Beta-carotene Market is poised for growth at CAGR 21.6%, Value Set to Reach USD 723 Million by 2032
Acumen Research and Consulting recently published report titled “Beta-carotene Market Forecast, 2023 – 2032”
BEIJING, Aug. 29, 2023 (GLOBE NEWSWIRE) — The Beta-Carotene Market is primed for sustained expansion on a global scale up to 2032, propelled by growing demand from the supplements and cosmetics sectors.
The Beta-Carotene Market outlook remains positive, with surging demand from supplements, a surge in food fortification, the burgeoning application of beta-carotene in cosmetics, and the escalating incidence of chronic ailments. This comprehensive article presents an in-depth analysis of the beta-carotene market encompassing dimensions such as size, share, contemporary trends, driving forces, obstacles, and pivotal enterprises. Beta-carotene, a carotenoid prevalent in various fruits and vegetables, serves as a precursor to vitamin A—an indispensable element for optimal vision, skin health, and immune functionality. Furthermore, beta-carotene acts as an antioxidant, safeguarding cells against the perils of free radicals. Prominent sources of beta-carotene include carrots, sweet potatoes, cantaloupe, pumpkin, apricots, broccoli, and spinach. This compound also finds its way into select animal products like liver and eggs. Recommended daily intake for adults is 1.5 milligrams for men and 1.2 milligrams for women. Notably, most individuals attain adequate beta-carotene through their dietary choices. While generally safe, excessive beta-carotene supplementation can lead to harmless yet visually unappealing skin discoloration.
Beta-carotene Market Statistics and Highlights:
- Beta-carotene Market Anticipated to reach USD 723 Million by 2032, expanding from current value of USD 455 million in 2022 the beta-carotene market is set to grow at a CAGR of 21.6% from 2023 to 2032.
- The European region spearheaded this trajectory in 2022, amassing over 38% of the revenue share
- Among types, synthetic beta-carotene commanded a dominant 76% market stake in 2022.
- The upswing is primarily propelled by a mounting emphasis on health consciousness, fueling market expansion.
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Mechanical Keyboard Market Report Coverage:
|Beta-carotene Market Size 2022||USD 455 Million|
|Beta-carotene Market Forecast 2032||USD 723 Million|
|Beta-carotene Market CAGR During 2023 – 2032||4.9%|
|Beta-carotene Market Analysis Period||2020 – 2032|
|Beta-carotene Market Base Year||2022|
|Beta-carotene Market Forecast Data||2023 – 2032|
|Segments Covered||By Type, By Form, By Application, And By Geography|
|Beta-carotene Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Cisco Systems, Inc., IBM Corporation, Honeywell International Inc., Siemens AG, Microsoft Corporation, General Electric Company, Rockwell Collins, Inc., Thales Group, Bosch.IO, Oracle Corporation, Intel Corporation, and SAP SE.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Key Dynamics Analysis Beta-Carotene Market:
The forthcoming years hold substantial growth potential for the beta-carotene market, underpinned by escalating demand for functional foods and dietary supplements. As a carotenoid that metamorphoses into essential vitamin A, beta-carotene plays an integral role in optimal vision, skin health, and immune functions. Leveraging its presence, functional foods and dietary supplements are being championed as agents of enhanced well-being. Regulatory support from various governments further bolsters market progression. Governments, in a bid to bolster public health and mitigate chronic diseases, are advocating the fortification of essential nutrients, including beta-carotene, in food products. Simultaneously, beta-carotene is gaining traction in the cosmetics realm, where it’s harnessed as an anti-aging ingredient. Ascribed with shielding properties against UV rays and curbing wrinkles and age spots, beta-carotene’s deployment in skincare products is burgeoning. Notwithstanding, the beta-carotene market isn’t devoid of challenges. Its vulnerability to oxidation-induced degradation poses a significant obstacle to its stability. Additionally, rival compounds with augmented bioavailability, like beta-cryptoxanthin, pose competition. Yet, these challenges notwithstanding, the beta-carotene market is poised for substantial growth. The impetus stems from burgeoning demand for functional foods, regulatory encouragement, and its burgeoning incorporation in cosmetics.
Latest Innovations and Trends:
Innovations have ushered in enhanced stability through microencapsulation utilizing proteins, carbohydrates, and lipids. Sustainability receives a boost from techniques that harness natural sources like carrot, palm oil, and algae. Cosmetic appeal receives a fillip through the integration of beta-carotene into transparent emulsions and solid lipid nanoparticles. The domain leverages chromatography, crystallization, and genetic engineering to effect cost-efficient production. Additionally, intensified R&D focuses on bolstering carotenoid bioavailability.
Major Factors Driving Beta-carotene Market Growth:
The ascent of the dietary supplements industry to cater to health-conscious consumers is a principal driver. Increased fortification across processed foods, encompassing bakery, dairy, and seasonings, further augments growth. The cosmetic sector’s uptake of beta-carotene for its anti-aging and sun damage mitigation attributes also contributes. The mounting burden of chronic diseases coupled with regulatory backing for functional ingredients further steers the market. Technological strides in microencapsulation and production techniques provide an additional push.
Key Challenges Hindering Market Potential:
The market faces challenges rooted in low stability and pronounced degradation when subjected to oxidation conditions. The preference for natural vitamin A and emergent lutein ingredients in critical application sectors also poses a hurdle. The production processes’ complexity necessitates substantial technical proficiency. Regulatory categorization as a color additive further influences usage scope. Unpredictable supply patterns stemming from climatic effects on raw material crops add another layer of challenge.
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Beta-carotene Market Segmentation:
- Dietary Supplements
- Animal Feed
- Food and Beverage
Beta-carotene Market Regional Outlook:
Asia Pacific claims the lion’s share when it comes to growth of the beta-carotene market, with India and China as pivotal contributors. The region’s robust demand is fueled by heightened awareness regarding beta-carotene’s health benefits. As a precursor to vitamin A, vital for vision, skin, and immunity, beta-carotene’s significance drives demand. North America and Europe is the biggest market, prominently in the dietary supplements and functional foods sectors. The persistent quest for novel ways to integrate beta-carotene to amplify product health benefits underscores its importance in these regions.
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Leading Companies Offering Beta-carotene Market:
Dominant industry players encompass BASF SE, Chr. Hansen, LycoRed Ltd., Foodchem International Corporation, Nutralliance, and Oryza Oil & Fat Chemical Co., Ltd. These enterprises accentuate vertical integration, sustainability, and plant-based extraction in strategic blueprints.
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