GLobal Canthaxanthin Market size was over USD 75 million in 2017 and is estimated to exhibit 2.2% CAGR from 2018 to 2024.
Sellbyville, DE -- (SBWIRE) -- 12/10/2018 -- Global Canthaxanthin Market is estimated to exceed USD 85 million by 2024; according to a new research report by Global Market Insights, Inc. Increasing demand for sustainable and standardized coloring ingredients will drive canthaxanthin industry growth. Health benefits, easy availability, and quality coloring benefits will remain the key factors fueling demand. Large product adoptability as a colorant in dietary supplement, food & beverages, personal care, and pharmaceutical industry are escalating carotenoids market share.
Canthaxanthin market is expected to generate strong demand from healthcare segment due to its excellent medicinal property for the treatment of skin rashes, itching and skin color disorder. Also, improved medicinal effects such as reducing sunlight sensitivity for erythropoietic protoporphyria (EPP) patients are the main factors supporting demand.
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The industry has wide acceptance in animal feed and particularly in aquafeed due to its significant impact on product appearance and support from government. For instance, European Commission and Health & Consumer Protection-Directorate General have authorized canthaxanthin at the community level as feed additive under a set condition in Council Directive 70/524/EEC. The product is majorly used in animal feed for egg yolk pigmentation, chicken skin coloring and ornamental bird feeds.
Food & beverage industry growth across the world owing to increasing population and changing life style instigating consumption of RTE food, packaged items and energy drinks, which in turns increasing the food additives penetration including carotenoids.
Increased product usage can lead to disadvantages for skin, body, and eyes. If it is directly taken without consultation can hamper body health, cause stomach cramp, diarrhea and nausea. The excessive intake may lead to vision loss also causes eye blurriness due to the retinal residue of crystals in the retina. These key factors can hinder product demand during forecast time frame.
Based on application animal feed segment generated over 40% of market share in 2017. In animal feeds the product is used as an additive in poultry feed, aquafeed and bird feed to enhance egg yolk pigmentation along with chicken skin. In aquafeed, canthaxanthin is widely used in improving the red color of the Salmon, Rainbow trout, Redhead fish, Shrimps, and other crustaceans. Increasing sale of ornamental fish for decorating purpose will open new avenues for the industry expansion.
Canthaxanthin is widely used in cosmetic and personal care products owing to its strong pigmentation properties, fueling the product demand during the forecast time frame. Cosmetic products are gaining attention from the last few years owing to their increasing consumer necessity along with surging consumer consciousness pertaining to skin health benefits boosting the industry share.
Rising instances for skin color disorders, such as Vitiligo, a skin pigmentation, can be improved through canthaxanthin pigmentation usage by balance recommended cosmetic product range, strongly supporting the product demand during the forecast period.
Synthetic canthaxanthin industry is expected to witness growth over 3% CAGR up to 2024. High consumer preference owing cost-effective product range stimulating industry growth. The product is mainly obtained from an extract of carotenoid by purification. It has superior stability and faster absorption rate. Natural canthaxanthin market registered over USD 35 million in 2017. Shifting consumer preference towards natural products propelling naturally sourced additives market share.
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Asia Pacific canthaxanthin market share is anticipated to hold a large share with compare to other region owing to the huge population, growing economy and rapid industrialization stimulating product demand. Increasing demand for poultry meat along with the improved demand for seafood product are generating strong demand over forecast time frame. Large coastal area, increased fish farming and aquaculture industry backing regional growth.
Major companies in canthaxanthin market includes BASF, Novepha Company, Hangzhou Onicon Chemical, Parchem, Guangzhou Wisdom Biotechnology, ZMC, DSM, Zipont Chem Tech and Well Green Technology are the major players continuously focusing on improving collaboration and R&D activities for enhancing product quality for various application.