Frost & Sullivan Presents Carotenoid Awards, Releases Report

Frost & Sullivan Presents Carotenoid Awards, Releases Report

LONDONKemin Foods (www.kemin.com) received the 2003 Frost & Sullivan Brand Awareness Development Award for the European carotenoid market. The award highlights the companys success in promoting its FloraGLO Lutein.

With its FloraGLO lutein brand, Kemin has exhibited excellent comprehension of competitive market position and has understood the benefits of building brand recognition, said Anna Ibbotson, food research manager with Frost (www.frost.com). Its brand awareness development strategy has greatly contributed to the companys image, market share and profitability.

Frost recognized Kemin for its use of marketing tools such as informational Web sites to generate product and brand awareness among manufacturers and consumers. It further noted Kemins work with finished product manufacturers to include the FloraGLO logo on end products has improved consumer awareness.

Frost also honored Taiwan-based Allied Biotech Corp. (www.altratene.com) with its 2003 Market Penetration Award, recognizing Allied Biotechs performance in capturing market share in the beta-carotene segment of the European carotenoid market. Allied is a relatively new entrant to the synthetic betacarotene segment and has managed to capture market share from both the leading incumbents, Ibbotson said. Allied has done this by adopting competitive pricing and serving strategies, which have challenged the traditional duopoly.

Interestingly, shortly after presenting the awards, Frost released an updated report on the $348.5 million European carotenoid market. The report said limited consumer knowledge about carotenoids health benefits and increased price pressures are the major challenges facing marketers in this area. The firm expects the supplements and fortified foods segment to become the fastest growing segment of the carotenoid market, increasing to 27 percent of market revenue, second to the animal feed segment.

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