Over the previous few years, rising worries of individuals about their appearance and looks along with high expenditure power have led in the elevated development of the worldwide beta-carotenes industry. Moreover, the popularity of female and male beta-carotenes has also positively affected the worldwide beta-carotenes industry. People are also likely to impel demand for beta-carotenes around the globe to be aware of their appearances.
The global beta-carotene market was valued at USD 518.0 million in 2018 and is expected to reach USD 632.0 million in 2026, growing at a CAGR of 4.1% during the forecast period.
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The global market for beta-carotenes is segmented based on source and application. Changing lifestyle, rising consumer income leading to increased beta-carotene consumption in food processing application are boosting supplement sales globally. Beta-carotene, as an organic compound, is more widely used in drug development and carrier medicine processing. Furthermore, beta-carotenes are rich in antioxidant nutrients that treat oxidative stress and improve cognitive functions, resulting in enormous demand for beta-carotenes among drug developers and pharmaceutical manufacturers.
Increased raw material and distribution costs have seen an upward trend in beta-carotene market prices over the last five years. Carotenoids are becoming popular due to their health benefits and easy availability, with Lycopene, Zeaxanthin, Beta-carotene Astaxanthin, and Canthaxanthin being key variants. Beverage industry manufacturers have also launched various beta-carotene-based RTDs, the most predominant form being nature-identical which drives the global beta-carotene market. Globally, North America dominates the market in terms of income followed during the forecast period by Europe and the Asia Pacific. However, the stringent regulatory and approval norms, as well as lack of R&D in African and Middle-East countries, are expected to hamper the market growth in the future.