World Carotenoids Market to Reach US$ 1.06 Billion by 2010 – Report

26/07/07 The world carotenoids market stands enthused by the growing interest in healthy diets, the rapidly aging population and revolutionary changes in eating habits in favor of natural and fortified food products, says a report from Global Industry Analysts, Inc. Food and pharmaceutical end-use sectors are expected to present growth opportunities on a platter, given the rising importance of antioxidants in these markets. Over-the-counter health supplements, as an end-use sector, is also expected to generate demand for carotenoids, driven largely by new research studies which highlight the benefits of carotenoids in allaying the risk of developing diseases such as AMD (age related macular degeneration). Innovations in commercializing cheaper sources of carotenoids are expected to reduce the cost of producing carotenoids. Ocean Nutrition Canada, for instance, is presently probing the possibility of extracting carotenoids and co-enzyme Q10 from marine microbial species such as Thraustochytrids. Indian researchers recently made headway in extracting carotenoids, particularly lutein from green colonial microalgae. This represents a shift away from plants as the conventional and most predominant source of carotenoids.

As stated by the recent report published by Global Industry Analysts, Inc., Beta-carotene is the largest product group dominated by Europe with a 43.3% share in the year 2006. The United States is however expected to post relatively higher growth with market value projected to rise by US$ 8.59 million between the period 2007 to 2010. World astaxanthin market stands poised to reach US$219.03 million by the year 2010, with the United States leading growth with a CAGR of 4.28% over the analysis period of 2000 through 2010. Sales of lutein, and canthaxanthin, together, are expected to rise by US$28.8 million between the period 2007 to 2010, with Europe posting the strongest growth in the lutein market.

Demand for carotenoids in the animal feed market, which is the largest end-use application area, is expected to remain subdued with global growth averaging to just 1.7% over the analysis period. Highest growth is expected to stem from the pharmaceutical end-use market, which flaunts the potential to reach US$ 137.6 million by the year 2010. The food industry, as an end-use application market, also exhibits promising potential, with demand expected to rise by US$ 46 million between the period 2007 to 2010.

Leading global and regional players operating in the industry include BASF AG, DSM, Kemin Industries Inc., Cognis Group, Valensa International, Phytone Ltd, LycoRed Natural Products Industries Ltd., Carotech Bhd, Chr. Hansen A/S, and Allied Industrial Corporation Ltd, among others.

The report titled "Carotenoids: A Global Strategic Business Report" published by Global Industry Analysts, Inc., provides a comprehensive review of technology trends, research and development trends, market drivers, issues, and challenges.