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Global Canthaxanthin Market to Grow at a Healthy Pace During 2024-2032, Supported by the Growth of Global Carotenoids Market

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Canthaxanthin Market

Global Canthaxanthin Market Size, Share, Trends, Report: By Source: Natural, Synthetic; By Application: Food and Beverages, Animal Feed, Cosmetics and Personal Care, Pharmaceuticals, Dietary Supplements, Others; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; 2024-2032

Global Canthaxanthin Market Outlook

The global canthaxanthin market is supported by the growth of carotenoids market, which attained a value of USD 1.75 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 4.5% to reach USD 2.60 billion by 2032.    

 

Global Canthaxanthin Market

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Increasing Demand for Animal Feeds to Bolster the Canthaxanthin Industry

The growth of the carotenoid market is substantial to the growth of the canthaxanthin industry. Carotenoids are a class of pigments responsible for the production of bright yellow, red, and orange colours in plants, vegetables, and fruits. Canthaxanthin, a keto carotenoid, is most widely used as an animal additive, a key ingredient for aqua-feed and pets. When supplemented in poultry feed, it not only provides yolks a good pigmentation but also improves the bird’s health and increases the life of the egg. Moreover, it reduces carbon footprints and increases sustainability.

Besides being an effective food colour agent, canthaxanthin is also attributed with nutraceutical importance. It has also been a food additive and cosmetic colourant. The rising demand for dietary supplicants in various developed countries such as Japan, South Korea, the United States, Russia, Canada, and Germany, among others, also aids the growth of the market. It also functions as a skin tone enhancement and reduces photosensitivity caused by various diseases, medications, and other conditions. It is used in the treatment of several skin problems, such as melasma, pigmentation disorder, vitiligo, skin lesions, and carotenemia, among others. The extensive oral use of canthaxanthin, however, can lead to various adverse effects on humans, such as blood disorders and partial blindness. However, the pigment, if supplemented moderately, is determined safe for use as an additive for animal feeds by Scientific Committee on Animal Nutrition and Scientific Committee on Food. The rising demand for skin treatments is aiding the market growth of canthaxanthin.

 

Canthaxanthin: Market Segmentation

Canthaxanthin, a keto-carotenoid pigment and potent lipid soluble antioxidant, is both naturally occurring and synthetically produced dye. It is identified in sea trout, algae, salmon, mushroom, and several species of flamingo, among others. It can be synthetically produced from acetone. It is generally used in medications, cosmetics, and food colouring. It is also added to animal feed to improve the colour of chicken skins, egg yolks, and salmons, among others. 

 

Global Canthaxanthin Market

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The major sources of canthaxanthin are:

  • Natural
  • Synthetic

The market, on the basis of its applications, can be categorised into:

  • Food and Beverages
  • Animal Feed
  • Cosmetics and Personal Care
  • Pharmaceuticals
  • Dietary Supplements
  • Others

The EMR report looks into the regional markets of canthaxanthin like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Rising Demand for Canthaxanthin in Cosmetics and Skin Care Products to Bolster the Market

Canthaxanthin is used in cosmetics and personal care products. Therefore, increasing demand for cosmetics and personal care products and consumer awareness are some of the significant drivers of the industry growth. Canthaxanthin pills are also used as tanning supplements and treatment of skin diseases. The rising demand for natural food colourants is also aiding the growth of the industry. Moreover, the demand for visually appealing and high-quality poultry products increases the demand for the inclusion of canthaxanthin in animal feed, further accelerating the market growth. The growing demand for natural products is also accelerating the growth of the market. Canthaxanthin not only occurs naturally but also provides strong pigmentation. Additionally, the industry is driven by the feed pigment market as it helps to improve the commercial value of animal feed by imparting colours to produces of animals. As the United States is one of the largest feed pigment markets, the canthaxanthin industry is flourishing robustly in the country and, as a result, contributing to the overall growth canthaxanthin industry.

 

Global Canthaxanthin Market

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Key Industry Players in the Global Canthaxanthin Market

The report presents a detailed analysis of the following key players in the global canthaxanthin market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions: 

