In 2023, the size of the global canthaxanthin market is anticipated to surpass a valuation of US$ 125.9 million. It is anticipated to expand even more between 2023 and 2033 at a CAGR of 6.9%. By the end of 2033, it’s expected to reach US$ 245.3 million.
The growth of the convenience and processed food sectors is one of the vital factors anticipated to fuel growth in the global canthaxanthin industry. Demand for canthaxanthin is probably going to increase as the sector grows in numerous emerging nations throughout the world.
Different foods gain brilliant color from canthaxanthin, which increases their visual attractiveness to consumers. This capability has allowed its use to be broadened to include baked items, dairy products, confections, and beverages.
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It is well-liked in the cosmetic sector since it has skin tanning and bronzing effects. Canthaxanthin has become a highly sought-after ingredient in cosmetic formulations as a result of the growing trend toward getting ingredients from natural and sustainable sources.
Canthaxanthin has rising uses in the pharmaceutical and nutraceutical sectors in addition to its use in the food and cosmetics sectors. Researchers are interested in it owing to its antioxidant characteristics and potential health benefits, including its ability to protect against oxidative stress and preserve eye health.
Canthaxanthin has a wide range of uses in several sectors, which has inspired producers to adopt a combination of technologies to meet the rising demand from various end users. For instance, purification processes and contemporary filtration techniques help regulate contaminants and pollutants, producing a high-quality finished good.
Key Takeaways:
- The global canthaxanthin industry expanded at a CAGR of 5.3% from 2018 to 2022.
- China canthaxanthin market is expected to reach a valuation of around US$ 30.3 million by 2033.
- The United States canthaxanthin industry is projected to witness a 6.9% CAGR from 2023 to 2033.
- The United Kingdom canthaxanthin market is anticipated to surge at a 4.8% CAGR in the next ten years.
- Based on nature, the synthetic canthaxanthin segment is expected to hold a significant market share of 83.7% in 2033.
“There is a growing demand for natural pigmentation solutions in the food and cosmetic sectors. In order to meet this growing demand, canthaxanthin manufacturers need to engage in innovations and strategic partnerships,” – says a lead analyst at Future Market Insights (FMI).
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Competitive Landscape:
Canthaxanthin manufacturers would focus on developing new and improved formulations, enhancing the quality and purity of their products. They can also find innovative ways to incorporate canthaxanthin into various applications. This could involve research and development efforts to optimize production processes or explore new applications for canthaxanthin in different sectors.
Manufacturers might also explore new geographical markets or target specific customer segments to expand their customer base. This could involve entering new regions or countries where canthaxanthin demand is growing. They could also target sectors that have a high potential for canthaxanthin usage such as food, pharmaceuticals, or cosmetics.
Collaborating with other companies in the value chain such as suppliers, distributors, or end users, can be a strategy to strengthen market presence. A few manufacturers might form partnerships to improve supply chain efficiency, enhance distribution networks, or gain access to new markets.
For instance,
- DSM is a global science-based company that specializes in health, nutrition, and sustainable living solutions. DSM Nutritional Products, a subsidiary of DSM, is involved in the production and distribution of a wide range of nutritional ingredients, including canthaxanthin. They offer canthaxanthin products for various applications such as food, beverages, dietary supplements, and animal nutrition.
- BASF is a multinational chemical company headquartered in Germany. It is a leading supplier of chemicals, plastics, performance products, and agricultural solutions. BASF offers a diverse range of products, including canthaxanthin, which is used in the food & beverage sector for colouration purposes. It provides canthaxanthin products that comply with regulatory requirements and meet high-quality standards.
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Future Market Insights (FMI) presents an independent analysis of the global canthaxanthin industry in its new offering, including historical demand data (2018 to 2022) and projected figures for the period 2023 to 2033.
The study incorporates compelling insights on the canthaxanthin industry based on nature (natural and synthetic) and end use (beverage, bakery, candy/confectionery, dairy, meat, poultry, fish, & eggs, sauces, soups, & dressings, seasonings, dietary supplement, pharmaceuticals, and pet food) across various regions.
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Key Companies Profiled:
- Allied Biotech Corporation
- BASF SE
- DSM
- ROHA (A JJT Group Company)
- Sensient Colors LLC.
- Divi’s Laboratories Limited.
- Zhejiang NHU Company Ltd
- Zmc Gmbh
- NOVUS INTERNATIONAL
- Healtheway Xi‘an Biotechnology Co.Ltd
- Guangzhou Juyuan Bio-Chem Co., Ltd.
- Lemnaceae Fermentation Inc
- Biosynth
- Emd Millipore Corporation
- FOODCHEM
- INDOFINE CHEMICAL COMPANY MS
- POLIFAR GROUP LIMITED
- HSF Biotech
- Other Players (On Additional Requests)
Canthaxanthin Market Categorization:
By Nature:
- Natural
- Synthetic
By End Use:
- Beverage
- Alcoholic Beverages
- Carbonates (Carbonated Soft Drinks), Energy Drink
- Juice Based Drinks
- Milk Drinks & Milk Alternatives
- Sports Drinks
- Flavored Water, Enhanced Water, Sparkling Waters
- Bakery
- Snacks & Cereal
- Breakfast Cereal
- Bread
- Cakes & Pastries
- Cookies & Biscuits
- Crackers & Savory Snacks
- Candy / Confectionery Dairy
- Meat, Poultry, Fish, & Eggs
- Sauces, Soups, & Dressings
- Seasonings
- Dietary Supplement
- Pharmaceuticals
- Pet Food
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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