Canthaxanthin Market Outlook
According to a new report by Expert Market Research titled, “Canthaxanthin Market Size, Share, Analysis, Report and Forecast 2024-2032″, the global canthaxanthin market is supported by the growth of carotenoids market. Aided by its extensive applications in various sectors, the carotenoids market is expected to grow in the forecast period of 2024-2032 at a CAGR of 4.5%.
Canthaxanthin is a naturally occurring carotenoid pigment with a distinct reddish-orange colour, commonly found in mushrooms, crustaceans, and certain fish species. Beyond its colorant properties, canthaxanthin is known for its antioxidant activities and is used in various industries including food, feed, cosmetics, and pharmaceuticals.
The primary driver of the canthaxanthin market growth is its widespread use in the aquaculture industry, especially in salmon and trout farming. Canthaxanthin is added to fish feed to enhance the colour of the fish flesh, which is a significant quality parameter for consumers. Additionally, the increasing popularity of naturally derived colorants over synthetic ones in food and beverages is fuelling the market growth. As consumers become more health-conscious and prefer clean-label products, the demand for natural additives like canthaxanthin increases.
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As per the canthaxanthin market analysis, canthaxanthin is used as a colouring agent in products like egg yolks, chicken skin, and certain baked goods to enhance their visual appeal. Its application in poultry farming to deepen the yolk colour of chicken eggs is another significant market segment.
In the pharmaceutical sector, canthaxanthin is utilised for its antioxidant properties and potential health benefits. It is studied for its role in improving immune response and reducing oxidative stress. The cosmetics industry also leverages canthaxanthin, particularly in sun care products, due to its skin-protective properties.
Geographically, the canthaxanthin market is segmented into regions like North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Europe holds a substantial portion of the canthaxanthin market share, attributed to the well-established aquaculture industry and stringent regulations favouring natural additives. The Asia Pacific region, with its growing food and beverage industry and expanding aquaculture activities, especially in countries like China and India, is anticipated to witness significant growth.
The market is experiencing a trend towards sustainable and ethical sourcing of natural ingredients, which is influencing production methods. Technological advancements in extraction and synthesis methods are also contributing to market growth, making canthaxanthin more accessible and cost-effective.
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Canthaxanthin Market Segmentation
The market can be divided based on source, application, and region.
Market Breakup by Source
- Natural
- Synthetic
Market Breakup by Application
- Food and Beverages
- Animal Feed
- Cosmetics and Personal Care
- Pharmaceuticals
- Dietary Supplements
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global canthaxanthin market. Some of the major players explored in the report by Expert Market Research are as follows:
- BASF SE
- Koninklijke DSM N.V.
- Xi’an Wellgreen Technology Co., Ltd.
- Others
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