Global Beta-Carotene Market is expected to grow at a CAGR of 3.8% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Beta-Carotene Market by Source (Algae, Synthetic, Fruits & Vegetables, others), Application (Dietary Supplements, Pharmaceutical, Food & Beverage, Animal Feed, Cosmetics) Product Type (Fat Soluble Beta-Carotene, Water-Soluble Beta-Carotene), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027.
The global beta-carotene market is expected to grow from USD 473 million in 2019 to USD 640 million by 2027, at a CAGR of 3.8 % during the forecast period 2020-2027. Europe has the leading consumer and a large number of producers with latest technology in this market. And Asia-Pacific has the fastest growth forecasted in this market, due to rise in cosmetics, food & beverages, animal feed and other end-user industry in the developing countries like India and China.
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Major players of Beta-carotene Market are Laycored, BioExtract, DSM N.V., Foodchem International Corporation, BASF SE, Nutralliance, Zhejiang Medicine Co., Parry Nutraceuticals, Flavorchem Corporation, Kemin Industries, Phytone, Pharmline, Algatechnologies, Valensa International, Mera Pharmaceuticals, Cyanotech Corporation. All the companies are trying to achieve product differentiation and to develop new technologies.
BASF, which is the dominant company of this market, took over Cogniz, a algae-derived producer.
Vitatene was acquired by another dominant company DSM. Vitatene was a major fermentation-derived beta carotene producer.
This helped in the market position of the companies.
The Source segment includes Algae, Synthetic, Fruits & Vegetables, Others. The others segment includes fungus, fermentation of microorganisms and palm oil. Algae includes Dunaliella salina. Fruits & vegetable includes carrot, pumpkin, sweet potato. The Application segment includes, Pharmaceutical, Food & beverage, Cosmetics, Animal Feed and Dietary Supplements. Dietary Supplement’s demand is increasing from adults, which increases the market demand for carotenoids. Food & beverage and personal care & cosmetics dominate this industry. As beta-carotene is widely used as an antioxidant in cosmetics and personal care.
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The Product Type segment includes, Fat soluble Beta-carotene and Water-soluble Beta-carotene. Fat soluble Beta-carotene is better than Water-Soluble beta-carotene.
Growing awareness in consumers about anti-aging, anti-cancer and other health benefits of this product have increased the demand of personal care product, food and feed. Also, increase in lifestyle with chronic diseases helps to boost demand of health supplements that contains beta carotenes.
Other drives of this market ca be, increase in ailments like nutrient deficiency or change in preferences for natural dietary supplements.
The intra-industry threat or the substitutes in future is the major threat for this market, but advantages of this market lowers the threat.
About the report:
The global beta-carotene market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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