Beta Carotene Market 2021 | Industry Analysis, Share, Growth by 2027

The beta carotene market size will experience a dynamic growth between 2021 and 2027 due to Increasing demand for nutritious products due to the rise in chronic diseases.

Increasing demand for nutritious products due to the rise in chronic diseases has steered growth in the global beta carotene market size over years. Surging demand for flavoring additives along with various vitamins and minerals used in products is projected to drive the use of beta carotene in the burgeoning food and beverage sector.

The rising individual spending on personal care items is also supporting the consumption of the key ingredients. Reports estimate that global beta carotene market size will cross USD 780 million in terms of value by 2027, supported by significant use in animal nutrition and food and beverage products.

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Key pharmaceutical applications
Beta carotene finds extensive application in the wide pharmaceutical industry due to the rapid boom in the industry along with the prevalence of many diseases such as cardiovascular disorders, cancer, kidney problems, and liver illnesses, and various others. Rise in individual spending on healthcare along with the increase in the geriatric population is driving healthcare sector expansion.

An increase in gastrointestinal diseases such as constipation, obesity, diabetes, high blood pressure, cholesterol, and diverticular illnesses will support the need for pharmaceutical products. There is a significant increase in deaths due to lifestyle-led diseases globally.

Beta carotene ingredients are used in pharmaceuticals for high performance in compressed tablets, two-piece hard-shell capsules, and soft cell capsules. Ease of use, reduced color intensity, and high color stability are some of the many reasons supporting the use of beta carotene in pharmaceutical applications.

Europe is a major market for beta carotene
Regionally speaking, Europe has emerged as a profitable revenue pocket for beta carotene industry due to the growing awareness regarding cosmetics among the population. The ingredient finds extensive use in cosmetology due to its superior antioxidant properties that promote healthy skin and offer anti-aging properties. The need for vitamin-rich foods along with the need to embrace a new era of products by manufacturers has supplemented beta carotene market trends.

Considerably high purchasing power among the people, along with easier access to health and wellness products are some of the key drivers of the market. Moreover, regional manufacturers that are providing beta carotene based products are also investing in R&D as they are constantly introducing new offerings that are rich in vitamins and nutrients.

Strong competitive landscape worldwide
The industry is bestowed with many leading companies that are actively striving to increase their global presence as well as to expand their product portfolio. To meet their growth needs these entities are entering into strategic alliances, mergers, and acquisitions to fulfill their expansion requirements.

For instance, California-based Nutralliance inked an exclusive sales and distribution agreement with Globionic - a Russia headquartered supplier that specialized in ingredients from Eastern Europe. Reportedly, the company is slated to become the exclusive North America distributor of Globionic’s Lavitol. Some of the leading names in the industry include Zmc-UsaLlc, Divis Laboratories, DD Williamson & Co., Allied Biotech Corp. Ltd, Dynadis SARL, and Parry Nutraceuticals, among various others.

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