The global canthaxanthin market will be driven by growing demand for cosmetics and skin care applications in the forecast period 2021-2026

The new report from Expert Market Research titled “Global Canthaxanthin Market Report and Forecast 2021-2026”, provides an in-depth analysis of the global Canthaxanthin market, evaluating the market based on its segments such as product, application, end use and major regions such as North America, Europe, Asia Pacific, Latin America, the Middle East and Africa. The report tracks the latest industry trends and studies their impact on the global market. It also assesses market dynamics, covering key demand and price indicators, as well as analyzing the market based on Porter’s SWOT and Five Forces models.

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Highlights of the report include:

Market overview (2015-2026)

  • Historical market size (2020): $ 1.5 billion
  • CAGR forecast (2021-2026): 4.5%
  • Forecast market size (2026): $ 2.0 billion

The global canthaxanthin market has grown steadily in recent years, due to increased demand for cosmetics and personal care products, as well as widespread adoption in animal feed applications.

Definition of the sector and main segments

Canthaxanthin is a naturally occurring, synthetically generated color that is a keto-carotenoid pigment and a powerful fat-soluble antioxidant. It has been found in sea trout, algae, salmon, mushrooms and numerous species of flamingos, among others. It can be synthetically produced from acetone. It is commonly found in pharmaceuticals, cosmetics, and food dyes. It is also used in animal nutrition to improve the skin color of chicken, egg yolks and salmon, among other things.

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The main sources of canthaxanthin are:

The market, based on its applications, can be classified into:

  • Food and beverages
  • Food for animals
  • Cosmetics and personal care
  • Pharmaceuticals
  • Dietary supplements

The regional canthaxanthin market includes:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

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Market trend

Globally, due to the increased knowledge of skin care in nations such as the United States and Canada, canthaxanthin is commonly used in North America. Carophyll Red, a DSM canthaxanthin supplement, has been labeled Generally Recognized as Safe (GRAS). The U.S. Food and Drug Administration has designated this supplement as a nutritional antioxidant to promote the growth of chicken embryos (FDA). Canthaxanthin is well accepted and has been approved for use in numerous countries. Canthaxanthin is also used in Asia Pacific countries such as China, India, Japan and Australia. It is due to increased urbanization and awareness of health and personal hygiene. Authorities in Japan and Europe have demonstrated their safety by establishing Acceptable Daily Intake (ADI) levels to ensure a low negative impact. Countries in Latin America, the Middle East and Africa love canthaxanthin and the market in these countries is expected to grow over the forecast period.

Cosmetics and personal care products contain canthaxanthin. Consequently, the growing demand for cosmetics and personal care products, as well as greater consumer knowledge, are important factors for the growth of the market. Canthaxanthin pills are also used to treat skin problems and as a tanning supplement. The growing demand for natural food colors is also helping the industry expand. Additionally, the desire for visually appealing, high-quality poultry products increases the need to include canthaxanthin in feed, spurring market expansion.

Certain constraints and impediments will be addressed, which limit the total expansion of the market. Factors such as excessive oral canthaxanthin consumption cause a number of negative effects in people, including blood problems and partial blindness. Furthermore, strict regulatory and licensing criteria are significant restrictions on the overall growth of the global canthaxanthin market. However, technological advances and untapped potential in new markets offer excellent growth opportunities over the forecast period.

Main market players

Major players in the global market are BASF SE, Koninklijke DSM NV, Xi’an Wellgreen Technology Co., Ltd., among others. The report covers market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments from these market players.

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