Canthaxanthin Market Size & Share 2024 to 2032
Market Size by Source (Synthetic, Natural), by Application (Dietary Supplement, Personal Care, Pharmaceuticals, Food & Beverages, Animal Feed {Aquaculture, Livestock, Pets}), Growth Prospects, Regional Outlook & Forecast.
Report ID: GMI799
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Published Date: January 2024
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Report Format: PDF
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Authors:
Kiran Pulidindi, Kunal Ahuja
Canthaxanthin Market Size
Canthaxanthin Market size was valued at USD 135 million in 2023 and is anticipated to register a CAGR of over 2.6% between 2024 and 2032. Proliferating demand for cosmetics and personal care products coupled with high acceptance from animal feed application for improving the colour of egg yolks, chicken, trout, and salmon will primarily drive the industry growth. Canthaxanthin possesses excellent medicinal properties and is used for treating rashes and itching, further gaining customers attention, thus improving demand. Shifting consumer inclination towards high quality dairy and meat products is another factor positively impacting the market.
Canthaxanthin Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
Continuous upsurge in carotenoids industry owing to their easy availability and provision of nutritional & health benefits from lycopene, lutein, canthaxanthin, and zeaxanthin consumption will also add to the revenue generation. The product delivers multiple benefits such as reduction of sunlight sensitivity to the people suffering from erythropoietic protoporphyria (EPP). The sunlight can cause skin allergies including eczema, rashes, and itching in these patients. This results in improved product sales, supporting market growth.
High product usage may lead to harmful effects to the skin and body, that may hamper the industry growth over the forecast timeframe. Canthaxanthin is unsafe for woman during pregnancy. Moreover, it is unsafe if taken in excessive amount, causing diarrhoea, stomach cramps, nausea, and aplastic anaemia. It can also cause vision loss or eye damage if taken in surplus.
Canthaxanthin Market Trends
The product has witnessed a high demand from dietary supplements, especially from the elderly population. The older population constitutes a prominent portion of the overall global population and is major user of preventive medications. Developed countries across the globe including Japan, U.S., South Korea, Russia, Canada, and Germany have witnessed high demand for dietary supplements owing to their demographic profiles. Rising demand for fortified and functional food will further induce immense potential to the market size.
Canthaxanthin is a red carotenoid that possesses natural occurrence and can also be found in some fungi. They are produced from natural and synthetic sources and are highly used in cosmetics, food, and animal feed applications. It has been licensed and approved in over 70 countries in Europe, North, Central & South America, and major countries of Asia Pacific including China, South Korea, Japan, Taiwan, etc.
The Japanese and European authorities have reflected its safety with the establishment of Acceptable Daily Intake (ADI) to ensure negligible harmful impacts. These regulations ensure enhanced product quality, offering stable growth prospects to the market participants over the next seven years.
Canthaxanthin Market Analysis
Based on source, the synthetic segment held over USD 65 million revenue in 2023. It is credited to high consumer preference towards the product owing to its cost effectiveness than the counterpart. Moreover, it is extensively used for animal feed and is sold on a large scale globally. It is sourced from petrochemicals and provides colour pigmentation to fishes and skin colouring to chickens. Its high usage for these applications will prominently escalate the revenue generation.
Natural canthaxanthin market will exhibit 2.9% CAGR during the forecast period, owing to shifting preference of the customers towards the natural variants instead synthetic. It is attributed to its numerous benefits to animals as well as human beings. It is sourced from green microalgae and is produced from complicated procedures. Provision of better pigmentation for chickens & fishes along with superior safety profile will further strengthen the industry demand in the coming years.
Based on application, the animal feed segment accounted for 26% of the canthaxanthin market share in 2023. Canthaxanthin is extensively used as a key ingredient for aquafeed and pets. It is being increasingly used to provide red colour pigment in fishes and golden colour to egg yolk. Various governments are continuously putting efforts to promote aquaculture, further supporting the industry dominance over the forecast timeline.
Canthaxanthin market from personal care products will grow rapidly, witnessing more than 2.9% CAGR from 2024 to 2032. High demand for these products along with substantial growth in cosmetics industry across the globe will primarily drive the demand. The product is combined with beta carotene to manufacture high quality cosmetics and personal care products that attracts the customers, further strengthening the industry penetration. Dietary supplements are also likely to grow considerably owing to rising demand from elderly population due to their medicinal properties.
Asia Pacific canthaxanthin market size dominated around USD 69 million in 2023. Increasing demand from applications such as animal feed owing to rising penetration of aquaculture across the region will support regional industry growth. Improving product sales owing to high demand for quality eggs in including Japan, China, and India. Extensive usage across the region to improve the bird health, extend egg life, and increase the resistance of vitelline membrane egg yolk will enhance the profitability of the industry participants, further supporting the regional dominance till 2032.
Canthaxanthin Market Share
The global canthaxanthin industry is fragmented owing to the presence of several market players. Major companies operating in the market are DSM, BASF, Novepha Company accounting over 30% market share in the year 2023. The major companies are focusing on mergers & acquisitions, facility expansion, and strategic partnerships to expand their product offerings, customer reach, and enhance market presence. Companies are also focusing on acquisition strategy.
Geographical expansion of key players are anticipated to intensify the market competition over the forecast timeframe. An acquisition strategy enables a company to enter new markets and product lines instantaneously with a recognized brand having a good reputation and an existing client base. An acquisition can overcome market entry barriers that were previously challenging.
Canthaxanthin Market Companies
Major companies operating in the canthaxanthin industry include:
Canthaxanthin Industry News
The canthaxanthin market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue and volume (USD Million) (Tons) from 2018 to 2032, for the following segments:
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Market, By Source
Market, By Application
The above information has been provided for the following regions and countries:
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