Beta-Carotene Market Size, Share, Growth, Price Trends and Forecast Report
by Susan Hill Business ConsultantThe
global beta-carotene market is expected to reach USD
621.0 million by 2024, according to a new report by Grand View Research, Inc.
Rise in demand for the naturally-sourced products in food & beverages and
dietary supplements industry is expected to remain a key driving factor for the
global market.
The growing
health concern across all age groups and the adverse effect of the use of
synthetic products in end-use industries such as food & beverages and
dietary supplements is driving the market for beta-carotene products.
Various companies
have been shifting from synthetic to natural based beta-carotene products.
Companies have been investing in new product innovation and are trying to
develop beta carotene from genetically modified micro-organisms.
Beta-carotene
is widely used as colorants, nutrition supplements and antioxidants in various
industries. Food & beverages, dietary
supplements, cosmetics and animal feed, are the major end-user industry
for beta-carotene. Food & beverages was the leading application segment and
contributed over 30% of total revenue in 2015.
Further key
findings from the report suggest:
- Beta-carotene
can be derived from natural as well as synthetic sources. Natural sources
include algae fruits & vegetable, fungus, palm oil, & more and
synthetic source include petrochemical products.
- Algae was the
leading source for beta-carotene and accounted for 37.9% of total market
revenue in 2015
- Various
benefits of natural sources over synthetic source is anticipated to drive
the market for natural based beta-carotene
- North America
and Europe together accounted for approximately
70% of the global consumption in 2015. North America and Europe are mature markets with a presence of largely experienced companies operating within them. - Asia Pacific is
expected to mark the highest growth of 4.6% over the forecast period. The
region has been a remarkable growth in the food & beverages and
cosmetics industries particularly in China and India. The growth of
industries in Asia Pacific is believed to be the major factor for the rise
in demand for beta-carotene in the region
- Key companies
operating in the global market include DSM N.V. & BASF SE., Chr.
Hansen Holding A/S, Foodchem International Corporation, Flavorchem Corporation,
Lycored, D.D. Williamson & Co., Inc., BioExtract, Nutralliance,
Zhejiang Medicine Co., Ltd, Sensient Cosmetic Technologies, and Parry
Nutraceuticals.
Access
full research report on global beta-carotene market:
www.grandviewresearch.com/industry-analysis/beta-carotene-market
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Created on Nov 14th 2019 07:52. Viewed 356 times.