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Canthaxanthin Market Share

Report ID: GMI799
Published Date: Jan 2024
Report Format: PDF

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Canthaxanthin Market Share

The global canthaxanthin industry is fragmented owing to the presence of several market players. Major companies operating in the market are DSM, BASF, Novepha Company accounting over 30% market share in the year 2023. The major companies are focusing on mergers & acquisitions, facility expansion, and strategic partnerships to expand their product offerings, customer reach, and enhance market presence. Companies are also focusing on acquisition strategy.

Geographical expansion of key players are anticipated to intensify the market competition over the forecast timeframe. An acquisition strategy enables a company to enter new markets and product lines instantaneously with a recognized brand having a good reputation and an existing client base. An acquisition can overcome market entry barriers that were previously challenging.

Canthaxanthin Market Companies

Major companies operating in the canthaxanthin industry include:

DSM
BASF
Novepha Company
Zipont Chem Tech
Novus International
Noshly
Parchem
ZMC
Guangzhou Wisdom Biotechnology
Hangzhou Onicon Chemical.

Authors: Kunal Ahuja

Frequently Asked Questions (FAQ) :

The market size of canthaxanthin reached USD 135 million in 2023 and is set to witness 2.6% CAGR between 2024 and 2032, due to the higher demand for cosmetics and personal care products coupled with high acceptance for animal feeds.

The synthetic source segment in the canthaxanthin industry was valued at USD 65 million in 2023, owing to the extensive usage in animal feed.

Asia Pacific market size was over USD 69 million in 2023, attributed to the increasing demand from animal feed owing to rising penetration of aquaculture across the region.

DSM, BASF, Novepha Company, Zipont Chem Tech, Novus International, Noshly, Parchem, ZMC, Guangzhou Wisdom Biotechnology, and Hangzhou Onicon Chemical are some of the leading canthaxanthin players.