The global beta-carotene market is expected to reach $621.0 million by 2024, according to a new report by Grand View Research, Inc. Rise in demand for the naturally-sourced products in food & beverages and dietary supplements industry is expected to remain a key driving factor for the global market.
 
Growing health concerns across all age groups and the adverse effect of the use of synthetic products in end-use industries such as food & beverages and dietary supplements is driving the market for beta-carotene products, according to the new report.
 
Grand View Research observed that various companies have been shifting from synthetic to natural based beta-carotene products. Companies have been investing in new product innovation and are trying to develop beta carotene from genetically modified micro-organisms.
 
Beta-carotene is widely used as colorants, nutrition supplements and antioxidants in various industries. Food & beverages, dietary supplements, cosmetics and animal feed, are the major end-user industry for beta-carotene. Food & beverages was the leading application segment and contributed over 30% of total revenue in 2015.
 
Further key findings from the report suggest: 

• Beta-carotene can be derived from natural as well as synthetic sources. Natural sources include algae fruits & vegetable, fungus, palm oil, & more and synthetic source include petrochemical products.
• Algae was the leading source for beta-carotene and accounted for 37.9% of total market revenue in 2015.
• Various benefits of natural sources over synthetic source is anticipated to drive the market for natural based beta-carotene.
• North America and Europe together accounted for approximately 70% of the global consumption in 2015. North America and Europe are mature markets with a presence of largely experienced companies operating within them.
• Asia Pacific is expected to mark the highest growth of 4.6% over the forecast period. The region has been a remarkable growth in the food & beverages and cosmetics industries particularly in China and India. The growth of industries in Asia Pacific is believed to be the major factor for the rise in demand for beta-carotene in the region.