Market Overview:
Beta-carotenes are naturally occurring chemicals, which are responsible for the reddish-yellow color in different plants. As a natural coloring agent, beta-carotenes are adopted as food colourants in various food processing industries such as beverages, confectionaries, packed foods, and others. Beta-carotenes are collected from plants, animals, and microbial sources in vast quantities, in order to cater to the demand for coloring agents in different end-use industries. Beta carotene is mainly derived from nature but can also be derived synthetically. The global beta carotene market size was close to USD 314.14 billion in 2018 and is estimated to rise at a CAGR of 3.9% to reach close to USD 380.37 billion by 2023.
Market drivers and restraints:
The increasing consumer interest in a proper healthy diet has led to the growth of the consumption of the dietary supplements across all age groups. These supplements are available in different forms, such as pills, tablets, powders, gel caps, capsules, and liquids. Rise in lifestyle diseases, increasing aging population, and healthcare cost, are believed to be some of the key factors driving the demand of the dietary supplements, which enforces the Beta carotene market.
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Report segmented as:
By source:
- Algae
- Fungi
- Palm oil
- Synthetic
- Others
By application:
- Food and beverage
- Animal feed
- Dietary supplements
- Pharmaceuticals
- Others
Geographical analysis:
On the basis of geography, the global beta carotene market is segmented into regions of North America, Asia Pacific, Europe, Latin America and Middle East and Africa. Currently, North America closely followed by Europe accounts for the highest market share, and Asia Pacific has the highest CAGR in the forecast period.
Important market players:
Some of the major players operating in the global beta carotene market include chr. Hansen holding A/S, foodchem international corporation, flavorchem corporation, lycored, D.D. Williamson and co., Inc., bioextract, nutralliance, Zhejiang medicine co., Ltd, sensient cosmetic technologies, and parry nutraceuticals.
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The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
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