The new report by Expert Market Research titled, ‘Global Canthaxanthin Market Size, Share, Growth, Trends, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the Global Canthaxanthin Market, assessing the market based on its segments like product, application, end use and major regions like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020 ): USD 1.53 billion
- Forecast CAGR (2023-2028): 4.5%
- Forecast Market Size (2026): USD 2 billion
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The global Canthaxanthin market grew steadily over the last few years, owing to increased demand for cosmetics and personal care products, as well as widespread adoption in animal feed applications.
Canthaxanthin Industry Definition and Major Segments
Canthaxanthin is a naturally occurring and synthetically generated colour that is a keto-carotenoid pigment and a powerful lipid soluble antioxidant. It has been found in sea trout, algae, salmon, mushrooms, and numerous flamingo species, among others.
It can be made synthetically from acetone. It is commonly found in pharmaceuticals, cosmetics, and food colouring. It is also used in animal feed to enhance the colour of chicken skins, egg yolks, and salmons, among other things.
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The major sources of canthaxanthin are:
- Natural
- Synthetic
The market, on the basis of its applications, can be categorised into:
- Food and Beverages
- Animal Feed
- Cosmetics and Personal Care
- Pharmaceuticals
- Dietary Supplements
The regional market for Canthaxanthin includes:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Canthaxanthin Market Trends
Globally, because of increased skincare knowledge in nations such as the United States and Canada, canthaxanthin is commonly utilised in North America. Carophyll Red, a DSM Canthaxanthin supplement, has been labelled as Generally Recognized as Safe (GRAS). The US Food and Drug Administration has designated this supplement as a nutritive antioxidant for promoting the growth of chicken embryos (FDA).
Canthaxanthin is well accepted and has been approved for use in a number of nations. Canthaxanthin is also used in Asia Pacific countries such as China, India, Japan, and Australia. It is due to increased urbanisation and health and personal hygiene awareness.
Authorities in Japan and Europe have shown its safety by establishing Acceptable Daily Intake (ADI) levels to assure a low negative impact. Countries in Latin America, the Middle East, and Africa like canthaxanthin, and the market in these countries is expected to grow in the forecast period.
Cosmetics and personal care products contain canthaxanthin. As a result, rising demand for cosmetics and personal care goods, as well as increased consumer knowledge, are important drivers of market growth.
Canthaxanthin pills are also used to treat skin problems and as tanning supplements. The increased demand for natural food colourants is also assisting the industry’s expansion. Furthermore, the desire for visually appealing and high-quality poultry products boosts the need for canthaxanthin inclusion in animal feed, propelling market expansion.
Certain constraints and impediments will be faced, limiting total market expansion. Factors such as excessive oral canthaxanthin consumption cause a variety of negative effects in people, including blood problems and partial blindness.
Furthermore, rigorous regulatory and licencing criteria are significant restrictions on the worldwide Canthaxanthin market’s overall growth. Nonetheless, technological advancements and untapped potential in new markets provide excellent growth chances, in the forecast period.
Key Market Players
The major players in the global market are BASF SE, Koninklijke DSM N.V., Xi’an Wellgreen Technology Co., Ltd., among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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