Carotene is a pigment found primarily in plants, algae and photosynthetic bacteria. It may also be found in non-photosynthetic bacteria and molds. There are different types of carotenes which includes lutein, beta-carotene, lycopene, zeaxanthin, canthaxanthin, astaxanthin and others. Beta carotene is a fat-soluble pigment found in various plants, grains, fruits and vegetables. It is present in the form of red, orange and yellow pigment. After consumption, the human body converts beta carotene into vitamin A which enables various immune functions to work properly and also helps to maintain healthy skin, thus driving the demand of betas carotenes in food and beverages products across the globe.
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Beta Carotene Market Segmentation
On the basis of type beta carotene is segmented as water soluble and oil soluble beta carotenes. Among both the segment water soluble beta carotene is expected to account for the major share due to its high implication. Moreover, water soluble beta carotene are further sub segmented as powder beta carotene and liquid beta carotene. Also, oil soluble beta carotene is sub segmented as powder beta carotene and liquid beta carotenes. Among the sub segments of oil soluble beta carotenes, powder beta carotene is expected to account for the major market share during the forecast period.
On the basis of application beta carotene is segmented as food and beverages, supplements, cosmetics, and feed. Among all these segments food and beverages is expected to account for the major market share as compared to others in the near future. Beta carotene are majorly used in providing color in the food and beverages which is expected to drive the demand for beta carotene in these products. Moreover, cosmetics segment in beta carotene market is expected show a substantial growth during the forecast period. The food and beverages segment is further sub segmented as bakery and confectionery, dairy products, soft drinks/juices, processed food and others (infant food). Among all these sub segments bakery and confectionery is expected to contribute major share in beta carotene market in terms of revenue followed by processed food. Moreover, cosmetics segmented is further sub segmented as hair cosmetics, skin cosmetics, nail cosmetics, eye cosmetics and toiletries.
On the basis of source beta carotene market is segmented as carrots, sweet potato, pumpkin and others (spinach and plums). Among all these sources carrots is expected to account for major share of beta carotene market. However sweet potato is expected to show a healthy growth during the forecast period.
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Globally, North America is expected to contribute the major share of beta carotene market followed by Europe. In North America, the United States is expected to occupy the major share on the pie in beta carotene market followed by Canada. Increasing health consciousness among the consumers is expected to drive the growth of beta carotene across the region. In Europe, Germany and France is expected to account for the major share in beta carotene market during the forecast period. Whereas, Asia pacific is concerned it is expected to register a healthy growth by 2020. In Asia pacific region China and Japan is expected to be the major contributor in beta carotene market. Increased use of cosmetics products in these region is predicted to support the growth of beta carotene market in the region.
Beta Carotene Market Drivers
Beta carotene possess many features such as it lowers the risk of lung cancer, heart diseases, and skin problems. Moreover it also helps in controlling age related eye disorders and enables proper functioning of immune system. Thus, awareness among the consumers for the benefits of beta carotene is fueling its growth across the globe. Moreover increased usage of beta carotene in food and beverages industry to provide color to their final product is also fueling its growth during the forecast period.
Beta Carotene Market Key Players
Some of the major players operating in beta carotene market include BASF SE, Kemin Industries Inc., Algatechnologies Ltd., Chr. Hansen A/S, Phytone Limited, Cyanotech Corporation, Royal DSM N.V., LycoRed Ltd., Overseal Natural Ingredients Ltd., Pharmline Inc., Sensient Technologies Corporation, Mera Pharmaceuticals Inc. and Valensa International LLC among others.