By 2018 it is expected that the commercial carotenoid market will be worth over $1.4 billion, having grown at 2.3% CAGR from $1.2 billion in 2010, according to a new report available from companiesandmarkets.com. This gradual growth forecast is attributed to price rises across the sector, triggered by low availability of raw materials.
The Global Market for Carotenoids
Carotenoids are used in the food, feed, and supplement industries for their antioxidant and immune system enhancing properties, amongst many others. The following commercially available carotenoids are discussed at length within the report: annatto astaxanthin; beta-carotene; beta-apo-8-carotenal; beta-apo-8-carotenal-ester; canthaxanthin; capsanthin and paprika extract; lutein; lycopene, and zeaxanthin.
The largest market for an individual carotenoid is that of beta-carotene: worth $250 million in 2007, $261 million in 2010 and forecast to reach $334 million by 2018. Raw ingredient price rises since 2007 have prompted market expansion.
The fastest growing carotenoid market is lutein, which had a 2010 valuation of $233 million and is expected to grow at 3.6% to 2018, at which point it will have an estimated worth of $309 million. This market has enjoyed rapid expansion due to the fact that there has been a shortage in the materials required for its production.
Canthaxanthin - used for providing red tones to eggs and seafood - is a carotenoid market in decline, and will endure further setbacks when it is eventually banned for food use by the EU, which is likely to happen in the very near future.
The carotenoid market is consolidated in nature, dominated by just a few global players. A significant number of companies have exited the industry and there have also been a number of mergers and acquisitions, such as BASF's acquisition of Cognis and DSM's 2011 takeover of Vitatene.
The September 2011 carotenoid research piece includes 189 pages of insight into the carotenoid market, including statistics for the period 2010-2018. It provides a comprehensive overview of the carotenoid industry, split by region, application type, production method and key market players.
Report Details can be found here.