Beta Carotene Market Size By Source (Fruits & Vegetables, Algae, Synthetic, Yeast, Fungi, Bacteria), By Application (Food & Beverages, Pharmaceuticals, Cosmetics, Animal Feed, Dietary Supplements), By Product (Synthetic Beta Carotene, Natural Beta Caroten

Beta Carotene Market Size By Source (Fruits & Vegetables, Algae, Synthetic, Yeast, Fungi, Bacteria), By Application (Food & Beverages, Pharmaceuticals, Cosmetics, Animal Feed, Dietary Supplements), By Product (Synthetic Beta Carotene, Natural Beta Carotene), By Form (Powder, Liquid), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Covid-19 Impact Analysis, Competitive Market Share & Forecast, 2021 - 2027

The global beta carotene market is slated to witness remarkable growth by 2027 owing to the rising livestock production, increasing product penetration of algae-based products, increasing government spending on R&D activities and the emergence of clean label products.

Beta carotene is known as a plant pigment giving yellow, orange and red vegetables their vibrant color. It is also considered as a provitamin A carotenoid, which means that the entire body could convert it into Vitamin A. Beta carotene, as an antioxidant, curbs free-radical damage to DNA. This also encourages cell differentiation as well as apoptosis of a few tumor cell kinds, mainly in initial stages of tumorigenesis. It also improves the activity of immune system by stimulating the discharge of natural killer cells, monocyte and lymphocytes.

The global beta carotene market is bifurcated on the basis of source, application, product, form and religion.

In terms of source, the market for beta carotene is classified into bacteria, fungi, yeast, synthetic, algae, fruits & vegetables, and others. The algae sourced beta carotene segment is projected exceed more than $20 million by the end of 2027. This growth can be chalked up to the increasing product penetration of algae-based products.

Dunaliella salina algae is flooded with the full brunt of solar UV radiation and has grown a new mechanism for defending itself from the damaging effects of the radiation. Above 8% of its dry body mass is beta-carotene, which is more than any other organism that forms the compound. The algae produces beta carotene with reference to the UV stress, while localizing it to lipid droplets in its chloroplasts.

The yeast segment is poised to grow at a CAGR of 6% over the assessment time period. Nutritional value associated with yeast is creating lucrative growth opportunities for market.

Meanwhile, the beta carotene market sourced from bacteria segment is expected surpass approximately $2 million by the end of the analysis timeline. The advert in technologies coupled with increasing government spending on R&D activities will drive the segmental growth.

The others segment is anticipated to showcase a CAGR of over 5% through the forecast period.

On the geographical front, the LATAM region is projected to witness steady growth, growing at a CAGR of more than 5.5% over the forecast time period. This growth is ascribed to the emergence of clean label products.

Meanwhile, in 2020, the beta carotene market in Middle East & Africa was valued at more than $5 million and will continue to dominate the industry in the coming years. The increasing population and rising livestock production in the region will contribute towards market growth.