The Total Addressable Market (TAM) for beetroot powder was valued at USD 440.64 million in 2022. It is projected to reach USD 695.39 million by 2031, growing at a CAGR of 5.2% during the forecast period (2023-2031).
Beetroot powder is obtained by grinding and milling dried beetroot. It is also known as red beet, golden beet, or garden beer. Beetroot powder is a rich source of vitamins and minerals such as Vitamin C and Vitamin A, and it is also a good source of Potassium, Iron, and Magnesium. Biologically, beetroot powder offers various benefits, such as it supports and boosts the immune system, improving skin health, and helps to maintain strong bones. It is also consumed to maintain and maintain blood pressure, better liver functioning, and weight loss. The beetroot powder market is expected to gain major traction during the forecast period owing to increasing attention to healthy lifestyles, increasing demand for organic food, and environmental and ethical issues.
The world market for beetroot powder is only slightly fragmented. The market for beetroot powder has a highly intense competitive environment, given a large number of active players. The goal of many vendors in this market is to raise the caliber of their offerings. In addition to this, a lot of players are stepping up their efforts to expand their customer base by providing appealing product packaging.
The rising price of beetroot and production can hinder the growth of the market. People in developing and underdeveloped countries may find it difficult to use products made up of some beetroot powder content due to their high prices, which may restrain the growth of the market throughout the forecast period.
The highly pigmented vegetable known for its health benefits, beetroot, is a fantastic way to improve your blood's purity and give you more energy. Powerful minerals like folate, vitamin C, fiber, potassium, antioxidants, vitamin B6, manganese, iron, and phosphorus are among those found in abundance in it. Beetroot powder is a perfect natural ingredient frequently used as a face mask because it effectively treats acne without leaving a scar. It works wonders on oily skin. The powder helps stimulate blood flow and is also great for detoxifying your skin. Additionally, it can eliminate free radicals, replenish dead skin cells, and lessen the appearance of wrinkles and pigmentation. It has been demonstrated that the betanin in beetroot, which gives the vegetable its stunning red color, shields cellular components from oxidative damage. This has the effect of delaying aging symptoms and maintaining healthy skin for skin.
Based on product type, the global market is bifurcated into conventional, organic, and others.
The conventional segment is the highest contributor to the market and is expected to grow at a CAGR of xx% during the forecast period, attributed to versatile applications of the beetroot in various booming industries such as food and beverage and the cosmetics industry. The food and beverage sector is the major consumer of beetroot powder.
The organic segment is expected to witness a higher CAGR. The organic segment is expanding at a rapid pace due to changes in lifestyle and consumption of healthy foods. Consuming beetroot has positive physiological effects, according to the U.S. National Institutes of Health (NIH), which may lead to better clinical outcomes for a number of pathologies like hypertension, atherosclerosis, and dementia.
Based on the packaging, the global market is bifurcated into cans, bottles, bags, and others.
The bottling segment is the highest contributor to the market and is expected to grow at a CAGR of xx% during the forecast period. The higher share is linked to the prolonged usage of beetroot powder in a household which requires a sturdy and long-lasting container to preserve the quality. Developed countries are more bound to use bottled products due to their high living standard and more money to spend on quality products.
The bags segment is expected to grow at a significant rate. The bags are recyclable and cheaper to manufacture, which can lower the price of beetroot powder and increase the penetration of the product in coming years. In developing countries, the bags segment is anticipated to grow exponentially due to its lower price and easier of disposal after use. Moreover, small samples can be sold in bags in developing countries, which can increase the consumption of beetroot powder throughout the forecast period.
Based on application, the global market is bifurcated into food, cosmetics, pharmaceuticals, and others.
The pharmaceutical segment is the highest contributor to the market and is expected to grow at a CAGR of xx% during the forecast period, as it is predominantly used in the production of medicines. The increasing research and development on the benefits of beetroot powder are increasing its usage in the development of several organic medicines. According to the Indian Brand Equity Foundation, the pharmaceutical industry in India was valued at USD 42 billion in 2021, and it is projected to reach USD 65 billion by 2024.
The food and beverage segment is expected to grow at a significant rate. The use of beetroot powder in several organic foods and as a flavor for pizza and burgers is expected to increase the growth of the market. Additionally, beetroot powder is utilized in the food and beverage sector as a natural colorant and flavor enhancer. Post-pandemic, the shift in consumption of healthy foods will increase the adoption of beetroot powder in the foods and beverage market over the forecast period.
After the COVID-19 pandemic, there has been a shift in lifestyle among several people, and the adoption of a healthy lifestyle has increased. The health benefits of beetroot powder have increased its popularity among health-conscious people. Nitrates are a component of beet powder in addition to vitamins and minerals. Beets and many other vegetables contain nitrates, which occur naturally. The healthy flow of blood is improved by dietary nitrate. According to studies, beetroot powder may assist individuals in maintaining lower blood sugar levels after meals. People who are obese may benefit from using beetroot powder to increase their insulin sensitivity and lower their blood sugar levels. Although more research is required, these findings may hold promise for those who have diabetes or other blood sugar-related problems.
North American region is the highest contributor to the market and is expected to grow at a CAGR of xx% during the forecast period owing to growing health consciousness, spending for a healthy lifestyle, and increasing demand for organic products. For instance, as stated by Organic Trade Association (OTA), the sales of organic products, both food and non-food, were valued at USD 46.23 billion in 2016, and it grew at 6.4% annually, which accounts for UDS 49.4 billion 2017.
Europe is expected to dominate the global beetroot powder market during the forecast period. This is attributed to the rising demand for beetroot powder from the cosmetics industry, as beetroot powder is becoming an essential ingredient in several cosmetic and personal care products. For instance, statistical information was given by Cosmetic Europe, the personal care association; Europe is the largest market for cosmetic and personal care market, which was valued at USD 87.78 billion in 2017.
The Asia Pacific is likely to witness considerable growth for the beetroot market in upcoming years, attributed to increasing demand for organic products and growing producers of organic food; for instance, according to the Research Institute of Organic Agriculture FiBL, India continues to be the highest number of producers, i.e., 835200, and in addition to that, according to some sources, Beetroot powder is also beneficial for increasing hemoglobin, which is essential for sickle cell patients. India has a large number of sickle cell patients and other hemoglobin-deficient patients, which will increase the use of beetroot powder in several natural medicines throughout the forecast period.
The LAMEA region is expected to witness moderate growth in the global beetroot powder mobility market during the forecast period. The adoption of organic food in UAE, Saudi Arabia, and other oil-rich countries of the gulf is anticipated to contribute heavily to the growth of the beetroot powder market in the region. The economic development in the region of South America is anticipated to increase the consumption of healthy foods, including beetroot powder products owing to its several benefits.
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