Canthaxanthin Market size was over USD 75 million in 2017 and is estimated to exhibit 2.2% CAGR from 2018 to 2024; according to a new research report by Global Market Insights, Inc. Increasing demand for sustainable and standardized coloring ingredients will drive canthaxanthin market growth. Health benefits, easy availability, and quality coloring benefits will remain the key factors fueling demand. Large product adoptability as a colorant in dietary supplement, food & beverages, personal care, and pharmaceutical industry are escalating carotenoids market share.
Canthaxanthin market is expected to generate strong demand from healthcare segment due to its excellent medicinal property for the treatment of skin rashes, itching and skin color disorder. Also, improved medicinal effects such as reducing sunlight sensitivity for erythropoietic protoporphyria (EPP) patients are the main factors supporting demand.
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The industry has wide acceptance in animal feed and particularly in aquafeed due to its significant impact on product appearance and support from government. For instance, European Commission and Health & Consumer Protection-Directorate General have authorized canthaxanthin at the community level as feed additive under a set condition in Council Directive 70/524/EEC. The product is majorly used in animal feed for egg yolk pigmentation, chicken skin coloring and ornamental bird feeds.
Food & beverage industry growth across the world owing to increasing population and changing life style instigating consumption of RTE food, packaged items and energy drinks, which in turns increasing the food additives penetration including carotenoids.
Canthaxanthin is widely used in cosmetic and personal care products owing to its strong pigmentation properties, fueling the product demand during the forecast time frame. Cosmetic products are gaining attention from the last few years owing to their increasing consumer necessity along with surging consumer consciousness pertaining to skin health benefits boosting the industry share.
Rising instances for skin color disorders, such as Vitiligo, a skin pigmentation, can be improved through canthaxanthin pigmentation usage by balance recommended cosmetic product range, strongly supporting the product demand during the forecast period.
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