Latin America Beta Carotene Market

Latin America Beta Carotene Market Growth and Forecast (2023 - 2028):

Latin America Beta Carotene Market size was around USD 25.13 million in 2022. It is expected to grow at a CAGR of 2.9% to reach USD 28.99 million by 2028. It captures 8% of the global market.

Market Overview:

Carotenoids are colourful pigments that exhibit preventative properties against various dreadful diseases. A few carotenoids are converted by the body into Vitamin A. Some carotenoids exhibit antioxidant behaviour that protects the lining of arteries. They play a vital role in cancer prevention. Carotenes offer protection from heart diseases. Beta-carotene is used to treat skin problems caused due to excessive exposure to the sun. Beta-Carotene holds the maximum market share in carotenoids, due to its skin-protective properties.

Drivers:

Beta carotene possess many features such as it lowers the risk of lung cancer, heart diseases, and skin problems. Moreover it also helps in controlling age related eye disorders and enables proper functioning of immune system. Thus, awareness among the consumers for the benefits of beta carotene is fuelling its growth across the globe.  Moreover increased usage of beta carotene in food and beverages industry to provide colour to their final product is also fuelling its growth during the forecast period.

Restraints:

However, excessive usage of these products for a long term has various side effects it can cause loss of stools, bruising, & joint pain, and turn skin orange or yellow. Through various researches, it has been found that taking high doses of these supplements for long term might cause a higher risk for certain cancer. Consumption of these supplements by smokers increases the risk of colon, prostate and lung cancer among them.

Latin America Beta Carotene Market Segmentation Analysis:

The Latin America Beta Carotene Market can be categorized into two categories: by source, and by application. On the basis of source the market is segmented into Algae, Fungi, Palm oil, Synthetic, and Others. Algae derived beta-carotene accounted for over 35% of total revenue in 2018. The algae-based product is expected to witness steady growth trend over the forecast period owing to its various advantages over other sources. If we go by application the market is segmented into Food & Beverage, Animal Feed, Dietary Supplements, Pharmaceuticals, and Others. Among all these segments food and beverages is expected to account for the major market share as compared to others in the near future.

Region Analysis:

Geographically the Latin America Beta Carotene Market is segmented into Brazil, Mexico, Argentina, Chile and Rest of Latin America. It is second to last in terms of market share. Brazil is the leading market in this region.

Key Players in the Market:

Major Key Players in the Latin America Beta Carotene Market are

• Chr. Hansen Holding A/S
• Foodchem International Corporation
• Flavorchem Corporation
• Lycored
• D.D. Williamson & Co., Inc
• BioExtract
• Nutralliance
• Zhejiang Medicine Co., Ltd
• Sensient Cosmetic Technologies
• Parry Nutraceuticals