The global canthaxanthin market size is set to exceed a valuation of USD 125.9 million in 2023. It is projected to further expand at a CAGR of 6.9% between 2023 and 2033. It is likely to reach USD 245.3 million by the end of 2033.
Key Trends Listed by Future Market Insights (FMI):
One of the key drivers expected to propel growth in the global canthaxanthin industry is expansion of the convenience and processed food sector. As the sector is expanding in various developing countries across the globe, canthaxanthin demand is likely to rise.
Canthaxanthin adds vibrant color to a wide range of foods, making them more visually appealing to customers. Due to this feature, its application has been expanded to beverages, dairy products, confectionery, and baked goods.
It also possesses skin bronzing and tanning effects, thereby making it popular in the cosmetic sector. As there is an ongoing trend for natural and sustainable sourcing of ingredients, canthaxanthin has emerged as a sought-after ingredient in cosmetic formulations.
Apart from its application in the food and cosmetic sectors, canthaxanthin has found rising applications in the pharmaceutical and nutraceutical sectors as well. Its antioxidant properties along with prospective health benefits such as maintaining eye health and guarding against oxidative stress have drawn the interest of researchers.
Such diverse applications of canthaxanthin in various sectors have encouraged manufacturers to incorporate blended technologies to meet the growing demand from various end users. For instance, purification treatments and modern filtration systems aid in the management of impurities and pollutants, resulting in a high-quality end product.
| Attributes | Key Insights |
|---|---|
| Canthaxanthin Market Estimated Size (2023E) | USD 125.9 million |
| Projected Market Valuation (2033F) | USD 245.3 million |
| Value-based CAGR (2023 to 2033) | 6.9% |
| Collective Value Share: Top 3 Countries | USD 104.8 million |
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| Market Statistics | Details |
|---|---|
| Jan to Jun (H1), 2021 (A) | 3.5% |
| Jan to Jun (H1), 2023 Projected (P) | 6.5% |
| Jul to Dec (H2), 2021 (A) | 4.1% |
| Jul to Dec (H2), 2022 Outlook (O) | 5.2% |
| Jan to Jun (H1), 2022 Outlook (O) | 3.9% |
| Jul to Dec (H2), 2022 Projected (P) | 4.9% |
| Jan to Jun (H1), 2022 Projected (P) | 4.2% |
| BPS Change: H1, 2022 (O) to H1, 2022 (P) | 30 |
| BPS Change: H1, 2022 (O) to H1, 2021 (A) | 37 |
| BPS Change: H2, 2022 (O) to H2, 2022 (P) | -30 |
| BPS Change: H2, 2022 (O) to H2, 2022 (A) | 107 |
According to Future Market Insights (FMI), global canthaxanthin sales grew at a CAGR of 5.3% from 2018 to 2022. For the next projected ten years, the market for canthaxanthin is predicted to expand at 6.9% CAGR.
It has been observed that sales and production of canthaxanthin have increased across several regions. This is attributed to rising support from governments of these regions to expand production. For instance, in the United States, the Food and Drug Administration (FDA) has approved the use of canthaxanthin as a safe food additive.
Such positive research has encouraged key players to take a number of efforts and measures to improve the machinery and processing technology. For instance, BASF, a leading German multinational company, is engaged in producing canthaxanthin to use in multiple applications.
A few of these include animal feed and dietary supplements. It has also successfully found a novel application such as the incorporation of canthaxanthin in sunscreens.
| Region | North America |
|---|---|
| Country | United States |
| CAGR | 6.9% |
| BPS Analysis | -123.9 |
| Market Value (2033) | USD 64.5 million |
| Region | Europe |
|---|---|
| Country | United Kingdom |
| CAGR | 4.8% |
| BPS Analysis | -239.2 |
| Market Value (2033) | USD 12.1 million |
| Region | Asia Pacific |
|---|---|
| Country | China |
| CAGR | 7.5% |
| BPS Analysis | -322 |
| Market Value (2033) | USD 30.3 million |
| Region | Asia Pacific |
|---|---|
| Country | India |
| CAGR | 7.1% |
| BPS Analysis | -266 |
| Market Value (2033) | USD 10.0 million |
| Region | Asia Pacific |
|---|---|
| Country | Japan |
| CAGR | 9.0% |
| BPS Analysis | 196 |
| Market Value (2033) | USD 9.6 million |
Aquaculture Expansion to Drive Demand for Canthaxanthin Pills as A Feed Supplement in China
As per Future Market Insights (FMI), China canthaxanthin market is expected to reach a valuation of around USD 30.3 million by 2033. It is also anticipated to hold a prominent value share of 70.6% in the East Asia market in the same year.
China is one of the leading producers of aquaculture products, accounting for 50% of global production. Similarly, China is also one of the largest consumers of seafood products due to which, demand for seafood in the country is continuously rising.
According to a few reports, China is one of the leading players in shrimp farming. Canthaxanthin is widely used in shrimp feed to improve the coloration of shrimp meat and make it more visually appealing to consumers. Hence, expansion of shrimp farming is directly driving canthaxanthin sales as an essential ingredient in shrimp feed.
Efficient Supply Network in the United States to Fuel Sales of Canthaxanthin Powder
According to Future Market Insights (FMI) analysis, the United States canthaxanthin industry is projected to witness 6.9% CAGR from 2023 to 2033. It is anticipated to surpass a valuation of USD 64.5 million by 2033.
The United States has a large and diverse consumer base that is demanding natural & clean-label products. Canthaxanthin is a natural carotenoid that is used in a variety of products, including yogurt, ice cream, and orange juice.
