In recent years, the demand for beta carotene has increased significantly owing to its antioxidant and nutritional properties. It is majorly used in a variety of sectors such as cosmetics, animal feed, and dietary supplements.
On account of these numerous advantages, the beta carotene market size is set to record a valuation of more than USD 780 million by 2027, states a recent research report by Global Market Insights Inc.
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This growth can be attributed to an increase in product demand across the pharmaceutical industry. The prevalence of serious diseases including cancer and cardiovascular is the major factor that is responsible for this growth. Also, increasing the elderly population around the world would propel the product requirement even further. Driven by the aforementioned factors, the overall market share from the pharmaceutical application is set to record a CAGR of more than 6.5 percent by the end of 2027.
Moreover, a rise in gastrointestinal disorders such as diabetes, constipation, cholesterol, high blood pressure, and diverticular disease would complement the rising demand for pharmaceutical products. This, in turn, will increase the overall market share of beta carotene in the pharma sector.
In pharmaceutical medications, beta carotene components are engineered for better performance in immediately compressed tablets, hard-shell and soft gel capsules. The pharmaceutical industry’s need for beta carotene is being driven by factors such as ease of use, low color intensity, and better color stability.
On the basis of regional landscape, the huge demand for cosmetics products is expected to drive Europe beta carotene market with a CAGR of 5.5% percent. Increased individual expenditure on personal care products plays a pivotal role in overall market expansion. The antioxidant property of beta carotene helps in improving skin health.
Driven by increasing demand across cosmetic application, beta carotene market value from the segment is expected to surpass USD 25 million in terms of remuneration.
That apart, the inclination of consumers towards a healthy diet has also increased considerably. Driven by this trend, the demand for beta-carotene is witnessing growth across food and beverages application. It is commonly utilized as a nutritional supplement as well as a food coloring ingredient. Increased demand for aromatic additives combined with numerous vitamins & minerals will contribute to increasing product demand across. Owing to such benefits, beta carotene market revenue from food and beverage application has accounted total revenue of USD 225 million in 2020 is estimated to showcase exponential growth numbers in the coming years.
Local manufacturers in the beta carotene market are spending on R&D since they are constantly releasing products that are high in vitamin and nutrition into the market. This has increased competition and product development among the industry participants.
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The sudden outbreak of COVID-19 has negatively impacted various industries. However, it came as a silver lining for the beta carotene market. This is because the pandemic has led consumers towards awareness about health and encouraged them in consuming healthy food. Now, consumers are actively looking for nutritional supplements to improve their health.
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