As per this study the global Canthaxanthin market was valued USD XX MN (by revenue) in 2021 and is anticipated to reach USD XX MN by 2028 with a CAGR of XX%.
Canthaxanthin is an orange-red colored keto-carotenoid pigment present abundantly in edible mushroom, algae, bacteria, crustaceans, and fishes. Canthaxanthin is used as food-coloring agent (E161g) in various food products and also used as feed additive to enhance the color of chicken skin, egg yolks and salmon. Owing to the excellent ability to reduce sun sensitivity, psoriasis, skin irritation, canthaxanthin is preferred in cosmetics and pharmaceuticals applications.
Growing product popularity in the healthcare sector to treat sun sensitivity is driving market growth. Growing disposable income, rising elderly population and increasing preference towards dietary supplement are further generating higher demand for canthaxanthin. Moreover, the rising count of the population suffering from sunlight sensitivity is again pushing the market demand across cosmetics and personal care products. Despite of this, side effects associated with excessive use of canthaxanthin may hinder its growth.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter’s five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of canthaxanthin.
The broad canthaxanthin market has been sub-grouped into source and application. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
- Dietary Supplement
- Personal Care
- Food & Beverage
- Animal Feed
Furthermore, the report comprises of the geographical segmentation, which mainly focuses on current and forecast demand for canthaxanthin in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Canthaxanthin Market Share by Region (Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the canthaxanthin market include BASF, DSM, Guangzhou Wisdom Bio-Technology Company, Hangzhou Onicon Chemical Company Limited, Novepha Company Limited, Novus International, Parchem, Wellgreen Technology Company Limited, Zhejiang Medicine Co., Ltd. (ZMC) and Zipont Chem (Wuhan) Tech. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
A combination of primary and secondary research has been used to determine the market estimates and forecasts. Sources used for secondary research include (but not limited to) Paid Data Sources, Company Websites, Technical Journals, Annual Reports, SEC Filings and various other industry publications. Specific details on methodology used for this report can be provided on demand.