Beta-Carotene Market is Expected to Reach USD 632.0 Mn by 2026 According to Latest Research Report
The global beta-carotene market was valued at USD 518.0 million in 2018 and is expected to reach USD 632.0 million in 2026, growing at a CAGR of 4.1% during the forecast period.
Over the previous few years, rising worries of individuals about their appearance and looks along with high expenditure power have led in the elevated development of the worldwide beta-carotenes industry. Moreover, the popularity of female and male beta-carotenes has also positively affected the worldwide beta-carotenes industry. People are also likely to impel demand for beta-carotenes around the globe to be aware of their appearances.
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The global market for beta-carotenes is segmented based on source and application. Changing lifestyle, rising consumer income leading to increased beta-carotene consumption in food processing applications are boosting supplement sales globally. Beta-carotene, as an organic compound, is more widely used in drug development and carrier medicine processing. Furthermore, beta-carotenes are rich in antioxidant nutrients that treat oxidative stress and improve cognitive functions, resulting in enormous demand for beta-carotenes among drug developers and pharmaceutical manufacturers.
Increased raw material and distribution costs have seen an upward trend in beta-carotene market prices over the last five years. Carotenoids are becoming popular due to their health benefits and easy availability, with Lycopene, Zeaxanthin, Beta-carotene Astaxanthin, and Canthaxanthin being key variants. Beverage industry manufacturers have also launched various beta-carotene-based RTDs, the most predominant form being nature-identical which drives the global beta-carotene market. Globally, North America dominates the market in terms of income followed during the forecast period by Europe and the Asia Pacific. However, the stringent regulatory and approval norms, as well as lack of RandD in African and Middle-East countries, are expected to hamper the market growth in the future.
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- Based on the source, the algae segment accounted for more than 35% of the worldwide beta-carotenes market’s biggest market share.
- Based on the application, the food and beverages segment is expected to grow at a CAGR of around 8.1% throughout the forecast period.
- North America expected to be the most prominent income contributor followed by Europe and Asia pacific in 2018 and registers 33% market share in the market.
- In Jan 2017, companies such as BASF has launched Lucarotin 10 CWD (Cold Water Dispersible) / O (Orange) Plus, an orange colorant. The 10% beta-carotene powder is a color option “nature-identical” typically labeled as beta-carotene (color) in the U.S.
- In Sep 2018, DSM introduced OVN (Optimum Vitamin Nutrition) Auditing Service for Beta-carotene continues to be a valuable benchmarking tool to improve management decisions and profitability. Beta-carotene iCheck helps in identifying close-up cows (those between -20 and 0 days relative to calving) in low beta-carotene status on the farm.
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