According to a new report published by Fast.MR titled, “Beta Carotene Market by Souce and Application : Global Opportunity Analysis and Industry Forecast, 2016–2027,” the global beta carotene market was estimated at around USD 512.3 million in 2019 and is expected to grow with the CAGR of 4.1% during forecast period 2020-2027. Rising prominence of healthy supplements in functional food products is expected to fuel the market growth over the forecast period.
Functional food category is considered as a food enriched with additional ingredients or existing hieghtened nutrient content. This food category has largely became popular among health enthusiasts and followers. The steady growth towards the rising demand for functional foods is likely to aid the demand of product over the coming years.
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Another key driver for the market growth of beta carotene is due to the rising popularity of veganism. The trend of veganism around the globe has greatly contributed in assisting demand for beta carotene products. The healthy intake of green vegetables enriched with carotenoids compounds is a normal trend in the world of veganism.
Asia Pacific region is predicted to observe swift growth over the forecast period. The hectic work lifestyle has pushed the consumer masses of the region to opt for additional supplements in form of capsules or tablets. This trend has greatly influenced the demand for the product segment over the last few years. .
Key vendors of the industry are BASF SE, DSM N.V., Chr. Hansen Holding A/S, Parry Nutraceuticals, Sensient Cosmetic Technology, Nutralliance, BioExtract, Zhejiang Medicine Co., Lycored, and Flavorchem Corporation. The vendors of the market are intensively focused on the development of new product with higher concentrates of nutrient in order to gain competitive edge.
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