  • BASF SE
  • Koninklijke DSM N.V.
  • Xi'an Wellgreen Technology Co., Ltd.
  • Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Source
  • Application
  • Region
Breakup by Source
  • Natural
  • Synthetic
Breakup by Application
  • Food and Beverages
  • Animal Feed
  • Cosmetics and Personal Care
  • Pharmaceuticals
  • Dietary Supplements
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • BASF SE
  • Koninklijke DSM N.V.
  • Xi'an Wellgreen Technology Co., Ltd.
  • Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description
    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary
    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Canthaxanthin Market Analysis
    8.1    Key Industry Highlights
    8.2    Global Canthaxanthin Historical Market (2018-2023) 
    8.3    Global Canthaxanthin Market Forecast (2024-2032)
    8.4    Global Canthaxanthin Market by Source
        8.4.1    Natural
            8.4.1.1    Historical Trend (2018-2023)
            8.4.1.2    Forecast Trend (2024-2032)
        8.4.2    Synthetic
            8.4.2.1    Historical Trend (2018-2023)
            8.4.2.2    Forecast Trend (2024-2032)
    8.5    Global Canthaxanthin Market by Application
        8.5.1    Food and Beverages
            8.5.1.1    Historical Trend (2018-2023)
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.2    Animal Feed
            8.5.2.1    Historical Trend (2018-2023)
            8.5.2.2    Forecast Trend (2024-2032)
        8.5.3    Cosmetics and Personal Care
            8.5.3.1    Historical Trend (2018-2023)
            8.5.3.2    Forecast Trend (2024-2032)
        8.5.4    Pharmaceuticals
            8.5.4.1    Historical Trend (2018-2023)
            8.5.4.2    Forecast Trend (2024-2032)
        8.5.5    Dietary Supplements
            8.5.5.1    Historical Trend (2018-2023)
            8.5.5.2    Forecast Trend (2024-2032)
        8.5.6    Others
    8.6    Global Canthaxanthin Market by Region       
        8.6.1    North America
            8.6.1.1    Historical Trend (2018-2023) 
            8.6.1.2    Forecast Trend (2024-2032)
        8.6.2    Europe
            8.6.2.1    Historical Trend (2018-2023) 
            8.6.2.2    Forecast Trend (2024-2032)
        8.6.3    Asia Pacific
            8.6.3.1    Historical Trend (2018-2023) 
            8.6.3.2    Forecast Trend (2024-2032)
        8.6.4    Latin America
            8.6.4.1    Historical Trend (2018-2023) 
            8.6.4.2    Forecast Trend (2024-2032)
        8.6.5    Middle East and Africa
            8.6.5.1    Historical Trend (2018-2023) 
            8.6.5.2    Forecast Trend (2024-2032) 
9    North America Canthaxanthin Market Analysis
    9.1    United States of America 
        9.1.1    Historical Trend (2018-2023) 
        9.1.2    Forecast Trend (2024-2032)
    9.2    Canada
        9.2.1    Historical Trend (2018-2023) 
        9.2.2    Forecast Trend (2024-2032)
10    Europe Canthaxanthin Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2023) 
        10.1.2    Forecast Trend (2024-2032)
    10.2    Germany
        10.2.1    Historical Trend (2018-2023) 
        10.2.2    Forecast Trend (2024-2032)
    10.3    France
        10.3.1    Historical Trend (2018-2023) 
        10.3.2    Forecast Trend (2024-2032)
    10.4    Italy
        10.4.1    Historical Trend (2018-2023) 
        10.4.2    Forecast Trend (2024-2032)
    10.5    Others
11    Asia Pacific Canthaxanthin Market Analysis
    11.1    China
        11.1.1    Historical Trend (2018-2023) 
        11.1.2    Forecast Trend (2024-2032)
    11.2    Japan
        11.2.1    Historical Trend (2018-2023) 
        11.2.2    Forecast Trend (2024-2032)
    11.3    India
        11.3.1    Historical Trend (2018-2023) 
        11.3.2    Forecast Trend (2024-2032)
    11.4    ASEAN
        11.4.1    Historical Trend (2018-2023) 
        11.4.2    Forecast Trend (2024-2032)
    11.5    Australia
        11.5.1    Historical Trend (2018-2023) 
        11.5.2    Forecast Trend (2024-2032)
    11.6    Others
12    Latin America Canthaxanthin Market Analysis
    12.1    Brazil
        12.1.1    Historical Trend (2018-2023) 
        12.1.2    Forecast Trend (2024-2032)
    12.2    Argentina
        12.2.1    Historical Trend (2018-2023) 
        12.2.2    Forecast Trend (2024-2032)
    12.3    Mexico
        12.3.1    Historical Trend (2018-2023) 
        12.3.2    Forecast Trend (2024-2032)
    12.4    Others
13    Middle East and Africa Canthaxanthin Market Analysis
    13.1    Saudi Arabia
        13.1.1    Historical Trend (2018-2023) 
        13.1.2    Forecast Trend (2024-2032)
    13.2    United Arab Emirates
        13.2.1    Historical Trend (2018-2023) 
        13.2.2    Forecast Trend (2024-2032)
    13.3    Nigeria
        13.3.1    Historical Trend (2018-2023) 
        13.3.2    Forecast Trend (2024-2032)
    13.4    South Africa
        13.4.1    Historical Trend (2018-2023) 
        13.4.2    Forecast Trend (2024-2032)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Value Chain Analysis
16    Competitive Landscape
    16.1    Market Structure
    16.2    Company Profiles
        16.2.1    BASF SE
            16.2.1.1    Company Overview
            16.2.1.2    Product Portfolio
            16.2.1.3    Demographic Reach and Achievements
            16.2.1.4    Certifications
        16.2.2    Koninklijke DSM N.V.
            16.2.2.1    Company Overview
            16.2.2.2    Product Portfolio
            16.2.2.3    Demographic Reach and Achievements
            16.2.2.4    Certifications
        16.2.3    Xi'an Wellgreen Technology Co., Ltd.
            16.2.3.1    Company Overview
            16.2.3.2    Product Portfolio
            16.2.3.3    Demographic Reach and Achievements
            16.2.3.4    Certifications
        16.2.4    Others
17    Key Trends and Developments in the Market

