In 2014, North America accounted for 30% share of the pie in terms of volume and revenue. By region, the U.S. accounted for the largest share of the pie and it is projected to grow in terms of volume at a CAGR of 3.1% from 2015 to 2022. The presence of large multinationals is making beta carotene products more accessible to the consumers. Moreover, availability of the product in different forms such as functional food, health food and health drinks is another major factor contributing towards the market growth. Busy lifestyles, growing health concerns, deficiency in diet are some of the other factors driving the market growth. Some of the major players in North America are BASF, DSM, and D.D.Williamson & Co., Inc among others.
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Europe accounted for the largest share of the pie in terms of volume and revenue. It is projected to grow at a second largest growth rate of 3.4% in terms of revenue over the next six years. By regions, in European economies, beta carotene market was dominated by Germany, with a market share of 19% in 2014 followed by France and UK with 15% and 12% respectively in terms of volume as well as revenue. Eastern Europe is projected to offers huge market potential. In Europe, synthetic beta carotene is suffering from shift in trends towards natural replacements. BASF, DSM and Allied Biotech Corp. Ltd accounted for more than 85% share of the pie in 2014. Europe manufacturers are facing stiff competition from the Indian and Chinese manufactures of beta carotene.
Asia Pacific market is projected to witness highest growth rate over the next six years. It is estimated to grow at a rate of 2.9% during the forecast period from 2015 to 2022 in terms of volume. Due to increasing population, rising health awareness, increasing expenditure on the cosmetics and availability of the product in abundant quantity are the factors contributing towards the market growth. By region, Japan accounted for the largest share of the pie in terms of volume as well as revenue but growth is projected to be highest from India and china market. Asia Pacific is becoming largest producer and consumer in beta carotene market challenging the highly consolidated market. The APAC market is dominated by larges players as well as by small and medium size players. Some of the major players in this market are BASF, DSM, Zhejiang NHU Co.,Ltd, Allied Biotech Corp. Ltd, and Divis Laboratories among others.
Row, regions are projected to grow at a moderate growth rate over the next six years. In Row, Brazil offers huge market potential are is projected to grow at a rate of 2.5% in terms of volume during the forecast period. Countries such as Turkey, Saudi Arabia also offer huge market opportunities. The market is witnessing growth owing to rise in disposable income, increase in health awareness, concerns towards animal health, increase expenditure towards personal care products. Some of the major players are BASF, DSM, Roha Dyechem, and Allied Biotech Corp. Ltd among others.