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Canthaxanthin Market Anticipated to Grow at a Significant Pace by 2024 | Key Players BASF, Novepha Company, Hangzhou Onicon Chemical, Parchem, ZMC, DSM, Zipont Chem Tech, Well Green Technology

05-14-2019 07:25 PM CET | Health & Medicine

Press release from: Global Market Insights, Inc.

Canthaxanthin Market

Canthaxanthin Market

Asia Pacific canthaxanthin market share is anticipated to hold a large share with compare to other region owing to the huge population, growing economy and rapid industrialization stimulating product demand. Increasing demand for poultry meat along with the improved demand for seafood product are generating strong demand over forecast time frame. Large coastal area, increased fish farming and aquaculture industry backing regional growth.

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Canthaxanthin market growth is the result of efforts made by various organization in the previous decades. Joint FAO/WHO Expert Committee on Food Additives (JECFA) studied and evaluated the safety intake of the product and effect on the human body in 1995. The committee allocated Acceptable Daily Intake (ADI) was 0-0.03 mg/kg of human body weight. In 2000, JECFA also evaluated indirect intake of canthaxanthin into consideration owing to excess usage in animal and poultry feed additives for pigmentation purpose.

Increasing demand for sustainable and standardized coloring ingredients will drive canthaxanthin industry growth. Health benefits, easy availability, and quality coloring benefits will remain the key factors fueling demand. Large product adoptability as a colorant in dietary supplement, food & beverages, personal care, and pharmaceutical industry are escalating carotenoids market share.

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.

The industry has wide acceptance in animal feed and particularly in aquafeed due to its significant impact on product appearance and support from government. For instance, European Commission and Health & Consumer Protection-Directorate General have authorized canthaxanthin at the community level as feed additive under a set condition in Council Directive 70/524/EEC. The product is majorly used in animal feed for egg yolk pigmentation, chicken skin coloring and ornamental bird feeds.

Food & beverage industry growth across the world owing to increasing population and changing life style instigating consumption of RTE food, packaged items and energy drinks, which in turns increasing the food additives penetration including carotenoids.

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.

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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.

Major companies in canthaxanthin market includes Guangzhou Bilian Biotechnology Co.,Ltd., BASF, DSM, Hangzhou Onicon Chemical Co, LTD, NOVEPHA COMPANY LIMITED, Novus International, Inc., Parchem – fine & specialty chemicals, Wellgreen Technology Co.,Ltd., Zhejiang Medicine Co., Ltd., Zipont Chem(Wuhan) Tech CO., LTD are the major players continuously focusing on improving collaboration and R&D activities for enhancing product quality for various application.

About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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