The Global Market for Carotenoids
The current market value of commercially used carotenoids is estimated at nearly $1.2 billion in 2010, with a chance to grow to $1.4 billion in 2018 with a compound annual growth rate of 2.3%.
This report reviews the global market of the commercialized carotenoids:
- Capsanthin and paprika extract
The report starts with a synopsis of the current carotenoid market, and goes on to show, in quantitative figures, the relevance of different production systems, application segments, regional distribution, and dominating players.
Before entering into the product sections, a separate chapter comprehensively discusses the different modes of carotenoid production, contrasting chemical synthesis, fermentation systems, and extraction from botanical sources. A general outline on the current trends in the major application sectors of carotenoids, food, feed, and nutritional supplements, leads to the product sections that discuss markets and market trends of each carotenoid separately and in detail. In each case, product identities are given, typical data sheets of commercial formulations are provided, and the current regulatory status in the major markets is reviewed. The long time series of consumption data allow the identification of trends and particularly the determination of the position of the product at the sigmoid life cycle curve. Similarly long price series allow the analysis of trends and of inflexion points. The chapter on marketing strategies and market shares of major players concludes the overview on the current situation, and leads to the forecast of future trends, prices, consumption, and market values in 2018.
The methodology that is applied in this report is based on both an analysis of the manufacturing industry and of the user community. The user community is composed of companies active in the typical application segments of food, feed, and supplements and, to a smaller extent, cosmetics. Application trends over the past years are identified and company strategies and behavior analyzed. Insight into usage patterns are provided, leading to preliminary estimates on quantities used and of market values of specific products. Such supplemented and adjusted information is crosschecked with production data from manufacturers. The detailed analyses of manufacturing patterns also provide information on formulation trends and on how products are marketed. Considering framework conditions that affect future demand, estimates on developments in specific carotenoids are provided, leading to forecasts up through 2018.
Dr. Ulrich März graduated in 1984 as an agro-economist from the University of Stuttgart, Germany. After 10 years working in the fine chemical industry, Dr. März started an independent consulting business for the food, feed, and agro-processing industry. His specialities are the evaluation of the food, feed, and supplement ingredient markets, the design and market introduction of biotechnologically derived products as well as the economics of fermentation processes. For more than a decade, Dr. März has authored a number of BCC technical market reports.
- The global market for carotenoids was $766 million in 2007. This is expected to increase to $919 million by 2015, a compound annual growth rate (CAGR) of 2.3%.
- 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%.
- Most carotenoids are still produced by chemical synthesis and will remain so over the study period.
The current worldwide market value of all commercially-used carotenoids is estimated at $887 million for 2004 and expected to rise at an average annual growth rate (AAGR) of 2.9% to just over $1 billion.
The largest outlet will remain feed, mainly because of the outstanding importance of astaxanthin and canthaxanthin.
The market value of beta-carotene was estimated at $242 million in 2004. Increasing competition from Asia has resulted in price pressure that will result in a very moderate 2.9% AAGR through 2009. Food still is the most important outlet, where it is widely used as a color.
The big marketing success of recent years is lutein when it was demonstrated that it could help reduce age-related macular degeneration. This pushed lutein’s market value up to $139 million in 2004.
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.