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Key Insights

Therapeutic Uses of Beta Carotene Driving Market Growth

There are more than 600 varieties of carotenoids found across our regular meal or diet. The primary one within this aforementioned category are beta carotene, lutein, lycopene, cryptoxanthin, astaxanthin, and zeaxanthin. The collective group of these above mentioned carotenoids are responsible for employing eye pleasing colours in some fruits and vegetables.

Historical researches on beta carotene showed clear evidence in providing numerous therapeutic advantages such as precursor in producing vitamin A in the human body, anticancer agent, reduced chances of cardiovascular diseases, and many more. The product act as an influential agent in controlling tumor activity. As per the data released by International Agency for Research on Cancer (IARC) in 2018, there were nearly 17 million new cases of cancer around the globe. The increasing cases of cancer has aided the development of the product in form of capsules leading to a strong demand for therapeutic usage from online platforms and retail channels.

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COVID-19 Positively Influencing Market Growth

Since the emergence of coronavirus, the global activities have been halt wherein people were asked to stay indoors and avoid social gatherings. The rising victims of global pandemic are in continuous upward trajectory with government and medical personnel suggesting ways to enhance individuals immune system to fight of this virus. Beta carotene is considered as an effective medium to enhance immune functions by producing disease fighting cells.

In the wake of ongoing pandemic, many experts believe consumption of food rich with beta carotene may assist in expansion of individuals immune system. This has enforced rising demand for fruits and vegetables rich with beta carotene. Therefore, the global pandemic is likely to act as a key factor in driving the demand for product over the forecast period.

Source Outlook

On the basis of source, market is bifurcated into algae, fruits and vegetables, synthetic, and others. Among this segment, soybean and sunflower is projected to dominate the global market share over the forecast period. Fruits and vegetables source segment is likely to dominate the market share over the forecast period. The presence of beta carotene compounds in carrot, tomato, sweet potato, and others offers convenient extraction medium along with apolar solvent. The rising demand for naturally sourced product in form of capsules is likely to drive the product segment growth over the forecast period.

The second highest compounded annual growth rate is likely to observed for algae source segment. The segment offers numerous advantages over its counterparts in terms of production cost and efficiency. The usage of the algae sourced beta carotene provides various health advantages and thereby has become largely popular in dietary supplement applications.

Synthetic source segment is expected to observe stagnant growth over the forecast period. The increasing inclination of consumer masses towards natural derived ingredient against synthetically produced compound is likely to hinder the segment growth over the coming years.

Application Outlook

On the basis of application, market is segmented into food & beverages, cosmetics, animal feed, dietary supplement, and others. Food & beverage application segment is likely to emerge as an dominant application segment over the forecast period. The use of product as an coloring agent and nutrition supplement in food & beverages industry is likely to push its growth over the forecast period.

Cosmetics application segment is likely to witness swift growth over the coming years owing to the usage of product in formulation of makeup, bath gels and soaps, shampoos, conditioners, and others. The steady growth in consumption trends of aforementioned product category is likely to play a steady role in driving segments growth over the near future.

Competitive Landscape

The key vendors of the industry are BASF SE, DSM N.V., Chr. Hansen Holding A/S, Parry Nutraceuticals, Sensient Cosmetic Technology, Nutralliance, BioExtract, Zhejiang Medicine Co., Lycored, and Flavorchem Corporation.

The industry participants are intensively focused on research and development of new products with greater health benefits. The rising demand for nutraceutical products is likely to support the development of new products over the forecast period.

Definition

Beta Carotene is an organic compound found as a plant pigment and is considered one of the primary isomer of carotenoids.

Global Beta Carotene Market Segmentation

By Source

- Fruits and Vegetables

- Algae

- Synthetic

 -Others

By Application

 -Animal Feed

 - Cosmetics

-Dietary Supplement

 -Food & Beverages

  -Others

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