Beta Carotene Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Beta Carotene Market is segmented By Source (Fruits & Vegetables, Algae, Synthetics, Yeast, Fungi, Bacteria), By Product (Synthetic Beta Carotene, Natural Beta Carotene), By Application (Cosmetics, Food and Beverages, Pharmaceuticals, Animal Feed, Dietary Supplements, Others), By Form (Powder, Liquid), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Beta Carotene Market Size

The Global Beta Carotene Market reached USD 452.4 million in 2022 and is projected to witness lucrative growth by reaching up to USD 633.5 million by 2030. The market is expected to exhibit a CAGR of 4.3% during the forecast period 2024-2031. Beta carotene is a naturally occurring pigment found in many fruits and vegetables. It belongs to the carotenoid family and is known for its vibrant orange color.

Beta Carotene is a provitamin, which means it can be converted by the body into vitamin A. It acts as a powerful antioxidant, helping to protect cells from damage caused by free radicals. In the food industry, beta carotene is widely used as a natural food colorant, adding an appealing orange hue to various products.

The beta carotene market is experiencing steady growth driven by factors such as increasing health consciousness, rising demand for natural food colorants, expanding application in cosmetics and personal care, the growth of the nutraceutical industry, and the expansion of the food and beverage sector. Consumers' preference for natural ingredients and the health benefits associated with beta carotene are driving its market growth.

Beta Carotene Market Scope

To Know more Insights - Download Sample

Beta Carotene Market Dynamics

Rising Demand for Provitamin A and Natural Pigments Drives Growth in Beta Carotene Market

The beta carotene market analysis shows that the current beta carotene market trend is driven by the rising demand for provitamin A and carotenoids, along with the increasing popularity of natural pigments. Beta carotene, as a potent source of provitamin A, plays a vital role in driving the market's growth. Provitamin A is known for its essential contributions to vision, immune function, and skin health. 

Moreover, beta carotene serves as a natural pigment, providing vibrant and appealing colors to various food and cosmetic products. The growing consumer preference for natural ingredients and the recognition of the health benefits associated with provitamin A and carotenoids have significantly influenced the Beta Carotene market, making it a prominent trend in the industry.

Supply Constraints Pose Challenges for Beta Carotene Market Growth and Market Share

The limited availability of raw materials and potential supply constraints are key restraints impacting the beta carotene market. These factors affect approximately 15-20% of the beta carotene market share. A comprehensive beta carotene market analysis reveals that the production of beta carotene heavily relies on specific crops and their seasonal harvest, which can be vulnerable to weather conditions, pests, and diseases. 

Such factors can disrupt the overall supply chain, leading to price fluctuations and challenges in meeting the increasing demand. To address these constraints, industry players must conduct strategic Beta Carotene market analyses, implement efficient supply chain management practices, and explore alternative sources to ensure a stable and sustainable supply of Beta Carotene.

Beta Carotene Market Segment Analysis

The global beta carotene market is segmented based on source, application, form and region.

Fruits and Vegetables Drive Majority Market Share in Beta Carotene Market as Preferred Natural Food Colorants with Antioxidant Benefits

The global beta carotene market is segmented based on source into fruits & vegetables, microorganisms, and chemical synthesis.

The beta carotene market share is predominantly driven by the abundant presence of beta carotene in fruits and vegetables, making it a popular natural food colorant with exceptional antioxidant properties. The fruits and vegetables segment holds a substantial market share, accounting for approximately 70% of the total Beta Carotene market. Around 60-70% of consumers prefer natural food colorants derived from fruits and vegetables, contributing to the strong market demand for beta carotene in this segment. 

This dominance is largely influenced by the widespread availability of beta carotene-rich produce like carrots, sweet potatoes, and leafy greens. With the growing demand for natural food colorants and increasing consumer preference for health-promoting ingredients, the fruits and vegetables segment significantly impacts the overall market share of Beta Carotene. Its reliable source, coupled with its versatility and beneficial properties, fuels the market growth in the beta carotene industry.

Source: DataM Intelligence Analysis (2023)

Global Beta Carotene Market Geographical Share

Growing Demand for Carrot-Derived Beta Carotene in North America, Driven by Health-Conscious Consumers and Nutraceutical Industry

By region, the global beta carotene market is segmented into North America, Europe, South America, Asia-Pacific, Middle-east, and Africa.

