Beta-Carotene Market to Reach USD 504.7 Million by 2028 at CAGR 3.9% - Tanalyze Ltd.
Aug 15, 2023
Global Beta-Carotene Market - by product (natural beta-carotene, synthetic beta-carotene), application (animal feed, dietary supplements, food and beverages, personal care and cosmetics), Forecast to 2028
Beijing, China Aug 15, 2023 (Issuewire.com) - According to the Tanalyze Ltd., a leading consulting firm specializing in market analysis, the global beta-carotene market is projected to rise by USD 87.9 million by 2028. The market is anticipated to expand at a compound annual growth rate (CAGR) of 3.9 percent during the forecast period. Beta-carotene, the most widely recognized carotenoid, is renowned for its vibrant orange color and is prominently present in carrots. Moreover, it can be found in tomatoes, as well as green leafy vegetables like spinach, kale, and cabbage. Primarily utilized as a food coloring agent, beta-carotene offers numerous applications in the food industry.
When incorporated into fats and oils, such as margarine, beta-carotene imparts a yellow or orange hue, depending on the concentration employed. This allows manufacturers to achieve the desired coloration in their products. Additionally, beta-carotene finds use in the beverage sector, where it is utilized to enhance the visual appeal of juice drinks. Furthermore, it is employed in the dairy industry for coloring various milk products, including cheese and yogurt.
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Beyond its role as a coloring agent, beta-carotene is also valued for its provitamin A activity. Due to its ability to be converted into vitamin A within the body, it is often included in dietary supplements. Vitamin A plays a crucial role in maintaining healthy vision, supporting immune function, and promoting overall well-being.
Beta-carotene can be obtained through two primary methods: chemical synthesis and extraction from plant sources. Chemical synthesis results in nature-identical beta-carotene, while extraction allows for the production of natural beta-carotene.
Natural beta-carotene can be extracted from several plant sources, including carrots, yams, and other yellow or orange plant materials. Additionally, it is possible to extract beta-carotene from the alga Dunaliella salina or the fungi Blakeslea trispora, which are cultivated using fermentation technology.
While both the chemical synthesis and natural extraction sectors of beta-carotene production are experiencing growth, it is the natural beta-carotene market that is expanding at a faster pace. This accelerated growth can be attributed to the increasing consumer demand for natural ingredients in various products.
Consumers are increasingly seeking natural alternatives and are placing greater importance on the origin and composition of the products they consume. This demand is driving manufacturers to incorporate natural beta-carotene into their formulations as a coloring agent or nutritional supplement. Natural beta-carotene offers additional benefits beyond its vibrant color. It is a rich source of provitamin A, which is converted into vitamin A in the body. Vitamin A is essential for maintaining healthy vision, supporting immune function, and promoting overall well-being. - Request a Sample Report
Segment Analysis
In this study, the beta-carotene market is categorized into the applications:
Animal Feed
Dietary Supplements
Food and Beverages
Personal Care and Cosmetics
The utilization of beta-carotene in the food industry primarily revolves around its function as a coloring agent, providing various shades ranging from yellow to orange, depending on the concentration used. However, there has been an increasing recognition of beta-carotene's antioxidant and nutraceutical properties, leading to its expanded usage in the food industry. Health claims associated with beta-carotene and its conversion to vitamin A have further bolstered its appeal, including benefits such as boosting the immune system to combat colds and flu, protecting the lungs from environmental pollutants, promoting skin maintenance and repair, and offering sun protection.
The growing trend of health-conscious consumers and their pursuit of healthier lifestyles has contributed to the rising popularity of functional foods. Major food companies have responded to this demand by incorporating beta-carotene into their products. This can be attributed to the increased awareness of the aging population's health needs and the general population's interest in preventive measures. Consequently, the dietary supplement market, which includes beta-carotene as a common ingredient in vitamin and mineral tablets like Sanatogen Gold, has experienced substantial growth. This sector is recognized as the fastest-growing segment within the beta-carotene market.
Furthermore, the end-user applications of beta-carotene continue to expand, with a primary focus on the food and beverages industry. Notably, the beverage sector has displayed steady growth, indicating promising prospects for the beta-carotene market. This growth can be observed in the increasing utilization of beta-carotene in supplements, particularly in multivitamin tablets, where its antioxidant properties make it an attractive ingredient. Additionally, fortified foods, including breakfast cereals, frequently incorporate beta-carotene. The beverage sector, especially vitamin ACE beverages, remains a key market for beta-carotene and is currently experiencing faster growth compared to other segments in the food and beverages industry.
Competitive Landscape
The historical landscape of the beta-carotene market has been predominantly shaped by established multinational companies that specialize in global food ingredient supply, namely BASF SE and Koninklijke DSM N.V. However, there has been a notable increase in the presence of new players from China. These Chinese manufacturers offer competitive pricing by operating with lower profit margins. In order to remain competitive, major manufacturers in Europe and the United States have had to develop their own strategies for cost reduction.
