Beta Carotene Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 623.25 Million |
| Market Size (2029) | USD 744.89 Million |
| CAGR (2024 - 2029) | 3.63 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Beta Carotene Market Analysis
The Beta Carotene Market size is estimated at USD 623.25 million in 2024, and is expected to reach USD 744.89 million by 2029, growing at a CAGR of 3.63% during the forecast period (2024-2029).
- Beta carotene is an organic, strongly colored red-orange pigment that is abundantly found in plants and fruits. Beta carotene has tremendous health benefits as a provitamin A and is also popular as a colorant for food and beverage applications. Beta carotene is a powerful antioxidant, it helps the body scavenge free radicals, thereby limiting the damage to cell membranes, DNA, and protein structures in the cell thus reducing the risk of cancer.
- Increasing preference towards naturally derived ingredients and cleaner label solutions has instigated the natural beta carotene segment's growth.
- The increased demand for immunity-boosting food products and dietary supplements among the consumers has been observed during the COVID-19 pandemic, which has encouraged the key players to innovate in the category. Further, various scientific studies have depicted that the regularly consumption of food products rich in Beta carotene, Ascorbic acid & other essential vitamins are good options to build resilience in the body against viruses such as COVID-19, hence creates a potential market growth for the category.
- Increasing demand for beta carotene in the food industry, coupled with its vivid application in other end-user industries, such as pharmaceuticals for coloring, pro-vitamin A source in dietary supplements, health ingredient in animal feed, antioxidant in cosmetic products, has been propelling the market growth, globally.
Beta Carotene Market Trends
This section covers the major market trends shaping the Beta Carotene Market according to our research experts:
Increasing Demand for Natural Colors in Food and Beverage Industry
Consumers demand clean labels on products to know what exactly they consume and at what levels. Their interest in identifying the ingredients present in products has triggered the clean label products market. Consumers, globally, are highly concerned about the long-term effects of synthetic colors on health, and so prefer natural colorants in their foods. Beta carotene is largely used as a colorant for beverage and food applications. In this regard, in 2017, BASF SE launched a 10% beta carotene powder, Lucarotin 10 CWD (Cold Water Dispersible) / O (Orange) Plus. In the United States, this product replaced azo dyes yellow 5 and 6 in beverages, soups, confections, and nutrition products. Natural colors help avoid hyperactivity disorders and behavioral issues among other benefits in children. A study shows that around 88% of consumers are willing to pay a premium price for products containing naturally sourced ingredients.
North America Holds a Significant Market Share
The North American beta carotene market is expected to grow at a significant growth rate in the near future. Among all carotenoids, the human body can easily convert beta carotene into retinol (precursor vitamin A), which is a major ingredient in dietary supplements. In the United States, Beta carotene (95% pure) is permitted as a colorant under 21 CFR 73.95 and 21 CFR 166.110 and a pro-vitamin A nutrition supplement under 21 CFR 182.5245 and 21 CFR 184.1245. Further, more than 60% of the American population prefer having beta-carotene and other carotenoids vitamins in their regular diet. Beverage manufacturers have launched various RTD containing beta carotene, nature-identical being the most predominant form. For instance, Vitatine which is an antibiotic subsidiary signed an exclusive agreement with B & D Nutritional Ingredient which will bring its natural beta carotene available in the United States for application in the food and beverages and dietary supplement industry. Also, beverage brand GacLife has launched the world's first line of gac-based wellness products with functions for skin and vision care. Gac fruit is a fruit found in certain Southeast Asian regions and comprises of high concentration of carotenoids, antioxidants, and other nutrients. Hence, creating a potential market growth for the category during the forecast period
Beta Carotene Industry Overview
Major players in the global beta carotene market are, Royal DSM, Sensient Technologies, Chr. Hansen, and BASF SE. Other players include FMC Corporation, Foodchem International, D.D. Williamson & Co. Inc., Merck & Company Inc., and Lycored Corp. The major manufacturers in the global beta carotene market are expanding their presence and procurement procedures, along with significant investment in R&D. For instance, in November 2017, Chr. Hansen had extended its patented encapsulation technology to increase the stability of beta carotene color pigments for its application in beverage products. The technology-enabled beverage manufacturers to use the ingredient in smaller quantities. Therefore, a cost-effective measure with maximum utility.
Beta Carotene Market Leaders
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BASF SE
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Koninklijke DSM N.V.