 

List of Key Figures and Tables

1.    Global Canthaxanthin Market: Key Industry Highlights, 2018 and 2032
2.    Global Canthaxanthin Historical Market: Breakup by Source (USD Million), 2018-2023
3.    Global Canthaxanthin Market Forecast: Breakup by Source (USD Million), 2024-2032
4.    Global Canthaxanthin Historical Market: Breakup by Application (USD Million), 2018-2023
5.    Global Canthaxanthin Market Forecast: Breakup by Application (USD Million), 2024-2032
6.    Global Canthaxanthin Historical Market: Breakup by Region (USD Million), 2018-2023
7.    Global Canthaxanthin Market Forecast: Breakup by Region (USD Million), 2024-2032
8.    North America Canthaxanthin Historical Market: Breakup by Country (USD Million), 2018-2023
9.    North America Canthaxanthin Market Forecast: Breakup by Country (USD Million), 2024-2032
10.    Europe Canthaxanthin Historical Market: Breakup by Country (USD Million), 2018-2023
11.    Europe Canthaxanthin Market Forecast: Breakup by Country (USD Million), 2024-2032
12.    Asia Pacific Canthaxanthin Historical Market: Breakup by Country (USD Million), 2018-2023
13.    Asia Pacific Canthaxanthin Market Forecast: Breakup by Country (USD Million), 2024-2032
14.    Latin America Canthaxanthin Historical Market: Breakup by Country (USD Million), 2018-2023
15.    Latin America Canthaxanthin Market Forecast: Breakup by Country (USD Million), 2024-2032
16.    Middle East and Africa Canthaxanthin Historical Market: Breakup by Country (USD Million), 2018-2023
17.    Middle East and Africa Canthaxanthin Market Forecast: Breakup by Country (USD Million), 2024-2032
18.    Global Canthaxanthin Market Structure

Key Questions Answered in the Report

What was the global canthaxanthin market size in 2023?

The global canthaxanthin market is supported by the growth of carotenoids market, which attained a value of nearly USD 1.75 billion in 2023.

What is the growth rate of the market?

The market is supported by the growth of carotenoids industry, which is projected to grow at a CAGR of 4.5% between 2024 and 2032.

What is the forecast outlook of the market for 2024-2032?

The carotenoids market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 2.60 billion by 2032, supporting the growth of the canthaxanthin industry.

What are the major market drivers?

The market is being driven by rising carotenoid market, cosmetic and skin care market, and growing demand for natural products.

What are the key trends of the market?

The key trends influencing the market include rising consumer awareness, increasing use of dietary supplements, and growing demand for high-quality poultry products.

What are the major regional markets of canthaxanthin, according to the EMR report?

The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

What are the major sources of canthaxanthin in the market?

The major sources of canthaxanthin in the market are natural and synthetic.

What are the significant applications of canthaxanthin?

The leading applications of canthaxanthin in the market are food and beverages, animal feed, cosmetic and personal care, pharmaceuticals, and dietary supplements, among others.

Who are the key market players, according to the report?

The key players in the global canthaxanthin market are BASF SE, Koninklijke DSM N.V., and Xi’an Wellgreen Technology Co., Ltd., among others.

Analyst Review

The global canthaxanthin market is supported by carotenoids market, which attained a value of USD 1.75 billion in 2023, driven by the rising demand of cosmetics and skin care products. Aided by the growing use of dietary supplements and the rising demand of high-quality poultry products, the carotenoids market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 4.5%, supporting the growth of the canthaxanthin industry. The market is supported by carotenoids market, which is projected to reach USD 2.60 billion by 2032.        

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its sources, the canthaxanthin industry can be segmented into natural and synthetic. On the basis of applications, the industry is divided into food and beverages, animal feed, cosmetic and personal care, pharmaceuticals, and dietary supplements, among others. The major regional markets for canthaxanthin are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include BASF SE, Koninklijke DSM N.V., and Xi’an Wellgreen Technology Co., Ltd., among others

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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