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Base Year
Historical Year
Forecast Year
Global Beta Carotene Market Report Summary | Description | Value |
Base Year | USD Million | 2023 |
Historical Period | USD Million | 2018-2023 |
Forecast Period | USD Million | 2024-2032 |
Market Size 2023 | USD Million | 478.17 |
Market Size 2032 | USD Million | 761.03 |
CAGR 2018-2023 | Percentage | XX% |
CAGR 2024-2032 | Percentage | 5.3% |
CAGR 2024-2032 - Market by Region | Asia Pacific | 6.1% |
CAGR 2024-2032 - Market by Country | India | 7.0% |
CAGR 2024-2032 - Market by Country | China | 5.9% |
CAGR 2024-2032 - Market by Type | Natural | 6.2% |
CAGR 2024-2032 - Market by Application | Food and Beverage | 6.0% |
Market Share by Country 2023 | India | 3.8% |
A significant increase in the use of beta carotene in the food and beverages, dietary supplements, personal care, cosmetics, and animal feed industries is expected to impact the beta carotene demand growth positively. One of the significant factors contributing to the beta carotene market growth is the increasing demand for natural and healthy products. Rising dietary supplement intake, owing to rising health issues, such as vitamin deficiencies and obesity, is likely to aid the market for beta carotene in the coming years.
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Rising consumer awareness, technological advancements and a shift towards natural ingredients are shaping up new beta carotene market dynamics and trends.
November 2023
Divi's introduced beta-carotene, which gave applications an attractive red colouring. The CaroNat range forms part of naturally sourced food ingredients that find application in imparting dark yellow to orange colouring to a range of foods and beverages. CaroNat is manufactured from concentrated carrot juice and, by its nature, contains beta-carotene.
Increasing Consumer Awareness
A significant trend in beta carotene market is the increasing health awareness among consumers is correlated with increasing demand for beta-carotene. Beta-carotene is not only famous for its benefits to vision and health of skin, but also for its antioxidant capacity, which is being increasingly applied to dietary supplement formulations and functional food.
Technological Advancements
Recent progress in the fields of extraction and formulation technologies has rendered beta-carotene products more available for increased efficiency in producing a lot more stable forms. Such innovations as micro-encapsulation and biotechnology have improved bioavailability and, thus increased the potency and popularity of the nutrient as useful in food and cosmetic products.
Increased Popularity of Natural Ingredients
The trend for natural and organic ingredients is helping the growth in the market for beta-carotene and leading to new beta carotene market opportunities. With the increasing openness of consumers toward clean labels and the demand for products having no artificial additives, applications of beta-carotene arise as a natural colourant in food and beverages.
The heightening applications of beta carotene in the cosmetics sector is driving market growth. Beta carotene is used to formulate aftershave lotions, bath products, cleansing products, suntan products, shampoo, makeup, skincare products, shampoos, and hair conditioners. Hence, the increasing sale of these products, inflating per capita income in emerging economies, and rapid urbanisation are the crucial trends aiding the beta carotene industry growth. Apart from topical application, beta carotene supplements are also useful in skin rejuvenation from within, aiding in the reduction of wrinkles and fine lines. A growing focus on skin and physical appearance, and rising demand for natural products in cosmetics, are anticipated to bolster the market for beta carotene over the forecast period.
The Growth In Ageing Population Globally Drives The Market Growth Of Beta Carotene.
Beta carotene is one of the rich sources of Vitamin A. The increase in the global trend in the geriatric population demands dietary supplements rich in beta carotene. Japan was recorded to be at 29.9% in 2022 with a population above 65 years, depicting the country as having the most aged population globally. This constitutes one of the most powerful demographic currents, caused by low birth rates and very high life expectancy, testing both the workforce and social security systems of Japan. In the Caribbean, Puerto Rico at 22.9% has the most notable population of older individuals. Economic migration and lower birth rates have been presented as some of the contributing factors to such a trend.
By 2050, 40.6% of Hong Kong's population will be elderly. This figure shows the situation of a place burdened with rapidly ageing demographics and low birth rates. South Korea would follow at 39.4%, as one of the countries with the lowest birth rates and a demography running with the speed of lightning. By 2035, Japan's elderly will account for 37.5% of its population, still ranking among the oldest societies in the world. Other European countries also post significant increases, with Italy reaching 37.1% and Spain with 36.6%, given continued low fertility rates alongside growing life expectancy, supporting the trends of the beta carotene market.
