January 5, 2004
Frost & Sullivan Presents Carotenoid Awards, Releases ReportLONDONKemin Foods (www.kemin.com) received the 2003 Frost & Sullivan Brand AwarenessDevelopment Award for the European carotenoid market. The award highlights thecompanys success in promoting its FloraGLO Lutein.
With its FloraGLO lutein brand, Kemin has exhibitedexcellent comprehension of competitive market position and has understood thebenefits of building brand recognition, said Anna Ibbotson, food researchmanager with Frost (www.frost.com). Its brand awareness development strategyhas greatly contributed to the companys image, market share andprofitability.
Frost recognized Kemin for its use of marketing tools such asinformational Web sites to generate product and brand awareness amongmanufacturers and consumers. It further noted Kemins work with finishedproduct manufacturers to include the FloraGLO logo on end products has improvedconsumer awareness.
Frost also honored Taiwan-based Allied Biotech Corp. (www.altratene.com) with its 2003 Market Penetration Award, recognizing AlliedBiotechs performance in capturing market share in the beta-carotene segmentof the European carotenoid market. Allied is a relatively new entrant to thesynthetic betacarotene segment and has managed to capture market share from boththe leading incumbents, Ibbotson said. Allied has done this by adoptingcompetitive pricing and serving strategies, which have challenged thetraditional duopoly.
Interestingly, shortly after presenting the awards, Frostreleased an updated report on the $348.5 million European carotenoid market. Thereport said limited consumer knowledge about carotenoids health benefits andincreased price pressures are the major challenges facing marketers in thisarea. The firm expects the supplements and fortified foods segment to become thefastest growing segment of the carotenoid market, increasing to 27 percent ofmarket revenue, second to the animal feed segment.
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