The beta-carotene market is projected to grow at a rate of 3.3% in terms of value, from 2019 to reach USD 654.0 Million by 2027. Beta-carotenes are the type of phytonutrients found in the cells of a wide variety of plants, algae, and bacteria. These phytonutrients help plants absorb light energy for use in photosynthesis. Beta-carotenes are essential anti-oxidants that play a significant role in animal health.
One significant driver that has contributed to the increase in demand for beta-carotenes is high growth in end-use industries such as animal feed, food & beverages, dietary supplements, and pharmaceuticals, among others. Other growth drivers of the market comprise an increase in ailments like obesity and nutrient deficiency and changing consumer preferences for natural dietary supplements. There is a growing demand among consumers for natural products that are made from natural supplements and colors. This change of consumer choice is pushing the manufacturers to extract carotenoids from natural sources.
Beta-carotenes are extensively used as coloring agents in the food and beverage industry. Nevertheless, with biotechnological advancements coupled with innovations in recombinant DNA technology, the extraction of carotenoids is now commercially feasible. Owing to this, there is an increase in the production of beta-carotene products. The rise in consumer awareness regarding the health benefits of beta-carotene supplements and fortified foods has led to the use of such products as a preventive measure against various health conditions including arthritis, diabetes, obesity, cancer, macular degeneration, and skin damage, among others.
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Further key findings from the report suggest
- By source, natural sources of production of carotenoids are forecasted to observe the highest growth rate of 3.5% in the forecast period. Rising consumer awareness about the health benefits and the gains associated with natural products is projected to boost market demand throughout the forecast period.
- Oral route of administering of water-soluble beta-carotene is used in the treatment of duodenal ulcer, causes a significant reduction of inflammatory and atrophic lesions, and quicker healing in the test subjects as compared to the controls.
- By industry vertical, the food & beverage industry contributed to the second-largest market share in 2018 and is likely to grow at a rate of 3.1% in the forecast period. The widespread use of beta-carotene as a coloring agent in food & beverages is a prominent factor responsible for the high demand in this industry.
- Europe held the largest market share in 2018 and is likely to grow at a rate of 2.9% in the forecast period. The market dominance of Europe is owing to the growth of the end-user industries in the region.
- Key participants include BASF SE, DSM NV, FoodChem International Corporation, Flavorchem Corporation, Lycored, BioExtract, DD Williamson & Co. Inc., Nutralliance, Parry Nutraceuticals, and Zhejiang Medical Co. Ltd., among others.
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For the purpose of this report, Reports and Data have segmented the global beta-carotene market on the basis of product type, source, application, and region:
Product Type Outlook (Revenue, USD Million; 2016-2027)
- Water Soluble Beta-Carotene
- Fat-Soluble Beta-Carotene
Source Outlook (Revenue, USD Million; 2016-2027)
- Natural
- Synthetic
Application Outlook (Revenue, USD Million; 2016-2027)
- Food & Beverages
- Animal Feed
- Dietary Supplements
- Personal Care
- Pharmaceuticals
- Others
Regional Outlook (Revenue, USD Million; 2016-2027)
- North America
- U.S
- Europe
- U.K
- France
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- MEA
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