Global Canthaxanthin Market Report and Forecast 2024-2032

Global Canthaxanthin Market Size

The global canthaxanthin market is supported by the growth of carotenoids market, which attained a value of USD 1.75 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 4.5% to reach USD 2.60 billion by 2032.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Increasing Demand for Animal Feeds to Bolster the Canthaxanthin Industry

The growth of the carotenoid market is substantial to the growth of the canthaxanthin industry. Carotenoids are a class of pigments responsible for the production of bright yellow, red, and orange colours in plants, vegetables, and fruits. Canthaxanthin, a keto carotenoid, is most widely used as an animal additive, a key ingredient for aqua-feed and pets. When supplemented in poultry feed, it not only provides yolks a good pigmentation but also improves the bird’s health and increases the life of the egg. Moreover, it reduces carbon footprints and increases sustainability.

Besides being an effective food colour agent, canthaxanthin is also attributed with nutraceutical importance. It has also been a food additive and cosmetic colourant. The rising demand for dietary supplicants in various developed countries such as Japan, South Korea, the United States, Russia, Canada, and Germany, among others, also aids the growth of the market. It also functions as a skin tone enhancement and reduces photosensitivity caused by various diseases, medications, and other conditions. It is used in the treatment of several skin problems, such as melasma, pigmentation disorder, vitiligo, skin lesions, and carotenemia, among others. The extensive oral use of canthaxanthin, however, can lead to various adverse effects on humans, such as blood disorders and partial blindness. However, the pigment, if supplemented moderately, is determined safe for use as an additive for animal feeds by Scientific Committee on Animal Nutrition and Scientific Committee on Food. The rising demand for skin treatments is aiding the market growth of canthaxanthin.

Canthaxanthin Industry Segmentation

Canthaxanthin, a keto-carotenoid pigment and potent lipid soluble antioxidant, is both naturally occurring and synthetically produced dye. It is identified in sea trout, algae, salmon, mushroom, and several species of flamingo, among others. It can be synthetically produced from acetone. It is generally used in medications, cosmetics, and food colouring. It is also added to animal feed to improve the colour of chicken skins, egg yolks, and salmons, among others. 

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

The major sources of canthaxanthin are:

• Natural
• Synthetic

The market, on the basis of its applications, can be categorised into:

• Food and Beverages
• Animal Feed
• Cosmetics and Personal Care
• Pharmaceuticals
• Dietary Supplements
• Others

The EMR report looks into the regional markets of canthaxanthin like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Rising Demand for Canthaxanthin in Cosmetics and Skin Care Products to Bolster the Market

Canthaxanthin is used in cosmetics and personal care products. Therefore, increasing demand for cosmetics and personal care products and consumer awareness are some of the significant drivers of the industry growth. Canthaxanthin pills are also used as tanning supplements and treatment of skin diseases. The rising demand for natural food colourants is also aiding the growth of the industry. Moreover, the demand for visually appealing and high-quality poultry products increases the demand for the inclusion of canthaxanthin in animal feed, further accelerating the market growth. The growing demand for natural products is also accelerating the growth of the market. Canthaxanthin not only occurs naturally but also provides strong pigmentation. Additionally, the industry is driven by the feed pigment market as it helps to improve the commercial value of animal feed by imparting colours to produces of animals. As the United States is one of the largest feed pigment markets, the canthaxanthin industry is flourishing robustly in the country and, as a result, contributing to the overall growth canthaxanthin industry.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Key Industry Players in the Global Canthaxanthin Market

The report presents a detailed analysis of the following key players in the global canthaxanthin market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions: 

• BASF SE
• Koninklijke DSM N.V.
• Xi'an Wellgreen Technology Co., Ltd.
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report