Canthaxanthin Market: An Overview
Canthaxanthin is a colour or dye similar to the pigment that makes carrots orange. It occurs naturally, but can also be sourced by synthetic processes in laboratories. Its key usage is to lower sensitivity to direct sunlight, which is also known as photosensitivity, in people who suffer from Erythropoietic Protoporphyria (EPP), a rare genetic disease. People suffering EPP are prone to skin reactions such as itch, rash and eczema caused due to sunlight. Canthaxanthin deposits under the skin create an artificial tan that carries antioxidant activity, thus offering protection to the skin against sun sensitivity. Moreover, canthaxanthin is used as an additive in food colouring and as an ingredient in animal feed to improve the colour of egg yolks, chicken skin and fresh water fish such as salmon & trout.
Increase in the incidence of skin colour disorders in the Asia Pacific region is expected to significantly boost the canthaxanthin market over the forecast period due to the presence of a large population coupled with growing economy & rapid industrialization, which boost the demand for the product.
Global Canthaxanthin Market: Dynamics
Increase in the demand for canthaxanthin from the healthcare segment owing to its exceptional medicinal property for the treatment of skin diseases, such as itching, rashes and other skin colour disorders, is expected to fuel the demand for canthaxanthin over the forecast period. Moreover, increase in customer awareness about the benefits of the intake of canthaxanthin, coupled with the growing adoption of this ingredient in dietary supplements, personal care, the pharmaceutical industry, and food & beverages, is boosting the canthaxanthin share. However, inappropriate dosage of canthaxanthin can lead to adverse effects on the skin & eyes, as well as result in vision loss. These factors are likely to hamper the demand for canthaxanthin.
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Global Canthaxanthin market: Key players
Some of the key players operating in the global canthaxanthin market are:
- DSM Nutritional Products AG
- BASF SE
- Novus International, Inc.
- Novepha Company Limited
- Noshly Pty. Ltd.
- Zipont Chem Tech Co., Ltd
- Parchem Fine & Specialty Chemicals
- Guangzhou Wisdom Bio-Technology Co., Ltd.
- Zhejiang Medicine Co. Ltd.
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Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Argentina, Chile, Peru)
- Western Europe (Germany, Italy, France, U.K, Spain, BENELUX, Nordic, Eastern Europe)
- CIS and Russia
- Asia-Pacific (China, India, ASEAN, South Korea)
- Middle East and Africa (GCC Countries, South Africa, Turkey, Iran, Israel)
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- Detailed overview of parent market
- Changing market dynamics in the industry
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Global Canthaxanthin Market: Segmentation
Globally, the canthaxanthin market has been segmented as:
On the basis of product form, the global canthaxanthin market is segmented as:
- Synthetic canthaxanthin
- Natural canthaxanthin
On the basis of applications, the global canthaxanthin market is segmented as:
Food & Beverages
- Dietary Supplements
- Animal Feed
- Aqua farming
- Personal Care
On the basis of region, the global canthaxanthin market is segmented as:
- North America
- Latin America
- Rest of Latin America
- EU – 4 (Germany, France, Italy, Spain)
- Benelux (Belgium, Netherlands, Luxemburg)
- Nordic (Norway, Denmark, Iceland, Sweden)
- Eastern Europe (Poland, Ukraine, Czech Rep., etc.)
- Rest of Europe
- CIS & Russia
- APeJ (Asia Pacific excluding Japan)
- Greater China
- South Korea
- ASEAN Countries
- Rest of APeJ
- Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA
North America is expected to be the dominant market for canthaxanthin owing to the extensive demand for dietary supplements, particularly from the ageing population, which is expected to largely fuel the growth of the market. However, Asia Pacific is expected to register the highest demand for canthaxanthin over the forecast period. Increasing demand for canthaxanthin from animal feed applications due to an increase in the penetration of aqua farming across emerging economies is expected to propel the market. Wide-ranging usage of canthaxanthin to improve bird health, to extend the shelf life of eggs and to strengthen the vitelline membrane of egg yolks is likely to improve the profitability of market players. Moreover, improving sales in countries such as China, Japan and other ASEAN countries due to an increase in the demand for quality poultry products such as eggs is also expected to boost the market during the forecast period. Overall, the global canthaxanthin market is expected to register significant growth over the forecast period.
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