NEWARK, Del:, Aug. 29, 2022 (GLOBE NEWSWIRE) -- The global beta carotene market is projected to reach a valuation of US$ 644 Mn in 2032, with sales growing at a positive CAGR of 6.7% over the forecast period of 2022 to 2032. Scaling up from an estimated value of US$ 337.3 Mn in 2022, the beta carotene market is propelled by rising demand for essential vitamins. The escalating demand for beta carotene from various sectors like food and beverages, pharmaceuticals, cosmetics and others is likely to further push the beta carotene market over the projected period.
Beta carotene is an organic pigment found largely in plants, fungi, and fruits. Fruits and vegetable gain their red or yellow coloring from this pigment. It is rich in vitamin A that helps the immune and reproductive system, and rectifies eye defects like night blindness.
Beta carotene further acts as an antioxidant and can help in preventing chemical oxidation that leads to cancer. All these beneficial properties of beta carotene increase the demand for the product in the market thereby abetting market expansion.
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The growing geriatric population along with the increasing cases of chronic diseases contribute to the surging demand for beta carotene. Heightened demand for dietary and health supplements stimulates market opportunities for beta carotene. In addition to this, beta carotene related benefits like skin protection drives its demand in the cosmetic and personal care sector. Thus, the overall nutritional and health benefits associated with beta carotene drives its demand across multiple sectors and aids in the market expansion of the product during the period of observation.
“Health advantages of naturally sourced beta carotene are pushing its application across major industries. This is expected to foster market growth of beta carotene over the forecast period,” says an FMI analyst.
Key Takeaways:
- Demand for health and dietary supplements to boost market possibilities.
- Side effects like joint pain and other health complications to hinder market growth.
- The Asia Pacific beta carotene market to undergo the fastest growth over the assessment period.
- Beta carotene market in North America to exceed US$ 251 Mn by 2032.
- Europe’s beta carotene market is expected to account for 40.4% of the global market share.
- Synthetic beta carotene segment is predicted to dominated the market over the assessment period.
- Food and beverages segment will presumably account for the highest beta carotene application.
Competitive Landscape
BASF SE, Kemin Industries Inc., Algatechnologies Ltd., Chr. Hansen A/S, Phytone Limited, Cyanotech Corporation, Royal DSM N.V., LycoRed Ltd., Overseal Natural Ingredients Ltd., Pharmline Inc., Sensient Technologies Corporation, Mera Pharmaceuticals Inc., Valensa International LLC, and others are some of the major players in the beta carotene market that are profiled in the full version of the report.
Major market players are concentrating on new product development and releases. These organizations are also employing tactics like strategic partnerships, collaborations, acquisitions, and mergers to increase their sales and remain ahead in the competitive market.
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More Insights into the Beta Carotene Market Report
In its latest report, FMI offers an unbiased analysis of the global beta carotene market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented based on source type (natural, synthetic), end use (food and beverages, cosmetic industry, animal feed, pharmaceutical and dietary, supplements), and region.
According to the latest FMI reports, based on region, the beta carotene market in Europe will experience considerable growth accounting for 40.4% of the global market share over the forecast period. Heightened demand for naturally sourced carotene products will presumably drive the regional market to grow. Increasing incidences of chronic illnesses and rising geriatric population also contribute to the demand for beta carotene.
In North America, the beta carotene market is expected to prosper due to deep product penetration, growing inclination of the consumers to spend more on health and dietary supplements, and the advancing geriatric population. The beta carotene market in North America is expected to acquire 33.3% of the global market share over the forecast period.
Based on segmentation, by product type, synthetic beta carotene segment is likely to dominate the market due to easy availability and less complexity associated with the product. In terms of end use, the food and beverage industry will lead this segment during the assessment period.
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Key Segments of Beta Carotene Industry Survey
By Source:
- Natural
- Synthetic
By End-Use:
- Food and Beverages
- Cosmetic Industry
- Animal Feed
- Pharmaceutical and Dietary
- Supplements
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
2.3. Inclusions/Exclusions
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Source Type modifications /Innovation
4. Key Success Factors
4.1. Strategic Developments
4.2. Key regulations
4.3. Source Type USPs /Technology
4.4. List of Manufacturers and Providers
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