The Global Market for Carotenoids
The global carotenoid market is estimated to be $786 million, out of which food applications account for $209 million, feed applications for $462 million and pharmaceutical and OTC applications for $115 million.
The most important types of carotenoids are astaxanthin, with 28% of total sales, and b-carotene with a similar share. The third largest carotenoid is canthaxantin, with 19% of total sales. All other carotenoids show sales volumes in the range of $10 million to $80 million.
The global carotenoid market is supposed to increase to over $900 million in 2005. It is expected that the use of carotenoids will grow in all application segments, but mostly in the OTC sector as these products are among the most prominent for health conscious consumers.
STUDY GOAL AND OBJECTIVE
As all world markets have become less insular, globalization is increasing and international competition is rising, the need for substantiated qualitative and quantitative information increases. This applies especially for those products for which the market is either booming already or for which market potentials are high. Such ingredients are basically found in the food and pharmaceutical area, as these sectors still grow much faster than related markets, such as the feed or industrial chemical areas. Examples of highly demanded ingredients are the carotenoids. For many years, the most prominent representative of carotenoids, b -carotene, has been used as a food color. Additionally, due to the anti-oxidative properties of carotenoids, the OTC sector has become one of the fastest growing outlets for such products. Also, the feed area is still a large sector, demanding a whole range of carotenoids to color fish, broiler and eggs.
Some of the carotenoids have been on the market for more than 20 years and are used extensively in food coloring. In recent years carotenoids have also gained outstanding importance in the nutraceutical and OTC field as many studies confirm their anti-oxidative properties and the effects on the health status of older people. In many industrialized countries, the population is aging, and with an increasing standard of living, the consciousness of health increases also, which drives the markets for products beneficial for health. Carotenoids play an outstanding role in that sector.
Surprisingly, despite their enormous importance in food, pharma and feed, concise market information on carotenoids is not readily available. One of the reasons might be that the producing industry is relatively concentrated and companies are very secretive on carotenoids, as they still yield high turnover and profit rates.
Most of the carotenoids are still produced by chemical synthesis. However, for some of them fermentation routes are already available, and may in the long run develop into the production technology of choice. Also, some of the carotenoids are extracted competitively from plants and are a constant threat to the synthetic analogous. Carotenoids as such have not become a commodity yet. Products are not sold only on price. It is usually a system of product and formulation know-how which is sold. This is one of the reasons why prices for most of the carotenoids are fairly stable.
The present study reviews the world of carotenoids with the objective not only to provide producers of carotenoids with an overview on the current market situation, but especially to give users of carotenoids a transparent picture of the types of carotenoids produced, their applications, formulations available, quantities sold and price trends.
REASONS FOR DOING THE STUDY
This report reviews the global markets for most of the commercialized carotenoids:
- Annatto (bixin/norbixin),
- β -carotene,
- β -apo-8-carotenal,
- β -apo-8-carotenal-ester,
- Lycopene and
The report reviews the markets for these products and indicates future developments in the main application sectors. It shows the development of quantities and prices for each carotenoid, identifies formulation trends and extrapolates the future development of the market for each carotenoid. Potentially new carotenoids just at the research stage now are also reviewed, and their possible inroad in specific markets discussed. The company section characterizes the most important producers, indicates their market shares and positions, and lines out their product strategies and the importance of carotenoids for their overall .
CONTRIBUTION OF THE STUDY
BCC Incorporation seeks to provide insight into an industry which is in the forefront of technology, but behaves very secretively. The report intends to assist producing companies, especially applicants of carotenoids in the food, feed and pharmaceutical industry, by providing them with a comprehensive overview of the carotenoid industry. Strategy and planning may become easier and more reliable. The report may also help companies and players in other ingredient markets in their considerations for diversification into attractive and well fitting sectors, one of which may be carotenoids.
SCOPE AND FORMAT
After a review of the relevant ingredient markets and their environment, each carotenoid is discussed in relation to its application. Product identity, sources in nature and main elements of production technology are shown first, followed by the presentation of main formulations, sales and price developments and current and future developments until the year 2005. The company section lines out in detail market shares for individual players and describes how they try to manage their es.
The methodology which is applied in this report is based on:
- Analyses of the markets in which carotenoids are used. Structure and trends of these markets are identified.
- For each of the so defined application fields, the most important carotenoids as well as competing products are identified, and volumes and values are estimated.
- Price trends complete the picture.
Public information on carotenoids is quite vast. Also, producing companies distribute technical information. In addition to company reports, product brochures, trade journals and many other food, feed and pharma journals, it is, however, the direct contact with representatives of the relevant industry that produces reliable and quantitative information on carotenoids, ensuring the high quality of this report.