A comprehensive Transparency Market Research market study report on global beta carotene market notes that it will grow at a decent CAGR (Compound Annual Growth Rate) of 3.8% from 2019 to 2027. And, one of the biggest factors driving the market on a high growth trajectory is the demand for dietary supplements which is growing at a significant pace.
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Poor Dietary Habits Leading to Growth in the Global Beta Carotene Market over the Forecast Period
People are spending a large part of the day at work and have hectic schedules and stressful workloads. And, this makes them have a strong preference of convenience in their lives. And, this convenience mars their food choices at all, which is often processed food and beverages with longer shelf life and easier to eat and quicker to prepare benefits. This often leads to loss of essential nutrients from diets, driving the demand for dietary supplements.
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Another reason that drives this growth is the rise of nuclear families, even in regions that had a joint family set-up, traditionally speaking. Combining it with a dual income family – where both adults work – and it gives a shaky dietary landscape.
This leads to an increase in incidences of eye disorders and certain cancers, and beta carotene plays a significant role in this area. This is thus set to drive the market on to a higher growth trajectory over the forecast period.
Also, it is important to note here that the beta carotenes have an application as natural coloring agents in food and beverages. They have a reddish yellow color often found in drinks, confectionaries and other such products. In fact, it is a highly preferred colorant in the industry.
They can be obtained from multiple sources such as animals, plants, and microbes. And, beta carotenes are thus easily available for use in nutraceuticals and as coloring agents. It is also worthy of being mentioned at this point that these are found in retinol and are a source of vitamin A, as they convert into the vitamin when digestion happens.
Another major factor driving growth in the global beta carotene market is the use in cosmetics, owing to a large quantity of vitamin A and anti-oxidants. And, as more and more people are looking for such natural products, demand for beta carotene is seeing a high curve, upward facing.
The global beta carotene market is fragmented and some of the strongest players that the landscape reckons with are BASF SE., Koninklijke DSM N.V., Allied Biotech Corporation, Novus International, Nutralliance is US, Vinayak Ingredients India Pvt Ltd., NOW Health Group, Inc., BioExtract, Penta Manufacturing Company, Food Colour Innovation S.L., Kingherbs Limited., TCI Chemicals (India) Pvt. Ltd., and others.