PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320148
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320148
Beta-Carotene Market size was valued at USD 480.9 Million in 2022, expanding at a CAGR of 6.2% from 2023 to 2030.
Beta-carotene is a type of substance called a carotenoid. Carotenoids give plants, such as carrots, sweet potatoes, and apricots, their reddish-violet colors. Beta-carotene is a provitamin. There are various advantages of eating beta-carotene-rich foods. As an antioxidant, beta-carotene protects the body from free radical damage caused by metabolic processes and exposure to environmental factors such as pollution and UV radiation. Antioxidants aid in the neutralization of free radicals, lowering the risk of chronic diseases such as heart disease and some types of cancer.
Increasing consumption of beta-carotene in food & beverages, dietary supplements, personal care & cosmetics, and animal feed industries around the globe are the factors that predicted the market growth.
The expanding application of beta-carotene in the Food and beverages industries, driven by consumer preferences for natural ingredients, health consciousness, and product differentiation, is likely to contribute to the predicted market growth of beta-carotene. According to Food & Beverage Industry Deep Dive, E-commerce food and beverage revenue is expected to grow another 10% in 2022 to reach $23.5 billion, with growth slowing but still happening in the years after that. Additionally, the growing awareness of the importance of nutrition and preventative healthcare is projected to boost the beta-carotene market in the dietary supplement industry. Shifting consumer preference toward healthy food habits owing to the rising lifestyle-related diseases and the trend toward natural additive consumption will create new growth opportunities in the beta-carotene market. However, the cost of beta-carotene production can be influenced by factors such as raw material availability, processing technologies, and market demand.
The Global Beta-Carotene Market is segmented on the basis of Product Type, Application, Source, and Region.
The market is divided into three categories based on product type: Natural Beta-Carotene and Synthetic. The synthetic Beta-Carotene segment dominates the market growth. Chemical synthesis is used to create synthetic beta-carotene, which is chemically identical to the beta-carotene present in plants. It can be used in a variety of products, such as dietary supplements, fortified foods, and cosmetics.
The market is divided into two categories based on Source: Fruits and Vegetables, Algae, Synthetic, Yeast, Fungi, and Bacteria. The fruits and Vegetables segment dominates the market growth. Fruits and vegetables are the primary natural sources of beta-carotene. The beta-carotene market has experienced stable growth due to the increasing demand for natural and healthy ingredients in various industries.
The market is divided into two categories based on application: Food and Beverages, Pharmaceuticals, Cosmetics, Animal Feed, and Dietary Supplements. The food and Beverages segment dominates the market growth. The market for beta-carotene is essential for the food and beverage sector since it is utilized for a variety of functions, from coloring to fortification.
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is anticipated to drive the growth of the beta-Carotene Market, due to awareness about the product's health benefits, and increasing demand for natural coloring agents in the food industry. Natural ingredients and clean-label products are becoming increasingly popular in the North American food market. North American consumers are becoming more health-conscious, and they are aware of the possible health benefits of beta-carotene consumption. Health Conscious Consumer Statistics predicted that the U.S. is ranked No. 20 among the health-conscious countries ranked by perception in the world. Additionally, over 70 percent of Americans are more health-conscious post-pandemic. Europe and Asia Pacific are expected to drive the market growth in the forecast period, due to the rising popularity of dietary supplements.
The beta-carotene market has grown in recent years due to a number of various factors, including increased consumer awareness of its health advantages and its versatility in a variety of industries.The beta-carotene market is highly competitive, with numerous key players operating globally. These companies are involved in the production, processing, and distribution of beta-carotene, serving diverse industries such as food and beverages, pharmaceuticals, and animal feed. Companies are projected to invest in research and development to develop creative and sustainable solutions that meet shifts in customer needs as competition expands ahead. For Example, July 2022, ASF's Nutrition & Health division is strengthening its position as an ingredients partner for the animal nutrition and human nutrition industries by combining the strategic and operational responsibility in one global business unit, Nutrition Ingredients.
In June 2022, The U.S. Preventive Services Task Force (USPSTF) recommends against the use of beta-carotene or vitamin E supplements for the prevention of cardiovascular disease or cancer, according to a recommendation statement published June 21 in the Journal of the American Medical Association (JAMA). Further, the USPSTF states that the current evidence is insufficient to make a recommendation about the use of multivitamins and single- or paired-nutrient supplements (other than beta-carotene and vitamin E) for the prevention of cardiovascular disease or cancer.