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Chr. Hansen A/S
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Sensient Technologies
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LycoRed Ltd.
*Disclaimer: Major Players sorted in no particular order
Beta Carotene Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Study Deliverables and Study Assumptions
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1.2 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET DYNAMICS
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4.1 Market Drivers
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4.2 Market Restraints
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4.3 Porters Five Forces Analysis
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4.3.1 Threat of New Entrants
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4.3.2 Bargaining Power of Buyers/Consumers
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4.3.3 Bargaining Power of Suppliers
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4.3.4 Threat of Substitute Products
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4.3.5 Intensity of Competitive Rivalry
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5. MARKET SEGMENTATION
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5.1 By Type
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5.1.1 Natural
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5.1.2 Synthetic
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5.2 By End-Use
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5.2.1 Food and Beverages
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5.2.1.1 Bakery
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5.2.1.2 Confectionery
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5.2.1.3 Dairy
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5.2.1.4 Beverages
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5.2.1.5 Others
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5.2.2 Cosmetic Industry
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5.2.3 Animal Feed
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5.2.4 Pharmaceutical and Dietary Supplements
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5.3 By Geography
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5.3.1 North America
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5.3.1.1 United States
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5.3.1.2 Canada
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5.3.1.3 Mexico
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5.3.1.4 Rest of North America
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5.3.2 Europe
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5.3.2.1 Germany
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5.3.2.2 United Kingdom
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5.3.2.3 France
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5.3.2.4 Russia
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5.3.2.5 Spain
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5.3.2.6 Italy
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5.3.2.7 Rest of Europe
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5.3.3 Asia Pacific
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5.3.3.1 India
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5.3.3.2 China
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5.3.3.3 Japan
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5.3.3.4 Australia
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5.3.3.5 Rest of Asia Pacific
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5.3.4 South America
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5.3.4.1 Brazil
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5.3.4.2 Argentina
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5.3.4.3 Rest of South America
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5.3.5 Middle East & Africa
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5.3.5.1 South Africa
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5.3.5.2 Saudi Arabia
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5.3.5.3 Rest of Middle East & Africa
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6. COMPETITIVE LANDSCAPE
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6.1 Market Position Analysis
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6.2 Most Active Companies
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6.3 Most Adopted Strategy
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6.4 Company Profiles
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6.4.1 BASF SE
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6.4.2 Koninklijke DSM N.V
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6.4.3 Sensient Technologies
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6.4.4 D.D. Williamson & Co. Inc.
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6.4.5 Lycored Corp.
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6.4.6 Bioextract
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6.4.7 Parry Nutraceuticals
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6.4.8 Foodchem International
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6.4.9 Allied Biotech Corp.
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- *List Not Exhaustive
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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8. IMPACT OF COVID-19 ON THE MARKET
Beta Carotene Industry Segmentation
The global beta carotene market is segmented by type into, natural and synthetic. By end-use, the market is segmented into, food and beverages, cosmetic industry, animal feed, pharmaceutical, and dietary supplements. The food and beverages segment can be further sub-segmented into, bakery, confectionery, dairy, beverages, and others. The study also covers the global level analysis of the major regions, North America, Europe, Asia-Pacific, South America, and the Middle East & Africa for the beta carotene market.
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| Pharmaceutical and Dietary Supplements |
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Beta Carotene Market Research FAQs
How big is the Beta Carotene Market?
The Beta Carotene Market size is expected to reach USD 623.25 million in 2024 and grow at a CAGR of 3.63% to reach USD 744.89 million by 2029.
What is the current Beta Carotene Market size?
In 2024, the Beta Carotene Market size is expected to reach USD 623.25 million.
Who are the key players in Beta Carotene Market?
BASF SE, Koninklijke DSM N.V., Chr. Hansen A/S, Sensient Technologies and LycoRed Ltd. are the major companies operating in the Beta Carotene Market.
Which is the fastest growing region in Beta Carotene Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Beta Carotene Market?
In 2024, the Europe accounts for the largest market share in Beta Carotene Market.
What years does this Beta Carotene Market cover, and what was the market size in 2023?
In 2023, the Beta Carotene Market size was estimated at USD 601.42 million. The report covers the Beta Carotene Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Beta Carotene Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Beta-Carotene Industry Report
Statistics for the 2024 Beta-Carotene market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Beta-Carotene analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
