Beta-Carotene Market To Gain From Enhanced Demand In End-Use Industries As Food & Beverages Till 2024: Grand View Research, Inc.

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According to the report published by Grand View Research, global beta-carotene market will reach $621 million by 2024, the growing health concern across all age groups and the adverse effect of the use of synthetic products in end-use industries such as food & beverages and dietary supplements is driving the market for beta-carotene products.

The global beta-carotene market is expected to reach USD 621.0 million by 2024, according to a new report by Grand View Research, Inc. Rise in demand for the naturally-sourced products in food & beverages and dietary supplements industry is expected to remain a key driving factor for the global market. 

The growing health concern across all age groups and the adverse effect of the use of synthetic products in end-use industries such as food & beverages and dietary supplements is driving the market for beta-carotene products. 

Various companies have been shifting from synthetic to natural based beta-carotene products. Companies have been investing in new product innovation and are trying to develop beta carotene from genetically modified micro-organisms.

Beta-carotene is widely used as colorants, nutrition supplements and antioxidants in various industries. Food & beverages, dietary supplements, cosmetics and animal feed, are the major end-user industry for beta-carotene. Food & beverages was the leading application segment and contributed over 30% of total revenue in 2015.

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Further key findings from the report suggest:

  • Beta-carotene can be derived from natural as well as synthetic sources. Natural sources include algae fruits & vegetable, fungus, palm oil, & more and synthetic source include petrochemical products.
  • Algae was the leading source for beta-carotene and accounted for 37.9% of total market revenue in 2015
  • Various benefits of natural sources over synthetic source is anticipated to drive the market for natural based beta-carotene
  • North America and Europe together accounted for approximately 70% of the global consumption in 2015. North America and Europe are mature markets with a presence of largely experienced companies operating within them.
  • Asia Pacific is expected to mark the highest growth of 4.6% over the forecast period. The region has been a remarkable growth in the food & beverages and cosmetics industries particularly in China and India. The growth of industries in Asia Pacific is believed to be the major factor for the rise in demand for beta-carotene in the region
  • Key companies operating in the global market include DSM N.V. & BASF SE., Chr. Hansen Holding A/S, Foodchem International Corporation, Flavorchem Corporation, Lycored, D.D. Williamson & Co., Inc., BioExtract, Nutralliance, Zhejiang Medicine Co., Ltd, Sensient Cosmetic Technologies, and Parry Nutraceuticals. 

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Grand View Research has segmented the beta-carotene market on the basis of source, application, and region:

Global Beta-Carotene Source Outlook (Revenue, USD Million, 2014 – 2024)

  • Algae
  • Fruits & Vegetables
  • Synthetic
  • Others

Global Beta-Carotene Application Outlook (Revenue, USD Million, 2014 – 2024)

  • Food & Beverages
  • Dietary Supplements
  • Cosmetics
  • Animal Feed

Global Beta-Carotene Regional Outlook (Revenue, USD Million, 2014 – 2024)

  • North America
    • U.S.
  • Europe
    • Germany
    • UK
    • France
  • Asia Pacific
    • China
    • Japan
    • India
  • Central & South America
  • Middle East & Africa

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About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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