Market Research Report
Beta-carotenes are naturally occurring substances that are accountable for the reddish-yellow colour in several plants. As a natural colour, beta-carotenes are approved as food colorants in various food processing businesses such as beverages, confectionaries, packed foods, and others. Beta-carotenes are obtained from plants, animals, and microbial sources in excessive quantities, in order to cater to the demand for colouring agents in various end-use industries. Beta-carotenes are rich in antioxidant nutrients, which has created a huge demand in pharmaceuticals and dietary supplements in recent years. Since beta-carotenes are a naturally occurring retinol, they are transformed into vitamin A during the digestion process. This further generates the mounting demand for beta-carotenes in functional foods and feed processing as a required ingredient. Due to the occurrence of high concentration of antioxidants and vitamin A, beta-carotenes likewise find application in natural and synthetic cosmetics. Due to supplementing applications and rising demand, the beta-carotene market is projected to proliferate in terms of value and volume during the forecast period.
The swelling use of beta-carotene in emerging natural colours for numerous food and beverages has accelerated its acceptance among consumers in recent years. Along with food and beverages, beta-carotenes are receiving huge grip in dietary supplements, as consumers are showing more interest to natural and supplements that are rich in vitamins and minerals. Owing to the mounting demand for organic and natural cosmetics among consumers, producers and product inventors started using beta-carotene as a key element in several cosmetics and personal care products. Nevertheless, natural beta-carotenes have freshly been presented in organic cosmetics. Owing to this, it is anticipated that, there will be introductions of new goods with natural ingredients, such as beta-carotene, which is predicted to drive the growth of the global beta-carotene market during the forecast period.
The global Beta-Carotene market is segmented based on source, application and region.
Beta-Carotene Market by Source
By source, the market is categorised into Algae, Fruits & Vegetables, Synthetic and others. Naturally, beta-carotene is obtained from algae (Dunaliella salina), fruits & vegetable (carrot, sweet potato, pumpkin and others), fungus, palm oil, and fermentation of microorganisms. The algae-based product is likely to spectate steady growth trend over the forecast period due to its various advantages over other sources. Synthetic sources hold for a very small share in the global industry. Synthetically it is derived from benzene extracted from acetylene gas. Mounting health concerns and various shortcomings about the usage of synthetic products is supposed to be the primary reasons for the weakening of synthetic based carotene share over the forecast period.
Beta-Carotene Market by Application
The market finds applications in Food & Beverages, Dietary supplements, Cosmetics and Animal feed. Food & beverages were the utmost leading application and held majority of the total worth in 2018. Beta-carotene is broadly used as a nutrition supplement & as a food colouring agent in food production and beverage industry. The overall food & beverages sector is predicted to show a notable growth globally over the next few years. This increase in food and beverages industry is likely to effect in the growth of the industry.
Personal care & cosmetics is also projected to observe noteworthy growth over the forecast period. In personal care industry, it is extensively used as an antioxidant. In cosmetics products, it is used in the preparation of bath products, aftershave lotions, makeup, cleansing products, shampoos, hair conditioners, suntan products, and skin care products. The cosmetics application sector is expected to be second largest industry until the end of 2025.
Beta-Carotene Market by Geography
Geographically, this market is segmented into North America, Europe, Asia-Pacific and Rest of the World. Europe developed as the leading customer and accounted for majority of the global demand in 2018. The region practices the occurrence of a large number of manufacturers and consumer of the product with the newest technology. Europe is projected to spectate the same growth trend in the coming years.
Asia Pacific region is predicted to witness fastest development over the forecast period. The growth might be a result of a notable rise in the food & beverages, cosmetics, and other end-user industry in the region. The occurrence of small-scale local companies and investment in the R&D activities for new product development are expected to have a positive impact on the industry growth.
The major players involved in this market are DSM N.V., BASF S.E., Chr Hansen Holding A/S, Foodchem International Corporation, Flavorchem Corporation, Lycored, DD Williamson & Co., Inc., BioExtract, Nutralliance, Zhejiang Medicine Co., Ltd.
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The global Beta-Carotene market is segmented by source, application and region. By source, the market is categorised into Algae, Fruits & Vegetables, Synthetic and others. Naturally, beta-carotene is obtained from algae, fruits & vegetable (carrot, sweet potato, pumpkin and others), fungus, palm oil, and fermentation of micro-organisms.
This market finds application in Food & Beverages, Dietary supplements, Cosmetics and Animal feed. Personal care & cosmetics is also projected to observe noteworthy growth over the forecast period.
Geographically, this market is segmented into North America, Europe, Asia-Pacific and Rest of the World. Asia Pacific region is predicted to witness fastest development over the forecast period. The growth might be a result of a notable rise in the food & beverages, cosmetics, and other end-user industry in the region.
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