Canthaxanthin Market Analysis

Canthaxanthin Market Analysis

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Based on source, the synthetic segment held over USD 65 million revenue in 2023. It is credited to high consumer preference towards the product owing to its cost effectiveness than the counterpart. Moreover, it is extensively used for animal feed and is sold on a large scale globally. It is sourced from petrochemicals and provides colour pigmentation to fishes and skin colouring to chickens. Its high usage for these applications will prominently escalate the revenue generation.
 

Natural canthaxanthin market will exhibit 2.9% CAGR during the forecast period, owing to shifting preference of the customers towards the natural variants instead synthetic. It is attributed to its numerous benefits to animals as well as human beings. It is sourced from green microalgae and is produced from complicated procedures. Provision of better pigmentation for chickens & fishes along with superior safety profile will further strengthen the industry demand in the coming years.
 

Based on application, the animal feed segment accounted for 26% of the canthaxanthin market share in 2023. Canthaxanthin is extensively used as a key ingredient for aquafeed and pets. It is being increasingly used to provide red colour pigment in fishes and golden colour to egg yolk. Various governments are continuously putting efforts to promote aquaculture, further supporting the industry dominance over the forecast timeline.
 

Canthaxanthin market from personal care products will grow rapidly, witnessing more than 2.9% CAGR from 2024 to 2032. High demand for these products along with substantial growth in cosmetics industry across the globe will primarily drive the demand. The product is combined with beta carotene to manufacture high quality cosmetics and personal care products that attracts the customers, further strengthening the industry penetration. Dietary supplements are also likely to grow considerably owing to rising demand from elderly population due to their medicinal properties.
 

Asia Pacific canthaxanthin market size dominated around USD 69 million in 2023. Increasing demand from applications such as animal feed owing to rising penetration of aquaculture across the region will support regional industry growth. Improving product sales owing to high demand for quality eggs in including Japan, China, and India. Extensive usage across the region to improve the bird health, extend egg life, and increase the resistance of vitelline membrane egg yolk will enhance the profitability of the industry participants, further supporting the regional dominance till 2032.