Beta-Carotene Market Investigation by Application, Technology and Product type By 2023
2nd May 2019 - The global beta-carotene market is subject to witness a substantial growth due to the rising in demand for the organic products in food & beverages and dietary supplements industry. Growing health concerns among general population in regards to increasing adoption of synthetic products in various end-use industries such as food & beverages and dietary supplements are key contributing factor for future market growth across the globe. Globally, the market is predicted to grow at higher CAGR in the forecast period, providing numerous opportunities for market players to invest for research and development in the beta-carotene market.
Substantial rise in the use of beta-carotene consumption in food & beverages, dietary supplements, personal care & cosmetics, and animal feed industries across the globe has led to industry expansion in the past few years. In addition, shifting trend towards adoption of organic food ingredient such as natural-source carotene products is expected to foster the growth of beta-carotene market over the next seven years.
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Beta-carotene belongs to carotenoids family that exhibits antioxidant properties and high content of nutrition, which is derived from natural and synthetic sources. Increasing preference towards organic beta-Carotene over synthetic source is attributed to several advantages such as higher nutritional content and cost efficiency. In addition, consummation of synthetic beta-Carotene can lead to various side effects, and has a higher incidence of lung cancer and mortality. Numerous manufactures of beta-carotene products are deriving new techniques for cheaper and high quality food products. Organic beta-carotene are majorly used in high-value products like that of cosmetics, medicines, and food flavors or additives.
The market is broadly categorized into four major segments based on the application type such as food & beverages sector, dietary supplements sector, cosmetics sector and animal feed. The food & beverages sector is considered as one of the fastest growing segment in the market with substantial revenue generation in the last few years. Growing popularity of beta-carotene in the food & beverages sector segment is attributed to the growing concerns regarding excessive use of synthetic food products.
The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest techniques in food & beverages industry, increase in the number of research & development activities in the region and existence of well-established manufacturing infrastructure.
Asia-Pacific region is predicted to hold major market share in the beta-carotene market with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with growing health apprehensions regarding obesity and diabetes caused due to consumption of high calorie food products, growing awareness about health benefits provided associated with beta-carotene and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the beta-carotene market are Chr. Hansen Holding A/S, Foodchem International Co., Flavorchem Co., Lycored, D.D. Williamson & Company, Inc., BioExtract, Nutralliance Co., Zhejiang Medicine Co., Ltd., Sensient Cosmetic Technologies, Inc., and Parry Nutraceuticals Co.
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