The beta-carotene market has been segmented by application into food and beverage industry, supplements, cosmetics, feed and others. Among these segments, food and beverage industry are anticipated to drive the beta-carotene market with significant growth over the forecast period. This can be attributed to wide use of beta-carotene in food industry to provide appropriate color to the products. Further, in human body, beta-carotene gets transformed into vitamin A nutrients which empower the immune system. Factors such as shielding effects of beta-carotene against disorders such as cancer and heart diseases are intensifying the growth of market in food and beverage industry and are further anticipated to drive the growth of beta-carotene market over the forecast period.
The global market for beta-carotene is expected to reach USD 583 million by the end of 2024 witnessing a compound annual growth rate of 3.1% over the period 2017-2024. The market is mainly driven by increasing demand for beta-carotene in food and beverage industries.
In the regional segment, North America region promoted the highest market share of beta-carotene market followed by Europe in 2015. U.S captured the highest market share in North America region followed by Canada. Increasing awareness associated with the consumption of beta-carotene is anticipated to be the major factor driving the market. Further, Asia Pacific beta-carotene market is anticipated to show a persuasive growth over the forecast period.
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Health Industry to Reflect Significant Opportunities
Rising awareness towards the consumption of beta-carotene is anticipated to be the major factor propelling the market growth over the forecast period. Further, the essential role of beta-carotene and others as the main dietary source of vitamin A is considered as an important factor in human health. This factor is believed to supplement the growth of the beta-carotene market globally.
However, factors such as unorganized market and multiple disorders caused by excessive intake of beta-carotene are likely to inhibit the growth of the beta-carotene market in the near future.
The report titled “Beta-carotene Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the beta-carotene market in terms of market segmentation by type, raw material, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the beta-carotene market which includes company profiling of BASF SE, Kemin Industries Inc., Algatechnologies Ltd., Chr. Hansen A/S, Phytone Limited, Cyanotech Corporation, Royal DSM N.V, LycoRed Ltd., Overseal Natural Ingredients Ltd., Pharmline Inc. and Sensient Technologies Corporation.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the beta-carotene market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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