Global Canthaxanthin Market By Source (Natural, Synthetic), Application (Personal Care, Food & Beverages, Dietary Supplements, Pharmaceuticals, Animal Feed, Others), Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa) – Industry Trends and Forecast to 2026

Market Analysis: Global Canthaxanthin Market

The global canthaxanthin market is anticipated to register a steady CAGR during the forecast period of 2019-2026. Various health benefits related to canthaxanthin is foreseen to fuel the market growth in the upcoming years.

Market Definition: Global Canthaxanthin Market

Canthaxanthin is a carotenoid pigment which is in red and orange colour. It primarily found in foods including fish, eggs, mushrooms as well as the pigment has also produced by chemical synthesis. Canthaxanthin is also used as food colour and feed additive it has wide applications in the cosmetic industry.  Canthaxanthin is similar to carotenes in vegetables such as carrots. It has the ability to protect the human skin against sun through its antioxidant activity.

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Market Drivers

Flourishing cosmetic and personal care industry acts as a market driver in the forecast period
Increasing awareness about health and personal hygiene is another factor augmenting the market growth
Properties like antioxidant activity offered by canthaxanthin also drives the market growth
Surging demand from various end-user industry is another factor boosting this market growth

Market Restraints

Extensive consumption of canthaxanthin leads to multiple side effects, which is anticipated to hamper the market growth
Stringent regulatory and approval norms to affect the market growth

Segmentation: Global Canthaxanthin Market

By Source

Natural Canthaxanthin
 Synthetic Canthaxanthin

By Application

Personal Care
 Food & Beverages
Dietary Supplements
Pharmaceuticals
Animal Feed
Others

By Geography

North America
U.S.
Canada
Mexico
Europe
Germany
Sweden
Poland
Denmark
Italy
U.K.
France
Spain
Netherlands
Belgium
Switzerland
Turkey
Russia
Rest of Europe
Asia-Pacific
Japan
China
India
South Korea
New Zealand
Vietnam
Australia
Singapore
Malaysia
Thailand
Indonesia
Philippines
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle East and Africa
UAE
Saudi Arabia
Oman
Qatar
Kuwait
South Africa
Rest of Middle East and Africa

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Key Developments in the Market:

In September 2010, DSM Acquired Microbia, Inc., in order to expand its product portfolio. Acquisition made by DSM will help chemical, feed, and other industries to develop sustainable products. It has developed a technology platform which enables high quality  natural carotenoids  (including β-carotene and canthaxanthin. This could create market expansion for the organic canthaxanthin
In May 2010, Novus International acquired Europe-based IQF Group, with this acquisition Novus International expanded its product portfolio in human nutrition and addition of several products including canthaxanthin. This acquisition can  support the market growth in the forecast period

Competitive Analysis:

Global canthaxanthin market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of canthaxanthin market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.

Key Market Competitors: 

Some of the key players operating in the global canthaxanthin market are DSM, BASF SE, Novepha Company Limited, Parchem fine & specialty chemicals., Guangzhou Wisdom Bio-Technology Co.,Ltd, ZMC Group of Companies, Hangzhou onicon chemical co limited, Divi’s Nutraceuticals, SIMAGCHEM, Haihang Industry Co., Ltd., AK Scientific Inc, Skyrun Industrial among others.