Global Canthaxanthin Market Size By Source (Natural, Synthetic), By Application (Food Additive, Feed Additive), By Geographic Scope And Forecast

Canthaxanthin Market Size And Forecast

Canthaxanthin Market size was valued at USD 1.67 Billion in 2022 and is projected to reach USD 2.39 Billion By 2030, growing at a CAGR of 4.57% from 2024 to 2030.

Canthaxanthin transfers multiple advantages such as reduction of sunlight sensitivity in people suffering from erythropoietic protoporphyria (EPP). Sunlight can produce skin allergies such as eczema, rashes, and itching in patients. Skin reactions have increased in product sales, supporting market growth. The Global Canthaxanthin Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Canthaxanthin Market Definition

Canthaxanthin is a keto-carotenoid shade and a highly strong lipid-soluble antioxidant that occurs naturally and is also made synthetically. It is distinguished in ocean trout, green growth, salmon, mushroom, and a few types of flamingo, among others. It tends to be artificially delivered from CH3)2CO. It is largely utilized in drugs, cosmetics, and food shading. Canthaxanthin from engineered sources is widely utilized for creature feed and is sold for an enormous scope all around the world.

It is sourced from petrochemicals and gives shading pigmentation to fishes and skin shading to chickens. It is likewise added to creature feed to improve the shade of chicken skins, egg yolks, and salmons, among others. The Carotenoid shade is exceptionally requested from the food business as an allowed shading added substance in a few food items, for example – frozen yogurts, prepared merchandise, ketchup, natural product drinks, hotdog items, and numerous others and thus assisting the market to grow.

Global Canthaxanthin Market Overview

The growth of the Canthaxanthin Market is attributed to the growth of the canthaxanthin industry. Canthaxanthin is a group of pigments accountable for the production of red, bright yellow, and orange shades in vegetables, plants, and fruits. The most common use of the keto carotenoid canthaxanthin is as animal feed and an essential component of aquafeed and pet food. When supplemented in poultry feed, it not only gives yolks a good pigmentation but also develops the bird’s health and expands the life of the egg.

Furthermore, it decreases carbon footprints and increases sustainability. Besides being an effective food color doer, canthaxanthin is also associated with nutraceutical importance. It has also been a food additive and cosmetic colorant. The increasing demand for dietary supplicants in various developed countries such as Japan, South Korea, the United States, Canada, and Germany has positively anticipated in propelling the growth of the Global Canthaxanthin Market.

There are certain limitations and obstacles encountered that will restrict the overall market growth. The factors such as extensive oral use of canthaxanthin lead to various adverse effects on humans, such as blood disorders and partial blindness. Further, stringent regulatory and approval norms are the potential restraints hampering the overall growth of the Global Canthaxanthin Market. Nevertheless, the constant improvements in technologies and untapped potential in emerging markets offer favorable growth opportunities.

Further, it also functions as a skin tone enrichment and decreases photosensitivity caused by different diseases, medications, and other diseases. It is practiced in the treatment of various skin problems, such as melasma, pigmentation disorder, vitiligo, skin lesions, and carotenemia. The large oral use of canthaxanthin, however, can lead to adverse impacts on humans, such as blood sicknesses and partial blindness. This will provide lucrative growth opportunities during the forecast period.

Global Canthaxanthin Market Segmentation Analysis

The Global Canthaxanthin Market is Segmented on the basis of Source, Application, and Geography.

Canthaxanthin Market, By Source

• Natural
• Synthetic

Based on Source, the market is bifurcated into Natural and Synthetic. The natural segment holds the largest market share during the forecast period. It is primarily found in foods including fish, eggs, and mushrooms. Canthaxanthin is a naturally occurring pigment found in various sources such as certain plants, algae, fungi, and some marine organisms. Synthetic canthaxanthin has been used in various applications, such as a color additive in food and beverages, as well as in the cosmetic and pharmaceutical industries. It offers a consistent and reliable source of the pigment, ensuring a standardized coloration in products.

Canthaxanthin Market, By Application

• Food Additive
• Feed Additive
• Cosmetics and Personal Care

Based on Application, the market is bifurcated into Food Additive, Feed Additive, and Cosmetics and Personal Care. The feed additive segment holds the largest market share during the forecast period. Carotenoids are widely applied in animal nutrition products due to their coloring properties and are consolidated in feed to pigment the egg yolks, broiler skin, fishes, and crustaceans. These also help in boosting immunity and improve the health of livestock by improving the quality of nutrition.

Canthaxanthin Market, By Geography

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America

Based on regional analysis, the Global Canthaxanthin Market is classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific region was anticipated to have a considerable impact on the Global Canthaxanthin Market. The Asia Pacific region is home to a large and fast growing population, with countries like China and India being major contributors. The demand for processed foods, beverages, and cosmetics—many of which include canthaxanthin as a color additive—increases along with the population. Consumer lifestyles and preferences have changed as a result of economic development and increased disposable incomes in countries throughout the Asia Pacific area. The demand for canthaxanthin has increased as a result of the rise in consumption of processed foods, functional beverages, and cosmetics and personal care items.

Key Players

The “Global Canthaxanthin Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Novepha Company, Guangzhou Wisdom Biotechnology, DSM, BASF, Novus International, Zipont Chem Tech, Wellgreen Technology Company Limited, Parchem, Koninklijke DSM N.V., Xi’an Wellgreen Technology Co., Ltd.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Canthaxanthin Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the Global Canthaxanthin Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-