WELLESLEY, Mass.—The global market for carotenoids is expected to hit $919 million by 2015, according to a new report from BCC Research. According to the market research firm, in 2007, the carotenoid market was worth $766 million, and is on track to grow at 2.3 percent annually over the next eight years.
The report, “The Global Market for Carotenoids,” breaks down the market into applications of astaxanthin, beta-carotene, canthaxanthin, annatto, lycopene, lutein, zeaxanthin and others. Beta-carotene holds the largest share of the market, posting sales of $247 million in 2007, primarily to the dietary supplement arena, with North America as the main market for beta-carotene. Astaxanthin came in second, with a market value of $219 million in 2007, and a projected compound annual growth rate (CAGR) of 1.8 percent through 2015. BCC expects astaxanthin to have stronger growth in the dietary supplement market compared to the growth in the feed area, which is where it is primarily used to pigment salmon and trout.
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