Global beta carotene market is forecasted to grow at a CAGR of 3.93% during the forecasted period (2019 - 2024).
- Beta carotene is an organic, strongly colored red-orange pigment which is abundantly found in plants and fruits. Beta carotene has tremendous health benefits as a provitamin A and is also popular as a colorant for food and beverages applications. Beta carotene is a powerful antioxidant, it helps the body scavenge free radicals, thereby limiting the damage to cell membranes, DNA and protein structures in the cell thus reducing the risk of cancer.
- Increasing preference towards naturally derived ingredients and cleaner label solutions has instigated the natural beta carotene segment’s growth.
- Beta carotene derived from microalgae is expected to be extensively used at an industrial level in the near future. Some strains of microalgae, such as spirulina, contains more beta carotene than carrots, more chlorophyll than wheatgrass, and 50 times more iron than spinach.
Scope of the Report
The global beta carotene market is segmented by source into, natural and synthetic. By end-use, the global beta carotene market is segmented into, food and beverages, cosmetic industry, animal feed, pharmaceutical, and dietary supplements. The food and beverages segment can be further sub-segmented into, bakery, confectionery, dairy, beverages, and others.
Key Market Trends
Increasing Demand for Natural Colors in Food Industry to Accelerate Revenue Generation
Consumers demand clean labels on products to know what exactly they consume and at what levels. Their interest in identifying the ingredients present in products has triggered the clean label products market. Consumers, globally, are highly concerned about the long-term effects of synthetic colors on health, and so prefer natural colorants in their foods. Beta carotene is largely used as colorant for beverage and food applications. In this regards, in 2017, BASF SE launched a 10% beta carotene powder, Lucarotin 10 CWD (Cold Water Dispersible) / O (Orange) Plus. In the United States, this product replaced azo dyes yellow 5 and 6 in beverages, soups, confections, and nutrition products. Natural colors help avoid hyperactivity disorders and behavioral issues among other benefits in children. A study shows that around 88% of consumers are willing to pay a premium price for products containing naturally sourced ingredients.
United States Accounted for the Largest Revenue Share In North America
North America beta carotene market is expected to grow at a significant growth rate in the near future. Among all carotenoids, the human body can easily convert beta carotene into retinol (precursor vitamin A), which is a major ingredient in dietary supplements. In the United States, Beta carotene (95% pure) is permitted as a colorant under 21 CFR 73.95 and 21 CFR 166.110 and a pro-vitamin A nutrition supplement under 21 CFR 182.5245 and 21 CFR 184.1245.
Beverage manufacturers have launched various RTD containing beta carotene, nature-identical being the most predominant form. For instance, Vitatine which is an antibiotic subsidiary signed an exclusive agreement with B & D Nutritional Ingredient which will bring its natural beta carotene available in the united states for application in food and beverages and dietary supplement industry. Also, beverage brand GacLife has launched the world’s first line of gac-based wellness products with functions for skin and vision care. Gac fruit is a fruit found in certain Southeast Asian regions and comprises of high concentration of carotenoids, antioxidants, and other nutrients.
Major players in the global beta carotene market are, Royal DSM, Sensient Technologies, Chr. Hansen, and BASF SE. Other players include FMC Corporation, Foodchem International, D.D. Williamson & Co. Inc., Merck & Company Inc., and Lycored Corp. The major manufacturers in the global beta carotene market are expanding their presence and procurement procedures, along with significant investment in R&D.
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