New York, NY Dec 10 2019: The global beta
carotene market is anticipated to reach USD
618.94 million by 2026 and is anticipated to grow at a CAGR of 3.8 % from 2018
to 2026. Beta carotene market is expected to witness significant growth over
the forecast period. Beta Carotene is widely used as antioxidants in cosmetics
& personal care industry. In the cosmetics and personal care product
manufacturing sector, it is used in development of novel formulations for
aftershave lotions, cleansing products, bath products, suntan products,
shampoo, makeup, skin care products, shampoos and hair conditioners.
Huge initial
investment in technology innovation and R&D is expected to pose high entry
barriers for new entrants in the market. New technology & product
innovations such as OxC-beta livestock and Golden rice especially in developing
and emerging countries are anticipated to support new players in the market.
However, high initial investment cost will pose high entry barriers resulting
in low threats to entry barriers.
A large number of
beta-carotene raw material suppliers are spread evenly around the world,
especially in North America and Europe. Less threat of backward integration
results in the high bargaining power of the suppliers. A limited number of
large & international players such as BASF and DSM, are present in the
market, which follows a backward integration process.
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The beta-carotene industry is fragmented market space. The
industry has few international players currently operating and a large number
of small-scale regional players. Leading regional and multinational companies
are trying to increase their market share by investing in R&D activities
and innovating new technologies. Many international companies are trying to
merge or acquire the regional players to increase their market share, product
portfolio, and regional presence. Industry rivalry is expected to be high over
the forecast period.
The intra-industry
threat is anticipated to be a major threat for beta-carotene market. Other
carotenoids may impose a significant threat to the market. However, advantages
of beta-carotene over these substitutes are expected to lower the threat of
substitutes in future. The penetration of beta-carotene in the end-use
industries is much higher than other carotenoids products.
Globally, the
companies are focusing on developing new technologies to achieve product
differentiation. The multinationals and leading regional players, are investing
in research & development activities and trying to develop new and better
product for the end-user industries. The companies are working to derive
beta-carotene from genetically modified microorganisms. Golden rice and
OxC-beta Livestock are believed to be the latest technology, which can drive
the market.
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Increasing demand of
beta-carotene in end use industries, such as food & beverages, cosmetics,
dietary supplements and animal feed is resulting in new product and technology
development. In food and beverages, it is commonly used as coloring additives.
Major end-use
industries for beta-carotene market are food & beverages, pharmaceutical
& dietary supplements, personal care & cosmetics, and animal feed. Food
& beverages applications was the largest end user application for
beta-carotene market. Companies globally are investing in research and
development activities for innovating new technologies and products.
Multinational players including DSN N.V. and BASF are present in complete
integration process of the product. These companies are also following JV’s and
merger & acquisitions strategies to increase their product portfolio and
presence.
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