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Beta Carotene Market Size
Beta Carotene Market size surpassed USD 575 million in 2022 and is anticipated to grow at a CAGR of 5% between 2023 and 2032.
Beta carotene is added to nutraceutical products owing to its vitamin A content and antioxidant properties, with potential applications in the treatment and prevention of heart diseases and tumours. Also, it is used as a food colorant and has applications in dietary supplements and functional food & beverages. The aging population, diversification of eating habits, inclination towards high-quality natural ingredients, growing demand for convenience, and food safety are some of the major reasons driving the global nutraceuticals industry.
Shifting consumer preference toward healthy food habits owing to the rising lifestyle-related diseases and the trend toward natural additive consumption will create new growth opportunities in the beta carotene market. Key health benefits, including the reduction of risk of obesity, hypertension, cancers, diabetes, and strokes, will proliferate the industry share. The growing demand for dietary supplements and nutrition among the geriatric population is one of the considerable factors driving the market demand.
How big is the Beta Carotene Market?
The market size of beta carotene exceeded USD 575 million in 2022 and is estimated to witness over 5% CAGR between 2023 and 2032 backed by the booming pharmaceutical industry, the surging demand for dietary supplements and nutrition among the geriatric population, and increased healthcare expenditure.
Why is beta carotene from fruits and vegetables sources gaining popularity?
The fruits and vegetables sources segment surpassed USD 10 million in 2022, on account of increasing health concerns due to the usage of synthetic or artificial ingredients, along with the soaring consumer preference for natural, herbal & organic beauty products.
What is the projected valuation of the powder beta carotene industry?
The powder beta carotene segment is expected to cross USD 850 million by 2032, driven by its prominent attributes, such as easier transportation & storage and longer shelf-life as compared to the liquid form.
Which factors are aiding the North America beta carotene market expansion?
The market for beta carotene in North America dominated over USD 175 million in 2022, owing to increasing consumer demand for clean-label products and green ingredients in infant foods, cosmetics, and food & beverage products.