The Global Market for Carotenoids

According to a new technical market research report, The Global Market for Carotenoids (FOD025C) from BCC Research, the global market for carotenoids was worth $766 million in 2007. This is expected to increase to over $919 million by 2015, a compound annual growth rate (CAGR) of 2.3%.

The market is broken down into applications of astaxanthin, beta-carotene, canthaxanthin, annatto and others including lycopene, lutein, zeaxanthin, apo-carotenal and apo-ester. Of these, beta-carotene has the largest share of the market. Valued at $247 million in 2007, this segment is expected to be worth $285 million by 2015, a CAGR of 1.8%. The food segment is no longer the main outlet for beta-carotene but has been replaced by supplements. North America is now the main market for beta-carotene.

Astaxanthin, the carotenoid widely used to pigment salmon and trout, is the second largest carotenoid, with a market value of $219 million in 2007. It should reach $$253 million by 2015 for a CAGR of 1.8%. Astaxanthin from algae has become very popular and is used in a number of different supplements. While the overall supplement market for astaxanthin is still very small, it is expected to have stronger growth than feed over the study period.

Canthaxanthin, traditionally used to give the red shade to egg yolks, substantiated its position in coloring fish and shrimps. Price pressure has been so high over the past few years in this segment that the market value decreased from 2004 to $107 million in 2007. Market value is expected to be only minimal through 2015 and reach $110 million, for a CAGR of 0.3%.

Annatto\'s value was $75 million in 2007 and should reach $95 million in 2015, for a CAGR of 3%. Annatto enjoys increasing popularity in food coloring, primarily in North America and Japan.