New York, May 16, 2023 (GLOBE NEWSWIRE) -- The global beta-carotene market is forecasted to expand at a CAGR of 5.9% and increase from a value of US$ 372.3 million in 2023 to US$ 657.5 million by the end of 2033.
Worldwide consumption of beta-carotene is estimated at 3,045 tons in 2023. This is forecasted to rise at a CAGR of 5.2% to reach 5,060 tons by the end of 2033, as per the latest market report by Persistence Market Research.
An ever-growing food and beverage industry is one of the key factors driving the demand for beta-carotene. Beta-carotene is widely used as a natural colorant in the food and beverages industry, where it provides an attractive yellow-orange color to a variety of products, such as juices, soft drinks, dairy products, bakery and confectionery products, and savory snacks.
Driven by changing consumer preferences, urbanization, and increasing disposable income, the demand for beta-carotene is expected to rise. The trend towards natural and healthy products is also driving the growth of the beta-carotene market, as consumers are increasingly demanding natural colorants and ingredients that provide nutritional benefits.
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Beta-carotene is also used as a nutritional supplement in the food and beverages industry, providing an important source of vitamin A, which is essential for healthy vision, immune function, and skin health. As such, it is finding increasing use in functional foods and fortified products, which are becoming increasingly popular among health-conscious consumers.
Key Takeaways from Market Study
- The global beta-carotene market stands at a valuation of US$ 372.3 million in 2023.
- Demand for beta-carotene in Europe is expected to reach a volume of 1,405 tons by the end of 2033.
- North America and Europe account for a collective volume share of more than 50% of the global market.
- Consumption of beta-carotene in powder form stands at 1,991 tons in 2023, making it the most consumed form of beta-carotene.
- Based on end use, the food and beverage industry accounts for a volume share of 50.8% in 2023 and is expected to expand at a CAGR of 4.7% during the forecast period.
- Volume sales of beta-carotene are expected to increase at 6.1% CAGR in Brazil and 6.6% CAGR in Mexico.
“Demand for natural beta-carotene has increased due to consumers’ growing preference for clean-label and natural products. To meet this need, manufacturers are using biosynthesis techniques to produce beta-carotene in different grades according to industry requirements. This has led to an increase in sales of beta-carotene worldwide,” says a Persistence Market Research Analyst.
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Competitive Landscape
Manufacturers of beta-carotene are investing in research and development (R&D) and expanding their operations worldwide. They are also trying to broaden the product's use in a variety of industries, enhance its efficacy, and remain competitive.
- In 2022, Lycored established a processing facility in Branchburg for producing vitamins, minerals, amino acids, carotenoids, and food ingredients.
- In September 2021, Oterra acquired SECNA Natural Ingredients Group, a Spanish company that specializes in natural food colorings and ingredients.
- In 2021, Divis Laboratories Ltd. launched CaroNat, a naturally sourced food ingredient in dark yellow to orange coloration for various food and beverage products.
- Allied Biotech Corporation places a strong emphasis on research and development to stay ahead of market trends and develop new products that meet customers’ needs. By investing in R&D, the company aims to develop technologies and processes that can enhance its products and services and help it maintain a competitive edge in the market.
Explore More Valuable Insights
Persistence Market Research, in its new report, offers an impartial analysis of the global beta-carotene market, presenting historical data for 2018 to 2022 and estimation statistics for 2023 to 2033.
The study offers compelling insights based on source (synthetic, fruits & vegetables, algae & fungi), form (liquid, powder), and end use (food & beverages, dietary supplements, animal feed, cosmetics & personal care), across seven major regions of the world.
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For additional insights on how the growth of the beta-carotene market will shape up over the decade, write to media@persistencemarketresearch.com
About Food & Beverages Division at Persistence Market Research
The Food & Beverages team at Persistence Market Research provides all the necessary insights and consulting analysis to fulfill the unique business intelligence needs of clients worldwide. With a catalog of more than 500 reports about the latest statistics and analyses from the food & beverages industry, the team is happy to help with every business intelligence research and consulting requirement.
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