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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.
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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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