Carotenoids market

Natural carotenoids meeting consumer needs

In 2014, the world market for carotenoids amounted to 1.4 billion dollars for a volume of approximately 1,400 metric tons

With an expected growth rate of 3.5%, the market should reach 1.8 billion dollars for 1,800 metric tons by the year 2020. It is dominated by two major players, the chemical manufacturers BASF and DSM, which together account for 55% of the world market.
Europe is the main market with 42% of the world total, amounting to 440 million dollars in 2014. It is followed by North America and Asia, which respectively account for 25% and 20% of the world total. Between now and the year 2020, Asia will have the fastest growth with a growth rate of 3.7%, followed by Europe with an expected 3.6%.

Synthetic and natural carotenoids

Synthetic carotenoids from the chemical industry accounted for 76% of the market in 2014. The remaining 24% were natural carotenoids from extraction and fermentation. This second category will have the strongest growth between now and the year 2020 (3.9%) in response to the increasing consumer demand for natural products.

Synthetic carotenoids sell for between $250 and $2,000/kg, whereas natural carotenoids sell for between $350 and $7,500/kg. These wide price ranges are the result of the fact that several carotenoids have become commodities (such as lutein and beta-carotene), while others (such as lycopene and analogous compounds) have maintained their very high added value. DEINOVE obviously focuses on natural carotenoids.

Segmentation by application

Today, carotenoids are mainly used as additives and dyes in human and animal foods (aquaculture, poultry farms). Animal feed is the main segment, with a 47% market share in 2014 and a 3.4% growth rate expected between now and 2020. Human food accounted for 38% of the market in 2014.

These ingredients also enjoy many health claims (preventing cancers and ophthalmological problems, preserving memory, bone and skin health, etc.) and are therefore increasingly used in the dietary supplement market: 18% of the market in 2014. This segment will have the highest growth rate in the coming years (3.7%).

Lastly, there are uses in the cosmetics industry, notably in the market for face care (anti-aging) and skin care (whitening agents, sun screen, etc.). This segment should show good growth (3.2%) between now and 2020, notably due to the expansion of the cosmetics market in Latin America and Asia.

Carotenoids are therefore highly interesting molecules with applications in the various markets targeted by DEINOVE.

The worldwide carotenoid market is expected to reach $1.8 billion in 2020, distributed as follows

  • Sales price: €300-€3,000/kg

  • Production price: €200-€600/kg

 

> More information on our Carotenoids program


Sources:
« The global market for carotenoids » - BCC Research, 2015
“Carotenoids market by type, by source, by application and by region – Global trends and forecast to 2019” – MarketsandMarkets, 2015