Canthaxanthin Market Growth Trends and Forecast by 2026 | Key Players BASF, DSM, Guangzhou Wisdom Bio-Technology Company, Novepha Company Limited

DecResearch has recently published a distinguished study on the Global Canthaxanthin Market. The study examines the market thoroughly and has provided a rather structured evaluation analysis of the business. This structured analysis is a collection of diagrammatic and graphical representations of the worldwide Non-dairy Ice Cream Market along with certain information on the regional landscape.

Canthaxanthin market, falling under the canopy of specialty chemicals space, has been inherently influenced by the changing dynamics of animal feed additives industry. In the year 2017, animal feed applications contributed over 40% to the overall canthaxanthin market share. The procurement of a lion's share is primarily due to the products' extensive deployment in animal nutrition, particularly aquafeed as a food coloring agent.

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It is prudent to mention that the government rollouts have played a pivotal role in shaping the canthaxanthin market trends in animal feed sector. The European Union is one amongst those highly regulated belts governing the efficacy and safety of this chemical. In a recent turn of events, the European Commission and Health & Consumer Protection-Directorate General in Council Directive 70/524/EEC have legalized the use of canthaxanthin as feed additive, under a set condition. Regulation No (EC) 1831/2003 of the European Parliament has further permitted canthaxanthin's usage as food additives.

According to the Commission Directive 2003/7/EC, the maximum canthaxanthin content in final feedstuff should be limited to 25mg/kg. Backed by similar such initiatives in pipeline authorizing the deployment of canthaxanthin in tandem with the ever-evolving animal feed additives industry, the growth prospects of canthaxanthin market seem to be humongous.However, the opportunities though massive, are deemed to be critically governed and swayed by a strict regulatory landscape, given the product's correlation with the nutrition matrix.

In the year 2010, the EFSA panel on Food Additives and Nutrient Sources, further re-evaluated canthaxanthin's safety limit as a food additive. As per the experts' conjuncture, canthaxanthin usage as food and feed additives is unlikely to exceed the acceptable daily intake. In the Commission Regulation (EC) No 775/2008, the maximum residue limit for canthaxanthin was restricted to 5mg/kg muscle wet weight for trout and 10mg/kg muscle wet weight for salmon. Given that the industry dynamics is widely dependent on the regulatory framework, an authorized approval by the canthaxanthin market players becomes a mandate for these chemicals to be merchandized. Reportedly, the product undergoes a demonstration phase where it is tested if it is viable and safe for the health as well as environment.

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In 2015, DSM, the globally acclaimed nutrition giant, received a GRAS approval from the U.S. FDA for its Canthaxanthin supplement, Carophyll Red 10%. This breakthrough supplement claims to act as nutritive antioxidant for developing chicken embryos. For the record, Carophyll Red had been already recognized by the European Food Safety Authority as a performance enhancer for poultry breeders. Receiving an approval from FDA further added an extra feather to its portfolio in the global canthaxanthin industry.

Speaking of competitive landscape, strategic collaboration remains the top-notch tactic undertaken by the industry players to attain technological expertise and expand the regional as well as product portfolios. In the year before last, BASF, one of the most prominent chemical industry players joined forces with Novus International to exclusively enhance its health supplement sector. Reportedly, the deal had reinforced BASF's stance in canthaxanthin market particularly, with a lucrative consumer base. Some of the other renowned names exhibiting a strong contendership in canthaxanthin market include Zipont Chem Tech, Novepha Company, Noshly and Novus International.

One of the most anticipated trends remains the expansion of canthaxanthin industry portfolio in the dietary supplements sector. Geriatric population base in this regard will significantly influence the geographical trends of the canthaxanthin market, particularly in regions with a synonymous demographic profile.

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