The beta carotene market in North America has emerged as the largest in the world, it has witnessed significant growth due to the increasing awareness of the health benefits associated with beta carotene. Beta carotene, derived from carrots, is a popular nutraceutical ingredient widely used in dietary supplements. According to beta carotene market analysis, approximately 30% of the North American population is actively seeking dietary supplements containing beta carotene due to its antioxidant properties and potential health benefits. 

Beta carotene is known for its role in promoting eye health, supporting immune function, and acting as a potent antioxidant. These health benefits have driven the demand for beta carotene in the nutraceutical and dietary supplement industry, further contributing to the growth of beta carotene market share. With increasing consumer awareness and a growing focus on preventive healthcare, the demand for carrot-derived beta carotene as a nutraceutical ingredient is projected to rise steadily in North America.

Source: DataM Intelligence Analysis (2023)

Beta Carotene Market Companies 

The major global players include DSM N.V., BASF SE, Chr. Hansen Holding A/S, Kemin Industries, Inc., Cyanotech Corporation, Allied Biotech Corporation, Dohler Group, Zhejiang NHU Co., Ltd., Lycored Corp., and Nutralliance.

COVID-19 Impact on Beta Carotene Market 

The COVID-19 pandemic has had a mixed impact on the Beta Carotene market. Initially, there was a surge in demand for immune-boosting supplements, including Beta Carotene. However, disruptions in the supply chain and restrictions on manufacturing and distribution affected the market. The closure of restaurants reduced consumer spending, and economic uncertainties also impacted the demand for Beta Carotene in certain sectors. 

As the situation stabilizes and the focus on health and wellness remains, the Beta Carotene market is expected to recover and witness steady growth in the post-pandemic period.

Ukraine-Russia War 

The Ukraine-Russia war has the potential to disrupt the Beta Carotene market due to its impact on the agricultural sector. Ukraine, a major producer of Beta Carotene-rich crops, may experience disruptions in agricultural operations and the supply chain. This could lead to potential shortages of Beta Carotene raw materials and impact product availability and pricing. 

The extent of the impact will depend on the duration and intensity of the conflict and its consequences for the agricultural industry. The Beta Carotene market may face challenges in both domestic and international markets as a result.

By Source

• Fruits & Vegetables
• Algae
• Synthetics
• Yeast
• Fungi
• Bacteria

By Product

• Synthetic Beta Carotene
• Natural Beta Carotene

By Form

• Powder
• Liquid

By Application

• Cosmetics 
• Food and Beverages
• Pharmaceuticals
• Animal Feed
• Dietary Supplements
• Others

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • The U.K
  • France
  • Italy
  • Spain
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• On September 22, 2021, Divi’s Nutraceuticals, an Indian-based company, launched CaroNat, a naturally sourced food ingredient intended for the dark yellow to orange coloration of a variety of foods and beverages. CaroNat is made from concentrated carrot juice and inherently contains beta-carotene. Consisting only of ingredients of natural origin and manufactured without the addition of silicon dioxide, CaroNat supports brands in their transition to clean labels.

• On May 24, 2023, Green Goo, based in Colorado, the plant-based Sierra Sage Herbs body care brand, announced a new partnership with the renowned lifestyle membership program FabFitFun. FabFitFun, which has over a million customers, offers seasonal subscription boxes filled with full-sized products from the beauty, fashion, fitness, home, tech, DIY, and other categories.
• On April 27, 2023, Sanofi a France-based company, completed its acquisition of ProventionBio, Inc. ("Provention Bio"). The acquisition expands Sanofi's core asset portfolio in General Medicines with the addition of TZIELD (teplizumab-mzwv), an innovative, fully owned, first-in-class medication in type 1 diabetes, and furthers the company's strategic shift towards products with a differentiated profile.

Why Purchase the Report?

• To visualize the global beta carotene market segmentation based on source, application, form, product and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous data points of beta carotene market-level with all segments.
• The PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global beta carotene market report would provide approximately 61 tables, 58 figures, and 195 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies