In terms of revenue in 2014 the global market for beta carotene Market was calculated to be USD 436.67 million and is projected to reach USD 572.78 million by 2022, growing at a CAGR of 3.5% from 2015 to 2022. In 2014, in terms of volume the market demand market was 343.72 tons and is projected to reach 423.65 tons by 2022 at a CAGR of 2.7% for the same forecast period.
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The global market for beta carotene is witnessing growth on the back of rising health concerns and increased importance of intake of beta carotene. Moreover, shift in trends towards natural ingredients is another factor driving towards the market growth. But, due to excessive intake of beta carotene can cause various effects on the human body therefore it is recommend to consumed in prescribed quantities only. However, rising demand from emerging economies and increasing demand of algae based carotene in functional and heath food provide huge market opportunities.
By product type, in 2014, synthetic beta carotene accounted for more than 70% of the market share in terms of volume as well as revenue. But growth is projected to highest from the natural segment which is projected to grow at a rate of 4.6% in terms of revenue during the forecast period from 2015 to 2022.
By applications type, food and beverages segment accounted for 40% share of the pie in terms of volume and revenue in 2014 and is projected to maintain their dominance during the forecast period. Growth is projected to be highest from the supplements segment which is projected to grow at a CAGR of 3.1% in terms of volume from 2015 to 2022 owing to rising health concerns, increasing awareness about the benefits of beta carotene and busy life style. Cosmetics segment is another major application which will witness potential growth during the forecast period.
In 2014, by region, Europe and North America together accounted for more than 70% share of the pie in terms of volume and revenue. Europe is projected to grow at a rate of 3.1% in terms of volume from 2015 to 2022. The U.S. is the largest market globally for beta carotene and is projected to grow at a rate of 3.5% in terms of revenue. Asia Pacific region is projected to witness fastest growth rate in both, volume and revenue. The Asia Pacific market in terms of revenue is projected to grow at a CAGR of 3.7% from 2015 to 2022. In, Asia Pacific, Japan accounted for the largest share but growth is projected to highest from India and China. RoW is also projected to witness moderate growth rate. Economies such as Brazil, Turkey, Saudi Arabia offers huge untapped market opportunities.
The market for beta carotene is highly competitive, two major players BASF and DSM accounts for 55% share of the market. These European players are facing stiff competition from the Indian and Chinese players. More than 20% share of the pie is accounted by Chinese and Indian Players. There are many other larger, medium, and small manufacturers and private label players present in the market but only accounts for major market share. Some of the other players in this market are Allied Biotech Corp. Ltd, Naturex SA, Chr. Hansen, and Zhejiang NHU Co.,Ltd among others.