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Global Canthaxanthin Market to Grow at a Healthy Pace During 2021-2026, Supported by the Growth of Global Carotenoids Market

According to a new report by EMR titled, ‘Global Canthaxanthin Market Report and Forecast 2021-2026’, the canthaxanthin market is being supported by the growth of the global carotenoid industry, which attained a value of about USD 1.53 billion in 2020. The market is further expected to grow in the forecast period of 2021-2026 at a CAGR of 4.5% to reach USD 2 billion by 2026.

Canthaxanthin, due to its antioxidant properties, is used in the treatment of various skin diseases. It is also effective for the treatment of a rare genetic disease called erythropoietic protoporphyria (EPP), in which sunlight exposure could cause skin reactions, such as rash, itch, and eczema. It is resistant to sunlight and is prominently used to reduce sun sensitivity. It also provides artificial tanning. Moreover, the pigment is widely demanded by the food industry and provides colours to various food and beverages. It is prominently used as a colour additive in products such as baked goods, ice-creams, fruit drinks, and ketchup, among others.

As the demand for healthier and tastier convenient food alternatives is prospering, the canthaxanthin industry is also witnessing robust growth because of its nutritional value for both humans and animals. The Asia Pacific region is one of the rapidly flourishing markets owing to the dense population and the rise of alternative farming methods, such as poultry farming and aqua-farming, among others. China, India, Japan, and Vietnam are some of the significant markets, which are expected to thrive in the forecast period.

BASF SE (ETR: BAS), one of the leading players, launched a series of new products, Lucantin® NXT, in August 2018, which offers high homogeneity, outstanding stability, and longer shelf life. Lucantin® Red is most commonly used in aquaculture and poultry farming and offers bio-available, stable and cost-effective products. It is mixed with animal feed and absorbed by the metabolism to give an attractive colour to the final product. Canthaxanthin neutralises the oxidative particles and boosts the antioxidant capacity of eggs, and further enhances the fertility and survival of the embryo. Innovations such as these not only open the door for future development but are also catalysing the market growth.

Market Analysis by Source, Application, and Region:

  • The market, on the basis of source, can be divided into natural and synthetic.
  • Based on applications, the industry can be divided into food and beverages, animal feed, cosmetics and personal care, pharmaceuticals, and dietary supplements, among others.
  • The regional markets for canthaxanthin include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The rising demand for cosmetics and skin care products is supporting the growth of the market.
  • Growing consumer awareness is driving the market for canthaxanthin.
  • The increasing demand for high-quality animal products is also aiding the industry growth.
  • The rising health consciousness and the use of dietary supplements are expected to provide further impetus to the market.

Key Offerings of the Report:

  • The EMR report gives an overview of the global canthaxanthin market for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the sources, applications, and regions of canthaxanthin.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global market for canthaxanthin market are BASF SE, Koninklijke DSM N.V., and Xi’an Wellgreen Technology Co., Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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