Global Beta-Carotene Market, 2023-2028
Market Overview
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.
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.
Research Coverage
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 Colors A/S), Shandong Tianyin Biotechnology Co., Ltd., Shengzhou Chengxi Biotechnology Co., Ltd., Zhejiang Medicine Co., Ltd., Zhejiang NHU Co. Ltd., among others.
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 prevention 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
1. Scope and Methodology
1.1 Introduction
1.2 Report Scope
1.3 Research Methodology
2. Executive Summary
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. Patents Analysis
8. Competitive Landscape
8.1 Competitive Scenario
8.2 Market Positioning/Share Analysis
8.3 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
9. Company Profiles
9.1 Allied Biotech Corporation
9.2 BASF SE
9.3 Divi's Laboratories Limited
9.4 Guangzhou Juyuan Bio-chem Co., Ltd.
9.5 Guangzhou Leader Bio-Technology Co., Ltd.
9.6 Guangzhou Wisdom Biotechnology Co., Ltd.
9.7 Jiangxi Kexing Pharmaceuticals Co., Ltd.
9.8 Koninklijke DSM N.V.
9.9 LycoRed Ltd.
9.10 Oterra A/S (Chr. Hansen Natural Colors A/S)
9.11 Shandong Tianyin Biotechnology Co., Ltd.
9.12 Shengzhou Chengxi Biotechnology Co., Ltd.
9.13 Zhejiang Medicine Co., Ltd.
9.14 Zhejiang NHU Co. Ltd.
APPENDIX
DISCLAIMER
Methodology/Research Approach
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.Research Programs/Design
| Historical Data (2015-2019) |
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Market Size Estimation
Top-down and bottom-up approaches are used to validate the global Voluntary Carbon Offset market size market and estimate the market size for Company, regions segments, product segments and Application (end users).
The market estimations in this report are based on the marketed sale price of Voluntary Carbon Offset (excluding any discounts provided by the player, distributor, wholesaler or traders). The percentage splits, market share, and breakdowns of the product segments are derived on the basis of weights assigned to each of the segments on the basis of their utilization rate and average sale price. The regional splits of the overall Voluntary Carbon Offset market and its sub-segments are based on the percentage adoption or utilization of the given product in the respective region or country.
Major Company in the market is identified through secondary research and their market revenues determined through primary and secondary research. Secondary research included the research of the annual and financial reports of the top Company; whereas, primary research included extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, directors, CEOs and marketing executives. The percentage splits, market share, Growth Rate and breakdowns of the product markets are determined through using secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or other factors are not accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Market Intellix and presented in this report
The following figure shows an illustrative representation of the overall market size estimation process used for this study.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation, extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report. Extensive qualitative and further quantitative analysis is also done from all the numbers arrived at in the complete market engineering process to list key information throughout the report.
Data Source
Secondary Sources
Secondary sources include such as press releases, annual reports, non-profit organizations, industry associations, governmental agencies and customs data, etc. This research study involves the usage of widespread secondary sources, directories, databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), and TRADING ECONOMICS, and News Network, statista, Federal Reserve Economic Data, annual reports, BIS Statistics, ICIS; company house documents; CAS(American Chemical Society); investor presentations; and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and Hospitals study of the Voluntary Carbon Offset market. It was also used to obtain important information about the top companies, market classification and segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives.
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Primary Sources
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product Company (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end use (product buyers), and related key executives from various key companies and organizations operating in the global market.
Primary research was conducted to identify segmentation Type, product price range, product Application, key Company, raw materials supply and the downstream demand, industry status and outlook, and key market dynamics such as risks, influence factors, opportunities, market barriers, industry trends, and key player strategies.
Key Executives Interviewed
Key Data Information from Primary Sources
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