million by 2030. The market is expected to exhibit a CAGR of 4.3% during the forecast period 2023-2030.
Beta carotene is a naturally occurring pigment found in various fruits and vegetables, giving them their characteristic orange or red color. It is a provitamin A compound, meaning it can be converted by the body into vitamin A when needed. Beta carotene is widely recognized for its antioxidant properties and potential health benefits. It is commonly used as a food colorant, dietary supplement, and nutraceutical ingredient.
Beta carotene market demonstrates steady growth driven by increasing consumer awareness of its health benefits and versatile applications. Rising demand for natural food colorants, growth in the nutraceutical industry, and expanding use in cosmetics contribute to market growth. Asia Pacific region presents significant opportunities due to population growth, rising incomes, and health consciousness. Lucrative market with potential benefits for industry players.
Market Dynamics
Rising Demand for Carotenoids and Natural Pigments Drives the Beta Carotene Market Trend
The beta carotene market trend is driven by the increasing demand for carotenoids and natural pigments. Beta carotene, as a prominent Carotenoid, plays a vital role in driving market growth. Carotenoids are known for their vibrant colors and antioxidant properties, making them highly sought-after natural pigments in various industries. The growing consumer preference for clean-label and natural ingredients has further boosted the demand for beta carotene as a natural food colorant.
Moreover, the recognition of the health benefits associated with carotenoids, including their potential role in promoting eye health and supporting immune function, has fueled the market's expansion. As a result, the beta carotene market experiences upward growth due to the increasing demand for carotenoids and their applications as natural pigments.
Stringent Regulations Impede Beta Carotene Market Growth, Limiting Usage and Impacting Market Share
One of the restraints affecting the beta carotene market is the stringent regulations and restrictions imposed by regulatory bodies on its usage. These regulations often vary across different countries and regions, leading to complexities in compliance and hindering market growth. The beta carotene market share is affected by these regulations as they can limit the usage levels and applications of beta carotene in various industries.
Additionally, the strict regulatory framework increases the cost and time required for obtaining approvals, which may deter manufacturers from incorporating beta carotene in their products. These constraints can impede the expansion of the market and pose challenges for industry players seeking to leverage the potential benefits of beta carotene in different sectors.
COVID-19 Impact Analysis
The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).
Segment Analysis
The global beta carotene market is segmented based on source, application, form, and region.
Food and Beverages Segment Dominates Beta Carotene Market with High Market Share
According to the beta carotene market analysis, the food and beverages segment holds a significant market share in the beta carotene market, accounting for approximately 40-45% of the total market. Beta Carotene is extensively used as a food colorant in this sub-segment, with around 60-70% of food products incorporating beta carotene for its vibrant orange hue. In the beverage industry, beta carotene is utilized in approximately 50-55% of products to enhance their visual appeal.
The bakery and confectionery sectors utilize beta carotene in around 30-35% of their products to add color and appeal to various treats. These approximate statistical values highlight the substantial presence and widespread application of beta carotene as a food colorant in the food and beverages sub-segment of the market.
Geographical Analysis
Asia Pacific Beta Carotene Market Surges Driven by Health Benefits and Carrot-Derived Sources
By region, the global beta carotene market is segmented into North America, South America, Europe, Asia-Pacific, and Middle-east & Africa.
The Asia Pacific beta carotene market is witnessing significant growth, driven by the increasing awareness of the health benefits of beta carotene. Carrot-derived beta carotene holds a prominent share of the market, serving as a key source for beta carotene extraction. The region also shows a strong demand for beta carotene as a dietary supplement and nutraceutical ingredient, with an approximate market share of around 35-40%.
The rising focus on preventive healthcare and the growing consumer preference for natural and functional ingredients contribute to the growth of the beta carotene market share in Asia Pacific. This region presents a promising landscape for the expansion and utilization of beta carotene in various industries.
Competitive Landscape
The major global players include DSM N.V., BASF SE, Chr. Hansen Holding A/S, Kemin Industries, Inc., Cyanotech Corporation, Allied Biotech Corporation, Dohler Group, Zhejiang NHU Co., Ltd., Lycored Corp., and Nutralliance.
Why Purchase the Report?
• To visualize the global beta carotene market segmentation based on product, source, application, form, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of beta carotene market-level with all segments.
• The PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.
The global beta carotene market report would provide approximately 61 tables, 58 figures, and 195 Pages.
Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies
- 1. Methodology and Scope
- 1.1. Research Methodology
- 1.2. Research Objective and Scope of the Report
- 2. Definition and Overview
- 3. Executive Summary
- 3.1. Snippet by Source
- 3.2. Snippet by Product
- 3.3. Snippet by Application
- 3.4. Snippet by Form
- 3.5. Snippet by Region
- 4. Dynamics
- 4.1. Impacting Factors
- 4.1.1. Drivers
- 4.1.2. Restraints
- 4.1.3. Opportunity
- 4.1.4. Impact Analysis
- 5. Industry Analysis
- 5.1. Porter's Five Force Analysis
- 5.2. Supply Chain Analysis
- 5.3. Pricing Analysis
- 5.4. Regulatory Analysis
- 6. COVID-19 Analysis
- 6.1. Analysis of COVID-19
- 6.1.1. Scenario Before COVID-19
- 6.1.2. Scenario During COVID-19
- 6.1.3. Scenario Post COVID-19
- 6.2. Pricing Dynamics Amid COVID-19
- 6.3. Demand-Supply Spectrum
- 6.4. Government Initiatives Related to the Market During the Pandemic
- 6.5. Manufacturers’ Strategic Initiatives
- 6.6. Conclusion
- 7. By Source
- 7.1. Introduction
- 7.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Source
- 7.1.2. Market Attractiveness Index, By Source
- 7.2. Fruits & Vegetables
- 7.2.1. Introduction
- 7.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 7.3. Algae
- 7.4. Synthetics
- 7.5. Yeast
- 7.6. Fungi
- 7.7. Bacteria
- 8. By Product
- 8.1. Introduction
- 8.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product
- 8.1.2. Market Attractiveness Index, By Product
- 8.2. Synthetic Beta Carotene
- 8.2.1. Introduction
- 8.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 8.3. Natural Beta Carotene
- 9. By Application
- 9.1. Introduction
- 9.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 9.1.2. Market Attractiveness Index, By Application
- 9.2. Cosmetics
- 9.2.1. Introduction
- 9.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 9.3. Food and Beverages
- 9.4. Pharmaceuticals
- 9.5. Animal Feed
- 9.6. Dietary Supplements
- 9.7. Others
- 10. By Form
- 10.1. Introduction
- 10.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Form
- 10.1.2. Market Attractiveness Index, By Form
- 10.2. Powder
- 10.2.1. Introduction
- 10.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 10.3. Liquid
- 11. By Region
- 11.1. Introduction
- 11.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Region
- 11.1.2. Market Attractiveness Index, By Region
- 11.2. North America
- 11.2.1. Introduction
- 11.2.2. Key Region-Specific Dynamics
- 11.2.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Source
- 11.2.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 11.2.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product
- 11.2.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Form
- 11.2.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 11.2.7.1. The U.S.
- 11.2.7.2. Canada
- 11.2.7.3. Mexico
- 11.3. Europe
- 11.3.1. Introduction
- 11.3.2. Key Region-Specific Dynamics
- 11.3.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Source
- 11.3.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 11.3.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Form
- 11.3.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 11.3.6.1. Germany
- 11.3.6.2. The U.K
- 11.3.6.3. France
- 11.3.6.4. Italy
- 11.3.6.5. Spain
- 11.3.6.6. Rest of Europe
- 11.4. South America
- 11.4.1. Introduction
- 11.4.2. Key Region-Specific Dynamics
- 11.4.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Source
- 11.4.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 11.4.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Form
- 11.4.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 11.4.6.1. Brazil
- 11.4.6.2. Argentina
- 11.4.6.3. Rest of South America
- 11.5. Asia-Pacific
- 11.5.1. Introduction
- 11.5.2. Key Region-Specific Dynamics
- 11.5.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Source
- 11.5.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 11.5.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Form
- 11.5.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 11.5.6.1. China
- 11.5.6.2. India
- 11.5.6.3. Japan
- 11.5.6.4. Australia
- 11.5.6.5. Rest of Asia-Pacific
- 11.6. Middle East and Africa
- 11.6.1. Introduction
- 11.6.2. Key Region-Specific Dynamics
- 11.6.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Source
- 11.6.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 11.6.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Form
- 12. Competitive Landscape
- 12.1. Competitive Scenario
- 12.2. Market Positioning/Share Analysis
- 12.3. Mergers and Acquisitions Analysis
- 13. Company Profiles
- 13.1. DSM N.V.
- 13.1.1. Company Overview
- 13.1.2. Grade Portfolio and Description
- 13.1.3. Financial Overview
- 13.1.4. Key Developments
- 13.2. BASF SE
- 13.3. Chr. Hansen Holding A/S
- 13.4. Kemin Industries, Inc.
- 13.5. Cyanotech Corporation
- 13.6. Allied Biotech Corporation
- 13.7. Dohler Group
- 13.8. Zhejiang NHU Co., Ltd.
- 13.9. Lycored Corp.
- 13.10. Nutralliance
- LIST NOT EXHAUSTIVE
- 14. Appendix
- 14.1. About Us and Services
- 14.2. Contact Us
Research Assistance
Download our eBook: How to Succeed Using Market Research
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook