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Canthaxanthin Market: Industry Analysis, Size, Share, Trends, Growth and Forecast – 2024
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Natural and synthetic are the two sources through which canthaxanthin is extracted and produced for commercial applications. Synthetically sourced products dominated the overall industry owing to its early adoption and cost-effective production procedure. Natural sourced product?s ingredients include mushrooms, seaweed, microorganisms and so on. The product is gaining popularity due to increasing consumer consciousness. However, lack of colour standardization and usage in a large quantity are major factors limiting product adoption as compared to its counterpart.
Extensive usage in animal feed applications along with rising demand from personal care & cosmetic products will primarily drive the industry growth over the forecast timeframe. The product is highly used for colour enhancement in egg yolks, salmon, trout, chicken and others. Moreover, it is increasingly being adopted for treating various problems in human beings such as rashes and itching caused due to sun exposure, owing to its medicinal properties. The customers are continuously shifting towards the consumption of quality meat and dairy products, further positively impacting the canthaxanthin market over the next six years.
Dietary supplements dominated the industry share with 36.7% of the global canthaxanthin market in 2017. Rising demand from applications such as dietary supplements, particularly from the elderly population across the globe will drive the industry growth. They are the prominent users of preventive medications, thereby improving the product sales. Moreover, surging carotenoids industry owing to their health benefits will enhance visibility of the product.
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Pharmaceutical applications will witness highest ability to capture owing to its relatively smaller market in 2017. Increasing product adoption in pharmaceutical applications due to its notable antioxidant properties will propel the industry growth. In addition, product innovations in drugs for treatment of various skin diseases will support the industry demand. For instance, canthaxanthin has been widely used in tanning pills.
Personal care applications will witness highest growth potential in the next six years. The growth is mainly driven by increasing consumer spending on personal care and cosmetic products. Strong outlook for canthaxanthin in cosmetic products for skin tone enhancement will support the industry growth. Moreover, canthaxanthin uses in combination with other carotenoids for cosmetic applications will provide positive outlook for industry demand.
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Some of the Major Highlights of TOC covers:
Chapter 1: Methodology & Scope
Definition and forecast parameters
Methodology and forecast parameters
Data Sources
Chapter 2: Executive Summary
Business trends
Regional trends
Product trends
End-use trends
Chapter 3: Canthaxanthin Industry Insights
Industry segmentation
Industry landscape
Vendor matrix
Technological and innovation landscape
Chapter 4: Canthaxanthin Market, By Region
Chapter 5: Company Profile
Business Overview
Financial Data
Product Landscape
Strategic Outlook
SWOT Analysis
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