Global carotenoid market to hit a new high

By Alex McNally

- Last updated on GMT

Related tags: Carotenoids, Antioxidant

The world carotenoid market is expected to reach €0.77bn ($1.06bn)
by 2010 as consumers continue to look for natural ingredients, a
new report has predicted.

Demand for the antioxidant is being driven by rising health concerns and an aging population, according to Global Industry Analysts' "Carotenoids: A Global Strategic Business Report.​" The report breaks down which parts of carotenoids are expected to receive the biggest boost over the next three years, with lutein doing particularly well in Europe. According to Global Analysts, growth of beta-carotene, which is the largest product group dominated by Europe with a 43.3% market share in the year 2006, is expected to be surpassed by the US. The United States is expected to post relatively higher growth with market value projected to rise by €6.3m ($ 8.59m) between 2007 and 2010. Beta-carotene is believed to exert a protective effect on cells, and scavenge toxic molecules called free-radicals, which cause oxidative stress and can lead to DNA cell damage. The world astaxanthin market stands poised to reach €159m ($219m) by the year 2010. Sales of lutein, and canthaxanthin, together, are expected to rise by €20.9m ($28.8m) between 2007 and 2010, with Europe posting the strongest growth in the lutein market. The highest growth is expected to stem from the pharmaceutical market, which has the potential to reach €100m ($ 137.6m) by 2010. More market opportunities for companies in the medium to long term are expected, as research over alternate sources of carotenoids continues, and developments are made in extraction technologies. Growth is also expected in developing countries, including China, India and Malaysia. Food and pharmaceutical firms are expected to present growth opportunities, because of the rising importance of carotenoids and their antioxidant potential to consumers. Earlier this month Israeli firm Algatechnologies stepped closer to expand its AstaPure astaxanthin further into Europe, with the ambition to market the algal extract as an ingredient to food supplement manufacturers. The benefits of astaxanthin are said to be numerous, and include enhancing eye health, improving muscle strength and endurance and protecting the skin from premature ageing, inflammation and UVA damage. It has also been suggested that Astaxanthin has a free radical fighting capacity worth 500 times that of vitamin E. Over-the-counter health supplements area 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 age related macular degeneration (AMD).

Related topics: Suppliers, Antioxidants/carotenoids

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