Taiwan will face a dramatic demographic shift that will hit its economy and health systems, as 35.3% of its population will be aged 65 and above by the year 2050. Equally high shares are expected in countries like Greece, and Germany, though at a significant percentage. The significance of these numbers is that policies are generally meant to address their economic and social consequences in both Europe and Asia.
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“Global Beta Carotene Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Based on type, the market is segmented into:
On the basis of application, the market is categorised into:
On the basis of region, the market is divided into:
Natural Sources Will Gain Traction Owing To Its Benefits Over Synthetic Sources
As per beta carotene industry analysis, natural sources such as algae and fungi will see significant growth in the market. After all, natural and sustainable sources of ingredients are in high demand over synthetic sources. Besides, the pure form and high bioavailability propel algae and fungi sources for beta carotene as natural ingredients, fitting squarely within the current clean label trend in food and beverage. Besides this, their production is much cleaner compared with traditional sources like palm oil, where its sustainability has been questioned. This shift reflects a broader consumer move toward 'green' and health-aware products.
CAGR 2024-2032 - Market by | Country |
India | 7.0% |
China | 5.9% |
Canada | 5.5% |
UK | 4.8% |
Australia | 4.2% |
USA | XX% |
Germany | XX% |
France | XX% |
Italy | 3.7% |
Japan | XX% |
Saudi Arabia | XX% |
Brazil | XX% |
Mexico | XX% |
The beta carotene industry in North America is likely to be one of the leading regions for beta carotene owing to shifting consumer preferences towards healthy diets. The growing geriatric population is driving up the demand for dietary supplements and bolstering the market growth for beta carotene. The demand for natural sources of beta carotene, vitamins, and other dietary supplements remains positive in countries such as the United States.
Changes in consumer lifestyles and eating habits have resulted in a rising prevalence of ailments such as cardiovascular diseases, and diabetes, among others; as a result, consumers in the region are choosing healthier products. Beta carotene is important for immune system functioning because it possesses antioxidant qualities that assist cells in fighting illnesses.
The beta carotene market share in Asia Pacific region is anticipated to witness the fastest growth in the forecast period. The growth would be supported by a remarkable rise in the food and beverages, cosmetics, and other end-use sectors in developing countries, such as China and India. The presence of small-scale regional players and investments in research and development activities for new product development is expected to positively impact market growth for beta carotene.
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Key players in the beta carotene market aim at value addition through the strategic development of natural and sustainable beta-carotene sources. Improvement in bioavailability also addresses the growing demand for clean-label and health-oriented ingredients among customers.
BASF SE, established in 1865 and headquartered in Ludwigshafen, Germany, provides high-value beta-carotene solutions to customers. Its products are recognized for their stability and efficiency in a wide range of food, beverage, and dietary supplement applications.
DDW, Inc., founded in 1980 and based in Louisville, Kentucky, provides a line of natural colourants, including beta-carotene, to provide intense, natural colour across a wide range of food and beverage applications.
BioExtract, established in 2005 and headquartered in Sarasota, Florida, manufactures beta-carotene via sustainable sourcing-primarily from algae. Products offered are based on extraction by natural means, targeting health-conscious applications.
The Foodchem International Corporation, founded in 2000 and headquartered in Beijing, China, supplies a range of beta-carotene products. Applications include but are not limited to food, beverages, and nutraceuticals, where prime importance is given to quality and purity.
Other key players in the beta-carotene industry include Royal DSM N.V., Lycored Corp., Divi’s Laboratories Ltd., Allied Biotech Corporation, Central Drug House Ltd., and Bio-gen Extracts Private Limited.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the global market for beta carotene attained a value of approximately USD 478.17 million.
The market is projected to grow at a CAGR of 5.3% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach around USD 761.03 million by 2032.
The major drivers of the market include the changes in consumer lifestyles, rising dietary supplement intake, increasing prevalence of health issues, growing consumer awareness, and ageing population.
The key beta carotene market trends include increasing use in pharmaceuticals and cosmetics, rising investments in research and development activities, growing use in animal nutrition and the food and beverage industry, and increasing demand for natural and healthy products.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The various types of beta carotene in the market are natural and synthetic, among others.
The significant applications of beta carotene in the market are food and beverage, animal feed, dietary supplements, pharmaceuticals, and cosmetics, among others.
The major players in the market, according to the report, are BASF SE, DDW, Inc., BioExtract, Foodchem International Corporation, Royal DSM N.V., Lycored Corp., Divi’s Laboratories Ltd., Allied Biotech Corporation, Central Drug House Ltd., and Bio-gen Extracts Private Limited, among others.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Type |
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Breakup by Application |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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