[Global] The market for carotenoids has changed dramatically for some product segments in the past four years. Prices have dropped for a number of products while market value has risen for others. In particular, the global market for astaxanthin should see big growth courtesy of a sizeable market and current product innovation, BCC Research reveals in its new report.
The global carotenoid market value was $1.5 billion in 2014 and is expected to reach nearly $1.8 billion in 2019, reflecting a five-year compound annual growth rate (CAGR) of 3.9%.
Carotenoids, which occur in nature, are either derived from botanical material or produced by fermentation or chemical synthesis. They are used as coloring components in foods and feeds, occasionally in cosmetic products, and as physiologically active ingredients in nutritional supplements. Estimates place the number of carotenoids at a few hundred, but only 10 are commercially marketed: annatto, astaxanthin, beta-carotene, beta-apo-8-carotenal and its ester, canthaxanthin, lutein and its isomer zeaxanthin, lycopene and capsanthin/paprika.
Beta-carotene, the most prominent product, had a global market value of $200 million in 2014, down from $260 million in 2010 chiefly from declining prices for oil suspensions and high-concentrated powders. However, the market for beta-carotene is expected to recover and reach $247 million by 2019.
Astaxanthin, the carotenoid widely used to pigment salmon and trout, reached a market value of $369 million in 2014. The global carotenoid market is profiting from astaxanthin’s popularity as a natural nutritional supplement. Companies have invested heavily in research on the effects of algae-derived astaxanthin, preparing the fundamentals for the current growth. Also, production systems for astaxanthin have improved, and the product is available at reasonable prices.
“Market growth rates for natural astaxanthin are so high that production lags behind demand and prices are skyrocketing,” says BCC research analyst Ulrich Marz. “Technological innovations are occurring at an intensity rarely seen during the past decade in the carotenoid sector, ranging from fully controlled tube systems in production to the use of specifically designed microorganisms that can produce astaxanthin in the dark.”
The Global Market for Carotenoids (FOD025E) analyzes the global market for commercial carotenoids, providing insight into production technologies, market developments, and market dynamics. Analyses of global market trends, with data from 2013, estimates for 2014, and projections of CAGRs through 2019 also are provided.
View original article at: Boom in Astaxanthin Supplements Boosting Global Carotenoid Market, According to BCC Research