New York
City, 23 January 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.
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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.
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.
Competitive Landscape:
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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