-- The global beta carotene market is anticipated to reach USD 618.94 million by 2026 and is anticipated to grow at a CAGR of 3.8 % from 2018 to 2026. Beta carotene market is expected to witness significant growth over the forecast period. Beta Carotene is widely used as antioxidants in cosmetics & personal care industry. In the cosmetics and personal care product manufacturing sector, it is used in development of novel formulations for aftershave lotions, cleansing products, bath products, suntan products, shampoo, makeup, skin care products, shampoos and hair conditioners.
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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 additives.
A large number of beta-carotene raw material suppliers are spread evenly around the world, especially in North America and Europe. Less threat of backward integration results in the high bargaining power of the suppliers. A limited number of large & international players such as BASF and DSM, are present in the market, which follows a backward integration process.
Globally, the companies are focusing on developing new technologies to achieve product differentiation. The multinationals and leading regional players are investing in research & development activities and trying to develop new and better product for the end-user industries. 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 market.
The beta-carotene industry is fragmented market space. The industry has few international players currently operating and a large number of small-scale regional players. Leading regional and multinational companies are trying to increase their market share by investing in R&D activities and innovating new technologies. Many international companies are trying to merge or acquire the regional players to increase their market share, product portfolio, and regional presence. Industry rivalry is expected to be high over the forecast period.
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Major end-use industries for beta-carotene market are food & beverages, pharmaceutical & dietary supplements, personal care & cosmetics, and animal feed. Food & beverages applications was the largest end user application for beta-carotene market. Companies globally are investing in research and development activities for innovating new technologies and products. Multinational players including DSN N.V. and BASF are present in complete integration process of the product. These companies are also following JV's and merger & acquisitions strategies to increase their product portfolio and presence.
Global Beta Carotene market on the basis of Source, Application and region:
Beta Carotene Market Size and Forecast, By Source
• Algae
• Fruits & Vegetables
• Synthetic
• Others
Beta Carotene Market Size and Forecast, By Application
• Food & Beverages
• Dietary Supplements
• Cosmetics
• Animal Feed
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Read More: https://www.marketwatch.com/press-release/lng-as-a-bunker-fuel-market-2019-global-analysis-industry-size-share-leaders-current-status-segments-and-trends-by-forecast-to-2024-2019-08-12
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