Canthaxanthin Market Size – Industry Share Report, 2024

Canthaxanthin Market - Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast by 2024: Global Market Insights Inc.

Canthaxanthin Market size may generate significant growth up to 2024 owing to increasing application scope in food and cosmetics industries.

Rising consumer inclination towards various food products such as baby ingredients, breakfast cereal, dairy, fruit & vegetable, meat, snacks, bakery and confectionery industries should drive canthaxanthin market size growth. Asia Pacific food & beverages industry, with growth in India and China, may generate over USD 60 billion business by 2024. It is used as color additives in foods.

Carotenoids are gaining growth due to its benefits regarding easy availability and health benefits offered with zeaxanthin, lycopene, beta carotene, lutein and canthaxanthin. The global carotenoids market generated at over USD 1.15 billion business in 2015 and may register over USD 1.65 billion by 2024, with gains at above 3.5%. Increasing consumer health awareness coupled with growing end-use application may drive product demand.

Rise in livestock production owing to rise in fish and meat consumption should drive canthaxanthin market size. Global animal feed may show significant gains at over 4.5% CAGR by 2024. Animal feed refers to livestock food for poultry, swine, cattle, horse, poultry and sheep. This carotenoid is used as a feed additive for animals which thereby improves meat and egg production. In addition, it improves salmon, trout, chicken skin and egg yolk color. Canthaxanthin is a relatively deepest color caroteniod, suited best for meat product coloration.

Insufficient canthaxanthin levels in animal may affect animal health and impact product color which shortfalls in customer expectations. Animal feed industry is required to include this carotenoid to meet customer expectations and maintain animal health. It is used for broiler and egg yolk pigmentation as the red component to impart color. It is also used in food and cosmetics industry where it imparts orange red hue.

Pigmentation is also considered as an important criterion for consumer buying perception after freshness parameter. Canthaxanthin is added at a concentration of around 80 mg per kilo in feedstuff for maintaining proper pigmentation is farmed fish species such as salmons.

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Key benefits of this carotenoid include prevention from prostate cancer, obesity and skin pigmentation disorder. Obesity includes high blood pressure, diabetes risk and hypertension. Prostate cancer has caused many deaths and is diagnosed in more than 80% of men at the age of 75. In addition, the chemical has therapeutic value and is effective to cure & treat prostate cancer.

Increasing consumer interest in nutritional and healthy diet owing to food ingredients consumption should drive dietary supplements market and favor canthaxanthin marker size. APAC accounted for over 30% of the global dietary supplements market share in 2015.

Key sources of this carotenoid are plants and living organisms. These include paprika, crustaceans, and green algae. It manifests itself in plants roots, leaves and fruits and in marine animal skins. Global crustaceans market will grow at over 4% CAGR by 2024. Increasing seafood demand along with rising health awareness may fuel canthaxanthin market growth. Crabs are rich in omega-3 fatty acids and protein, which is beneficial for arthritis treatment.

JECFA (The Joint FAO/WHO Expert Committee on Food Additives) evaluated the product safety and distributed an Acceptable Daily Intake (ADI) up to 0.03 mg/kg body weight. JECFA considered canthaxanthin usage as feed colorant. The International Agency of Research on Cancer (IARC) has not evaluated product carcinogenicity.

Codex General Standard for Food Additives, permitted the carotenoid in fresh eggs with Good Manufacturing Practice. EFSA established maximum residue limits in animal feed such as 10 mg canthaxanthin per kilo muscle in salmon and 5 mg per kilo muscle in trout. Food Regulations in Hong Kong uses it as food coloring ingredient.

It is considered unsafe for pregnant women and may cause eye damage. EU authorities banned product usage in food industry due to its negative effect in human body. Lack of FDA approval in tanning pills which result in health issues, may hinder industry profitability and affect canthaxanthin market price trend.

Key industrial players in global canthaxanthin market share include BASF, DSM and Allied Biotech Corporation. Other prominent companies include DaXingAnLing Koralle Bioengineering, Hangzhou Onicon Chemical, Zipontchem and Guangzhou Wisdom Biotechnology.

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