This BCC Research study reviews the world of commercial carotenoids with the objective to provide a detailed insight into production technologies, market developments, and dynamics, to give producers and users of carotenoids a transparent overview on the current situation and a well-founded outlook until 2019.
Use this report to: - Learn about the industry structure and markets for commercialized carotenoids. - Learn about the principles of production. - Understand government regulations, production technologies, and formulations. - Identify the current and future demand for commercialized carotenoids.
Highlights - The global carotenoid market totaled $1.5 billion in 2014. This market is expected to reach nearly $1.8 billion in 2019, with a compound annual growth rate (CAGR) of 3.9%. - Astaxanthin was valued at $369 million in 2014 and is expected to reach a market share of 24% with a value of $423 million in 2019, increasing at a CAGR of 2.3%. - Capsanthin was valued at $285 million in 2014 and is expected to reach a market share of 21% with a value of $366 million in 2019, increasing at a CAGR of 5.1%.
Introduction & Scope
BACKGROUND This report is an update of the BCC research report FOD025D The Global Market for Carotenoids published in 2011. The main categories of carotenoids are still the same; no new types of carotenoids have come on the market and, with the exception of astaxanthin, no fundamentally new manufacturing technology has been introduced. However, the market for carotenoids over the past four years has changed dramatically for some product segments. Prices have dropped for a number of products while market value has risen for others. Beta-carotene is still the most prominent carotenoid. While consumption has developed organically, products across all types of formulation and origin have seen a big drop in price due to the massive market entry of Chinese manufacturers with high-quality products. The beta-carotene market is currently oversupplied. Synthetic beta-carotene continues to dominate the market and hopes that fermentation-derived beta-carotene would capture a larger market share has not been fulfilled, with beta-carotene from algae practically disappearing from the market.
Lycopene, an antioxidant recommended to prevent prostate cancer, obtained permission from the European Commission (EC) to be used as a food additive and coloring agent years ago, but hopes that such approval would boost the market have not come true. However, consumption in the traditional supplement segment has increased. However, prices have decreased now that many Asian suppliers offer lycopene extracts from tomatoes at acceptable qualities. Consumption of standard astaxanthin, the color of choice for pigmenting fish and shrimp, is expanding in line with the growing aquaculture industry. However, in contrast to other carotenoids, astaxanthin derived from algae is booming as an ingredient for food supplements and prices for such products are skyrocketing. 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.
Canthaxanthin is still the color of choice for providing a red tone in egg yolks and in the pigmentation of salmonid fishes and shrimp. For canthaxanthin, price erosion started early and has not yet been brought to a standstill. Expansion of consumption is moderate and market values are shrinking due to decreasing prices. The lutein supplement market boomed until 2004. Since then, the market has grown at moderate rates. The producer landscape has multiplied, competition among primary lutein producers is fierce, and prices for unrefined feed grade product are still low, although they are mildly increasing. In the supplement segment, lutein enjoys high popularity but prices are declining given the numerous producers in Asia. Isolated zeaxanthin, the stereoisomer to lutein, obtained approval to be sold in 2012, unlocking a substantial market development. Increasing volume sales are causing prices to drop but could also lead to a substantial rise in global market value by 2019. Paprika extracts and capsanthin, a purified coloring component, have for many years provided a red color shade to savory food and poultry feed as an alternative to canthaxanthin. While the spice market is expanding rapidly, the egg coloring market is growing more moderately. Prices for paprika products remain strong and the global market has reached an all-time high.
Annatto, the only carotenoid extracted from the fruits of a tree, has been on the market for decades in various forms. Demand is growing, driven by consumers’ desire for a natural alternative to synthetic colors in pigmenting dairy products with a reddish-orange shade. Due to the expansion of plantations in Latin America as well as Asia, some oversupply has occurred, keeping prices for crude products low.
REASONS FOR DOING THE STUDY The current study reviews the world of commercial carotenoids to provide a detailed insight into production technologies, market developments and dynamics and to give producers and users of carotenoids a transparent overview of the current situation and a well-founded outlook until 2019, based on a historic analysis of production and prices.
INTENDED AUDIENCE BCC Research seeks to provide insight into an industry that is still at the forefront of technology. The report aims to provide producing companies and users of carotenoids in the food, feed and supplement industries with a comprehensive overview of the industry. Strategy and business planning should be easier and more reliable as a result. The report may also help companies and players in other ingredient markets that are considering diversifying into other sectors determine whether carotenoids would be a good fit.
SCOPE OF REPORT The report reviews the global markets for the following commercialized carotenoids: - Annatto - Astaxanthin - Beta-carotene - Beta-apo-8-carotenal - Beta-apo-8-carotenal-ester - Canthaxanthin - Capsanthin and paprika extract - Lutein - Lycopene - Zeaxanthin The report provides a synopsis of the current carotenoid market, shows the relative competitiveness of individual carotenoids and discusses, using quantitative figures, the relevance of different production systems, application segments, regional distribution and dominant players.
One chapter comprehensively discusses the different modes of carotenoid production, contrasting chemical synthesis, fermentation systems and extraction from botanical sources. A general outline is provided on current trends in the major application sectors of carotenoids, food, feed and nutritional supplements. The product section discusses markets and market trends for each carotenoid in detail. The report identifies each product, , discusses commercial formulations and reviews current regulatory status in the major markets. Consumption data from 2014-2019 identifies trends and determines the position of the product at the sigmoid life cycle curve. Similarly, long price series allow the analysis of trends and of possible inflexion points. The chapter on marketing strategies and market shares of major players provides an overview of the current situation and as well as a forecast of future trends, prices, consumption and market values by 2019.
The methodology applied in this report is based on both the analysis of the manufacturing industry and 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. The report identifies application trends from past years and analyzes company strategies and behavior. Insight into usage patterns is provided, leading to preliminary estimates on quantities used and market values of specific products. Such information is cross-checked with production data from manufacturers. A detailed analysis of manufacturing patterns provides 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 through 2019.
METHODOLOGY AND INFORMATION SOURCES Both, primary and secondary research methodologies were used to prepare this study. Public information, with the exception of production volumes and technologies on carotenoids, is quite vast. Aside from company reports, product brochures and other published documents, direct contact between the analyst and representatives of the relevant industry provides reliable and quantitative information on all aspects of carotenoids, ensuring the high quality of this report.
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