In 2023, the global beetroot powder market was valued at USD 474.7 million. Key drivers of growth include its expanding nutritional benefits and diverse applications. Sales of beetroot powder products are expected to grow at a solid CAGR of 4.6% from 2023 to 2033, reaching approximately USD 741.7 million by the end of that period.
The growing popularity of beetroot powder as a natural coloring agent, along with increasing demand for organic and nutritious food products, is driving market growth. Known for its rich content of vitamins, minerals, and antioxidants, beetroot powder is also a natural source of nitrates, which can enhance athletic performance and improve blood circulation.
Awareness of its health benefits further boosts its appeal. The personal care and cosmetics industry presents a significant growth opportunity. However, challenges such as high costs, the availability of alternatives, and limited consumer awareness pose obstacles. Additionally, navigating regulatory requirements and staying ahead of competitors’ innovations are key threats. To succeed in this evolving market, it’s essential to leverage growth drivers, seize opportunities, address challenges, and adapt to changing conditions.
Key Takeaways
- The Astonishing Growth of India: India has a remarkable 15.9% economic growth rate, reflecting its strong and thriving economy.
- The United States and Japanese Performance Resilient Economies of the United States and Japan are highlighted by their consistent growth rates of 8.5% and 8.0%, respectively.
- Germany’s Consistent Growth: Germany continues to develop at a strong 4.1% annual rate, underscoring its resilience and dominance in the European market.
- China’s Moderate Expansion: China has been expanding at a moderate pace, with a 3.4% growth rate reflecting a conscious effort to achieve sustainable development rather than quick growth.
- Moderate Growth in Australia and the UK: With moderate growth rates of 3.0% and 2.5%, respectively, Australia and the United Kingdom are showing consistent economic performance.
Competitive Landscape
Key providers of beetroot powder are implementing a range of strategies to boost sales and gain a competitive advantage in the global market. These include launching new products, securing approvals, forming partnerships, collaborating, and pursuing acquisitions and mergers.
For instance:
- Nature’s Way introduced Beet Root Powder in February, which supports antioxidant pathways and free radical scavenging activity.
- AS-IT-IS launched its new product, beetroot powder, in November 2020. It is completely natural and free of chemicals. This improves immunity, memory, and energy.
Key Companies Profiled
- Yesraj Agro Exports Pvt. Ltd
- Bioglan
- Nature’s Way Products LLC
- Super Sprout LLC & Juices International Pty Ltd.
- NutraMarks Inc.
- Radiance Ltd.
- Go Superfood
- Natures Aid Ltd.
- Botanical Ingredients Ltd
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Key Segments of Beetroot Powder Industry Survey
By Type:
- Organic
- Conventional
By End Use:
- Ingredient
- Packed food
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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