The global beta carotene market Size was valued at $427.4 million USD in 2023. The main driver of market expansion is expected to be the increasing demand for a necessary vitamin with health advantages. Between 2023 and 2033, the overall sales of products containing beta carotene are expected to rise at a strong compound annual growth rate (CAGR) of 5.9%, reaching around US$ 761.1 million by the end of that year.
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The growing demand for plant-based and healthier alternatives is causing a drastic upheaval in the beta carotene market. Everyone is interested in beta carotene because of its remarkable nutritional profile and sustainability, including food experts and those who are health-conscious. It’s a flexible way to add plant-based items to meals without sacrificing taste or texture.
Leveraging its adaptability and potential to enhance nutrition, manufacturers are embracing creativity by incorporating bean flour into a range of products, including baked goods, snacks, pasta, sauces, and more. This is a response to the diverse array of preferences held by consumers. This makes bean flour a sought-after ingredient in the rapidly expanding beta carotene market.
Market Opportunities
In the upcoming years, the beta carotene market is anticipated to expand considerably. This rise is fuelled by various variables, such as the rising desire for natural components, the expanding knowledge of beta carotene’s health advantages, and the growing acceptance of dietary supplements.
The need to satisfy the rising demand for natural components is a significant potential for the beta carotene industry. The demand for beta carotene is anticipated to rise as customers become more health-conscious and want more natural components in their cuisine. Manufacturers may take advantage of this chance by creating novel and inventive beta-carotene-containing goods.
Key Takeaways
- The beta carotene sector expanded at a CAGR of 5.9% from 2023 to 2033.
- By 2033, the beta carotene market is projected to expand to a value of US $761.1 million.
- In 2022, the United States dominated the beta carotene market with a share of 15.4%.
- In 2022, Germany expanded significantly in the beta carotene market business, with a share of 6.2%.
- Japan emerged as a dominant player in the beta carotene market in 2022, securing a substantial 6.9% market share.
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Competitors Winning Strategies
Competitors in the highly competitive beta-carotene market have several strategies they may use to their advantage. Beta carotene is a naturally occurring substance, making it an ideal candidate for marketing products with natural components. One effective approach is to meet the rising consumer demand for natural ingredients.
Another winning strategy involves leveraging the growing knowledge of beta carotene’s health benefits. As a precursor to vitamin A, beta carotene plays a crucial role in supporting immunity, skin health, and eyesight. By promoting these advantages, competitors can position their products as essential for overall health and wellness, capturing the attention and loyalty of health-conscious consumers.
Recent Developments:
- Increasing popularity of natural ingredients: Beta carotene is a naturally-occurring compound, so the growing demand for natural ingredients is driving demand for beta carotene.
- Growing awareness of the health benefits of beta carotene: Beta carotene is a precursor to vitamin A, which is essential for vision, immunity, and skin health.
- Development of new and innovative beta-carotene products: The beta-carotene market is constantly evolving, and new and innovative products are constantly being developed.
- Growing use of beta carotene in animal feed: Beta carotene is also being used in animal feed, as it can help improve livestock’s health and appearance. This is helping to drive demand for beta carotene in the animal feed market.
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What key players are doing in Bean Flour Market?
- DSM: DSM is a leading beta carotene producer and invests in research and development to develop new and innovative beta carotene products. The company is also expanding its production capacity to meet the growing demand for beta carotene.
- BASF: BASF is another leading beta carotene producer and invests in research and development. The company is focused on developing new beta carotene products that are more stable and have a better taste.
- Chr. Hansen: Chr. Hansen is a leading producer of natural colors and is also a major player in the beta carotene market. The company is focused on developing new natural beta carotene products with good color.
- LycoRed: LycoRed is a leading natural carotenoid producer and a major player in the beta carotene market. The company is focused on developing new beta carotene products that are natural and have a good health profile.
- Kemin: Kemin is a leading producer of natural ingredients and is a major player in the beta carotene market. The company is focused on developing new natural beta carotene products with good taste.
Key Segments of Beta Carotene Industry Survey
By Source:
- Natural
- Synthetic
By End Use:
- Food and Beverages
- Cosmetic Industry
- Animal Feed
- Pharmaceutical and Dietary
- Supplements
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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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