Canthaxanthin Market Trends, Demand, Scope Analysis and Future Opportunities till 2034: SPER Market Research
Canthaxanthin is a carotenoid pigment found in various organisms, including algae, fungi, and certain animals. Known for its vibrant orange-red color, it is widely utilized in industries such as food, cosmetics, and animal feed. In the food sector, it enhances the color of egg yolks, fish, and poultry. In cosmetics, it is used to create a tan-like effect on the skin. Canthaxanthin also offers medicinal benefits, helping to treat skin conditions like rashes and itching. Furthermore, it is added to animal feed, especially in aquaculture, to improve the pigmentation and overall health of fish and other livestock.
According to SPER market research, ‘Global Canthaxanthin Market Size- By Source, By Application – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Canthaxanthin Market is predicted to reach 184.1 Million by 2034 with a CAGR 2.86%.
Drivers:
The increasing demand for cosmetics and personal care products, coupled with its widespread use in animal feed to enhance the color of egg yolks, chicken, trout, and salmon, is driving the growth of the canthaxanthin market. Its medicinal benefits, such as treating rashes and itching, are sparking greater consumer interest. Moreover, the shift towards high-quality dairy and meat products further supports market expansion. The broader growth of the carotenoid industry, driven by the health benefits of lycopene, lutein, canthaxanthin, and zeaxanthin, is also contributing to revenue growth. Canthaxanthin’s ability to reduce sunlight sensitivity in individuals with erythropoietic protoporphyria (EPP) is boosting sales. Additionally, rising demand for dietary supplements, especially among the elderly in developed countries, and the growing popularity of functional foods is expected to further enhance market potential.
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Restraints:
The Canthaxanthin market faces several challenges that could impede its growth. A key issue is the regulatory restrictions on its use, especially in food and dietary supplements, due to ongoing safety concerns about its consumption in large quantities. Additionally, the limited availability of natural canthaxanthin sources results in high production costs, leading to a preference for synthetic alternatives, which are less environmentally sustainable. The market is also hindered by a lack of widespread awareness of the product’s benefits. Moreover, competition from other carotenoids like astaxanthin and lutein, which have similar uses but fewer safety concerns, poses a challenge for canthaxanthin. These factors collectively could restrict the market’s potential for growth.
In 2024, the Asia Pacific canthaxanthin market maintained a leading position, fueled by the growing demand from applications like animal feed, especially with the expanding aquaculture industry in the region. The rising demand for high-quality eggs in countries such as Japan, China, and India further contributed to the increase in product sales. Some significant market players are BASF, DSM, Guangzhou Wisdom Biotechnology, Hangzhou Onicon Chemical, Noshly, Novepha Company, Novus International.
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