Among the key Chinese players in the beta-carotene market are Jiangxi Kexing Pharmaceuticals Co., Ltd., Zhejiang Medicine Co., Ltd., Shengzhou Chengxi Biotechnology Co., Ltd., Zhejiang NHU Co. Ltd., Guangzhou Leader Bio-Technology Co., Ltd., Guangzhou Wisdom Biotechnology Co., Ltd., Shandong Tianyin Biotechnology Co., Ltd., and Guangzhou Juyuan Bio-chem Co., Ltd., among others. These companies have emerged as significant participants in the market, contributing to its evolving dynamics.
The report provides a detailed analysis of leading beta-carotene market vendors that include Allied Biotech Corporation, BASF SE, Divi's Laboratories Limited, Guangzhou Juyuan Bio-chem Co., Ltd., Guangzhou Leader Bio-Technology Co., Ltd., Guangzhou Wisdom Biotechnology Co., Ltd., Jiangxi Kexing Pharmaceuticals Co., Ltd., Koninklijke DSM N.V., LycoRed Ltd., Oterra A/S (Chr. Hansen Natural ColorsA/S), Shandong Tianyin Biotechnology Co., Ltd., Shengzhou Chengxi Biotechnology Co., Ltd., Zhejiang Medicine Co., Ltd., Zhejiang NHU Co. Ltd., among others.
Global Beta-Carotene Market - Industry Developments
-Chr. Hansen Natural Colors has announced a company name change to Oterra. The name change became necessary after Chr. Hansen Natural Colors became a standalone company following its acquisition by Swedish private equity firm EQT in 2021. The company's strategic investment with the acquisition of SECNA Natural Ingredients Group S.L. further supports EQT's growth plans for Oterra.
-The US Preventive Services Task Force (USPSTF) has recommended against the use of beta-carotene and vitamin E supplements for the prevntion of cardiovascular disease (CVD) and cancer. The recommendation is based on the evaluation of available evidence, which suggests that these supplements do not provide any significant benefit in preventing CVD or cancer.
Key Questions Answered
What is the projected global market size of beta-carotene by 2028?
Which product segment holds the highest market share in the beta-carotene market?
Which end user segment dominates the beta-carotene market?
Who are the key players with the largest market share in the beta-carotene market?
What is the estimated global market size for the beta-carotene market in 2023?
What are the main factors driving the growth of the beta-carotene market?
What is the expected incremental growth of the beta-carotene market during the forecast period?
Which region holds the largest market share in the beta-carotene market, and which region is expected to have a high growth rate during the forecast period? - Request a Sample Report
Table of Contents
Table of Contents
Figures and Tables
1. Introduction
1.1 Definition
1.2 Market Segment
2. Research Methodology
2.1 Primary Research
2.2 Secondary Research
2.3 Information Sources
3. Market Overview
4. Global Beta-Carotene Market - Product Analysis
4.1 Natural beta-carotene
4.2 Synthetic beta-carotene
5. Global Beta-Carotene Market - Application Analysis
5.1 Animal feed
5.2 Dietary supplements
5.3 Food and beverages
5.4 Personal care and cosmetics
6. Global Beta-Carotene Market - Region Analysis
6.1 Asia-Pacific
6.2 Europe
6.3 North America
6.4 RoW (Rest of World)
7. Company Profiles
7.1 Allied Biotech Corporation
7.2 BASF SE
7.3 Divi's Laboratories Limited
7.4 Guangzhou Juyuan Bio-chem Co., Ltd.
7.5 Guangzhou Leader Bio-Technology Co., Ltd.
7.6 Guangzhou Wisdom Biotechnology Co., Ltd.
7.7 Jiangxi Kexing Pharmaceuticals Co., Ltd.
7.8 Koninklijke DSM N.V.
7.9 LycoRed Ltd.
7.10 Oterra A/S (Chr. Hansen Natural ColorsA/S)
7.11 Shandong Tianyin Biotechnology Co., Ltd.
7.12 Shengzhou Chengxi Biotechnology Co., Ltd.
7.13 Zhejiang Medicine Co., Ltd.
7.14 Zhejiang NHU Co. Ltd.
DISCLAIMER
Companies Mentioned
Allied Biotech Corporation
BASF SE
Divi's Laboratories Limited
Guangzhou Juyuan Bio-chem Co., Ltd.
Guangzhou Leader Bio-Technology Co., Ltd.
Guangzhou Wisdom Biotechnology Co., Ltd.
Jiangxi Kexing Pharmaceuticals Co., Ltd.
Koninklijke DSM N.V.
LycoRed Ltd.
Oterra A/S (Chr. Hansen Natural ColorsA/S)
Shandong Tianyin Biotechnology Co., Ltd.
Shengzhou Chengxi Biotechnology Co., Ltd.
Zhejiang Medicine Co., Ltd.
Zhejiang NHU Co. Ltd.
About Tanalyze, Ltd.
Tanalyze, Ltd. is a reputable publisher of market research reports, providing data information, research services, consulting services, technology analysis, and industry insights. Renowned as a trusted source of commercial intelligence for key industries worldwide, Tanalyze comprises experienced analysts and professionals equipped with extensive industry knowledge and research capabilities. Headquartered in Beijing, China, Tanalyze serves companies globally. For more information, please visit www.tanalyze.com
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Source :Tanalyze Ltd.
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