New York, June 20, 2023 (GLOBE NEWSWIRE) -- According to projections by Persistence Market Research, In 2023, the market for synthetic beta-carotene is anticipated to be worth US$228.5 million. By the end of 2033, the Global Synthetic Beta-Carotene Market is anticipated to have generated US$395.3 million in sales, growing at a 5.6% CAGR. Global consumption of synthetic beta-carotene is expected to be 2,455 tons in 2023 and is predicted to reach 4,081 tons by the end of 2033, increasing at a CAGR of 5.2%.
Beta-carotene is a member of the carotenoid family, which is a pigment naturally present in many fruits, grains, oils, and vegetables. Beta-carotene can be obtained naturally from fruits, algae vegetables, as well as through chemical processes.
The global beta-carotene market is dominated by chemically synthesized beta-carotene, primarily due to its versatile industrial applications and attractive profit margins resulting from low production costs and ease of preparation. The increasing utilization of beta-carotene in the treatment of various diseases, such as eye disorders, diabetes, cancer, and aging, has significantly augmented its market value on a global scale.
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Increasing prevalence of Vitamin A deficiency in regions such as Africa and South East Asia, particularly among young children and pregnant women in low-income countries, is adversely impacting their health. Beta-carotene, also known as Provitamin A, serves as an ideal ingredient for enhancing the body's Vitamin A content and addressing this nutritional deficiency.
International studies have shown that diets rich in beta-carotene help slow macular degeneration and lower the risk of developing heart diseases. Therefore, manufacturers are leveraging the potential benefits of synthetic beta-carotene by supplying and distributing it to end-use industries such as pharmaceuticals, animal feed, supplements, and the food industry.
Key Takeaways from Market Study
- The global synthetic beta-carotene market stands at a value of US$ 228.5 million in 2023.
- Demand for synthetic beta-carotene in North America is predicted to rise at a CAGR of 5% from 2023 to 2033.
- Germany, France, and the United Kingdom currently account for 20.3%, 12%, & 19.4% share of the European market, respectively.
- Utilization of synthetic beta-carotene in the food and beverage industry is valued at US$ 114.7 million in 2023 and is projected to reach US$ 188 million by the end of 2033, advancing at 5.1% CAGR.
- In South Asia & Pacific, India is a lucrative market for synthetic beta-carotene manufacturers. Demand for beta-carotene in the country is set to rise at a noteworthy CAGR of 8%.
- Global consumption of liquid synthetic beta-carotene is pegged at 849 tons for 2023 and is predicted to reach 1,449 tons by the end of 2033.
“Widespread utility, potential health benefits, and cost-effectiveness of synthetic beta-carotene are key factors that are expected to drive market growth over the coming years. However, the global market may face challenges due to strong consumer preference for naturally sourced products over chemically synthesized ones,” says a Persistence Market Research analyst.
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Competitive Landscape
Key Players: Allied biotech corporation, ARSHINE NATURAL & NUTRITION, Archer Daniels Midland Company, BASF SE, Divis Laboratories Ltd., Dohler GmbH, Kingherbs Limited, Koninklijke DSM NV, Lycored Corp, Oterra A/S, Sensient Technologies Corp. and more
Manufacturers are committed to investing in research and development (R&D) to create new products and applications. The company aims to develop new ingredients, flavors, fragrances, and colors that meet the evolving needs of customers. Companies collaborate with their customers to develop customized solutions that meet their specific needs.
Manufacturers are leveraging advanced machinery and state-of-the-art manufacturing methods to provide customized solutions to consumers. Major players in the industry are anticipated to enhance and expand their production capacities by adopting the latest technologies, enabling them to meet the growing demand and stay competitive in the market.
- DSM focuses on high-growth markets and on investing in innovation and expanding its product portfolio. The company is committed to producing quality synthetic beta-carotene by following international norms and regulations.
- Divis Laboratories aims to achieve operational excellence through continuous improvement in its manufacturing processes, quality control systems, and supply chain management. The company also focuses on optimizing its production capacity to meet the growing demand for its products.
Explore More Valuable Insights
Persistence Market Research, in its new report, offers an impartial analysis of the global synthetic beta-carotene market, presenting historical data for 2018 to 2022 and estimation statistics for 2023 to 2033.
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The study offers compelling insights based on form (powder, liquid) and end use (food & beverages, dietary supplements, animal feed, cosmetics & personal care), across six major regions of the world.
For additional insights on how the growth of the synthetic beta-carotene market will shape up over the decade, write to media@persistencemarketresearch.com
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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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