LONDON–(BUSINESS WIRE)–The global beta-carotene market size is expected to grow by USD 83.07 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Beta-carotene is a type of carotenoid compound commonly found in algae and plants. It is widely known for its health benefits. A rich source of Vitamin A, beta-carotene protects the body from harmful free radicals, which are the key reason for skin degeneration and aging. Consumption of beta-carotene-containing foods can lower the chances of inflammation and oxidative stress in the body. Other benefits of beta-carotene include improved respiratory health, prevention of skin irritation, and the treatment of oral leucoplakia. It is also beneficial for the brain as it postpones cognitive aging. Such benefits of beta-carotene are expected to drive the growth of the market during the forecast period.
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As per Technavio, the significant growth of the food and beverage industry will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Beta-Carotene Market: Significant Growth of the Food and Beverage Industry
The substantial growth of the food and beverage industry is driving the global beta-carotene market. The growing disposable income and the change in food habits have increased the demand for packaged food products globally. Fine dining and casual dining are the key contributing segments of the food and beverage industry. Beta-carotene is commonly used as a coloring agent in food and beverage products. Thus, the increase in consumer spending on fine dining and casual dining is anticipated to propel the consumption of beta-carotene in the near future.
“Factors such as the stringent regulations pertaining to the quality of food and dietary ingredients, and the growing aging population in the region will have a significant impact on the growth of the beta-carotene market value during the forecast period,” says a senior analyst at Technavio.
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Beta-carotene Market: Segmentation Analysis
This market research report segments the beta-carotene market by application (food and beverages, dietary supplements, cosmetics, and animal feed) and geography (Europe, North America, APAC, MEA, and South America).
The European region led the beta-carotene market share in 2019, followed by North America, APAC, MEA, and South America respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the cheap manufacturing costs, increasing demand for packaged and processed foods, and easy availability of raw materials.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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