Beta Carotene is a type of carotenoid which is breaks downs into vitamin A. Hence, it is considered as a type of provitamin A and has proved to reduce vitamin A deficiency. Some of the beta carotene rich food items include carrots, sweet potatoes, spinach and kale. Also, beta-carotene is an essential antioxidant for the cardiovascular system, metabolism, brain and memory support, joints and muscles, and for the liver. The potential health benefits provided by beta carotene has led to its huge demand in various industries like pharmaceuticals, cosmetics and personal care, food and beverages industry etc.
Growing awareness in people regarding the risks associated with vitamin A inadequacy is driving the market growth
Increasing awareness regarding vitamin A deficiency which are commonly observed in premature infants, pregnant and lactating women and people with cystic fibrosis is driving the growth of the market. According to an estimation presented by The World Health Organization, 9.8 million pregnant women around the world have xerophthalmia as a result of vitamin A deficiency. Several researches have proved that beta carotene as provitamin A help fight the deficiencies related to vitamin A. While many healthcare organizations recommend people to include beta carotene rich food in their diets, lack of time in people to invest on self-care, has led people to adopt beta carotene supplements. Countries like Africa, with high population suffering due to measles, which occur mainly due to deficiency of vitamin A, can serve as an opportunity for beta carotene market.
According to a French study published in the Journal of the National Cancer Institute (September 2005 issue), high beta carotene levels can lead to higher risks of lung cancer and other smoking-related cancers than other smokers. Thus, the beta carotene can be highly risky for the smoking community and with majority of globe belonging to that category, the growth of the beta- carotene market is likely to get hindered by them.
Market Segmentation:
By Source
Fruits & Vegetables
Microorganisms
Chemical synthesis
By Application
Cosmetics & Personal care
Food & Beverages
Pharmaceuticals
Animal Nutrition
Others
By Form
Powder
Liquid
Geographical Penetration:
North-America dominates the global beta Carotene market
North America is the largest shareholder of the global beta-carotene market with United States being the largest producer and consumer of beta-carotene. The growth of beta carotene rich products is credited to the high awareness among population in the country regarding the vitamin A deficiency. According to the CRN consumer survey 2019, 77% of the Americans consume dietary supplements, with Vitamin A holding the largest share.
The global beta carotene market is highly consolidated with players such as BASF SE, Royal DSM, Chr. Hansen, FoodChem International, Merck & Company, Inc., LycoRed Corp., D.D.Williamson & Co., FMC Corporation, Zhejiang Medicine Co., and BioExtract. These companies have been pioneering the production and distribution of dietary supplements rich in beta-carotene. These key players have adopted the strategy of product launch, acquisitions, investments in R & D, and merges. For instance, BASF launched its own beta carotene brand under the name Lucarotin which has gained popularity because of its usage in beverages, confectioneries, and energy drinks.