The United States is also home to leading manufacturers such as DSM, Novus International, and ZMC, which are catering to these consumer bases. They are investing hugely in research and development to discover innovative products.
These companies also have a well-established distribution network, which is offering leverage to maintain an efficient supply chain. It is also enabling a continuous availability of products to various sectors. This has helped manufacturers in the country to penetrate into various markets and fulfill demand.
Strict Regulatory Environment in the United Kingdom to Spur Demand for Canthaxanthin Supplements
The United Kingdom canthaxanthin market is anticipated to surge at a 4.8% CAGR in the next ten years. It is set to achieve a market valuation of USD 12.1 million by the end of 2033.
The United Kingdom has a strong regulatory environment for food and additives, including canthaxanthin, which has helped the market to surge in the country. It has regulations such as the Food Standards Act, Food Safety Act, and Food Ordinance that are designed to ensure safety & quality.
The country’s regulatory framework encourages innovations and investments. These also help in guaranteeing that canthaxanthin meets high safety and quality standard.
It has been observed that companies that adhere to these regulations create trust and confidence, which in turn increases the reliability of consumers. This regulatory environment is playing a vital role in supporting sales of canthaxanthin in the United Kingdom market.
Cost Effectiveness and Continuous Production to Push Demand for Synthetic Canthaxanthin
Based on nature, the synthetic canthaxanthin segment is expected to hold a significant market share of 83.7% in 2033. It is estimated to reach a market valuation of USD 205.9 million in 2033.
Demand for synthetic canthaxanthin is rising due to its cost-effectiveness, which gives the advantage of affordable solutions to manufacturers. It also offers consistent quality and purity levels along with uniform coloration to sectors requiring precise color control.
Synthetic canthaxanthin also gives the benefit of continuous and sustainable supply as production is not dependent on seasonal changes and scarcity of natural resources. These are a few factors driving demand for synthetic canthaxanthin in the market.
Beverages Demanding Vibrant Colors to Drive Sales of Canthaxanthin Powder
According to Future Market Insights (FMI), canthaxanthin is finding rising applications in the beverage segment. It is expected to exhibit a market share of 26.4% in 2033. The segment is projected to cross a market valuation of USD 64.1 million by 2033.
There is nowadays a growing preference for visually appealing beverages, and canthaxanthin offers natural pigmentation to beverages making them look more vibrant. Hence, it gives an opportunity to manufacturers to cater to the segment who are looking for colorful drinks.
There is also a segment of consumers who are demanding naturally sourced, clean-label, and sustainable products. Canthaxanthin both naturally derived and synthetically formulated serves the purpose.
It can be efficiently used as an alternative to artificial food coloring. Hence, canthaxanthin is finding rising applications in beverages worldwide.
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Leading canthaxanthin manufacturers are continually introducing new products to fulfil surging consumer demand. They would also use techniques such as partnerships, distribution agreements, mergers & acquisitions, ads, collaborations, and celebrity endorsements to acquire a competitive advantage in the market.
For instance,
| Attribute | Details |
|---|---|
| Estimated Market Size (2023) | USD 125.9 million |
| Projected Market Valuation (2033) | USD 245.3 million |
| Value-based CAGR (2023 to 2033) | 6.9% |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | Value (USD million) and Volume (liter) |
| Key Regions Covered | Latin America; Europe; South Asia; North America; East Asia; Oceania; and the Middle East & Africa |
| Key Countries Covered | United States, Mexico, Canada, Chile, Brazil, Peru, Argentina, France, Germany, Spain, Italy, Netherlands, United Kingdom, Nordic, Belgium, Russia, Poland, Japan, South Korea, China, India, Thailand, Malaysia, Indonesia, Singapore, Australia, New Zealand, GCC Countries, South Africa, Central Africa, and others |
| Key Market Segments Covered | Nature, End Use, and Region |
| Key Companies Profiled | Allied Biotech Corporation; BASF SE; DSM; ROHA (A JJT Group Company); Sensient Colors LLC.; Divi's Laboratories Limited.; Zhejiang NHU Company Ltd; Zmc Gmbh; NOVUS INTERNATIONAL; Healtheway Xi‘an biotechnology Co.Ltd; Guangzhou Juyuan Bio-Chem Co., Ltd.; Lemnaceae Fermentation Inc; Biosynth; Emd Millipore Corporation; FOODCHEM; INDOFINE CHEMICAL COMPANY MS; POLIFAR GROUP LIMITED; HSF biotech; Other Players (On Additional Requests |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities, Trends Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The growth potential of the canthaxanthin market is 245.3% through 2033.
The popularity of canthaxanthin in the cosmetic sector is increasing the global market trends.
The United States is likely to capture a CAGR of 6.9% by 2033.
The United Kingdom market will capture a CAGR of 4.8% by 2033.
The United States, the United Kingdom, and China may witness significant growth in the market.
| Estimated Global Market Share in 2023 | USD 311 million |
|---|---|
| Forecasted Global Market Size by 2033 | USD 603 million |
| Projected Market CAGR (2023 to 2033) | 7% |
| Expected Market Value (2023) | USD 9,654 million |
|---|---|
| Anticipated Forecast Value (2033) | USD 26,903.3 million |
| Projected CAGR (2023 to 2033) | 11% |
| Market Share (2023) | USD 292 million |
|---|---|
| Market Share (2033) | USD 478.4 million |
| Market CAGR (2023 to 2033) | 5% |
| Market Size - 2023 | USD 11.06 billion |
|---|---|
| Market Size - 2033 | USD 19.29 billion |
| Market CAGR (2023 to 2033) | 6.1% |
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