The global beta carotene market Size was valued at USD 439.0 million in 2017 and is forecasted to grow at a CAGR of 3.8% from 2018 to 2026. Beta-carotenes are colored pigments, which impart color to plants and are antioxidant in nature. They belong to the carotenoid family. The value chain of beta-carotene consists of raw material procurement, manufacturing process, distribution, and end-use industry.
Beta carotene are majorly derived from natural but are also derived synthetically. Synthetic sources are benzene extracted from acetylene gas. Natural sources such as algae, fruits & vegetables (carrot, sweet potato, pumpkin, spinach, and plums), fungus, palm oil, yeasts, bacteria, and fermentation of microorganisms.
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Naturally, source beta-carotenes are derived from biological production methods. Beta-carotene is derived from solvent extraction followed by the purification process. Lately, companies are developing new technologies, which are deriving beta-carotene from genetic engineering. The companies are trying to genetically modify products such as rice and insulin.
Beta carotene is used in food & beverages, pharmaceuticals & dietary supplements, personal care & cosmetics, and animal feed industries. In food & beverages industry, they are widely used as nutrition supplements and coloring agents. They are widely used as antioxidants mainly in dietary supplements and several cosmetic product categories. Beta-carotene is extensively used as a nutritional supplement in animal feed.
Global and mature players such as DSM N.V. and BASF SE. are involved in complete integration. These companies are involved in raw material manufacturing as well as manufacturing and distribution of products. Companies such as Foodchem International Corporation, Flavorchem Corporation, Zhejiang Medicine Co., Ltd., Nutralliance, and Sensient Cosmetic Technologies are involved in the forward integration process. These companies are engaged in manufacturing as well as distribution of the product.
Increasing demand of beta carotene in end-use industries, such as food & beverages, cosmetics, dietary supplements, and animal feed is resulting in new product and technology development. In food and beverages, it is commonly used as coloring additive. In cosmetics and personal care products, it is applied for formulation of aftershave lotions, bath products, cleansing products, suntan products, shampoo, makeup, skin care products, shampoos and hair conditioners.
The rising consumer interest in healthy diet has resulted in growth in consumption of dietary supplements across all age groups. These supplements are available in various forms, such as pills, tablets, powders, gel caps, capsules, and liquids. Increase in lifestyle diseases, rising aging population, and healthcare cost are believed to be some of the major factors driving the growth of dietary supplements market.
Beta carotene is widely used in nutrition supplements and antioxidants in pharmaceutical industry. As antioxidants, it is used in medicines to enhance immunity, anti-aging, prevent certain cancers, and cardiovascular diseases. Moreover, it is also used to treat alcoholism, depression, epilepsy, heartburn, headache, high blood pressure, and various other health problems.
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Regulatory bodies in different geographies have formed regulation for application of beta carotene in several end-use industries. Some of these regulations related to food & beverages industry are EC 1333/2008 and EU 231/2012. These regulations are laid down by European Food Safety Authority (EFSA), which specifies the norms for additions of various additive (such as taste enhancers, color etc.) in food & beverages. Dietary Supplements Health and Education Act (DSHEA), which specifies a regulatory framework for assuring the safety of dietary supplements, formulate some of the regulation regarding dietary supplement.
The rising consumer interest in a proper healthy diet has resulted in growth of the dietary supplements consumption across all age groups. These supplements are available in various forms, such as pills, tablets, powders, gel caps, capsules, and liquids. Increase in lifestyle diseases, rising aging population, and healthcare cost are believed to be some of the major factors driving the growth of the dietary supplements market.
Beta carotene is widely used in nutrition supplements and antioxidants in pharmaceutical industry. As antioxidants, it is used in medicine to enhance immunity, anti-aging, prevent certain cancer and cardiovascular disease. Moreover, it is also used to treat alcoholism, depression, epilepsy, heartburn, headache, high blood pressure, and various other health problems.
Europe held the largest market share in 2017. The growth in the food & beverages, pharmaceutical, and personal care industry has resulted in the rise of beta-carotene market in the region. Asia Pacific is expected to have the fastest growth in terms of consumption, over the forecast period. The growth in food & beverages, pharmaceutical, animal feed, and other industries in developing countries such as China and India is contributing to the rise in the demand for beta carotene market in the Asia-Pacific region.
Globally, the companies are focusing on developing new technologies to achieve product differentiation. Both multinational and medium scale are focused on investing in R&D operations and developing novel products for end-use applications. The companies are working to derive beta-carotene from genetically modified microorganisms. Golden rice and OxC-beta Livestock are believed to be the latest technology, which can drive the overall beta carotene market.