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Extensive usage in animal feed applications along with rising demand from personal care & cosmetic products will primarily drive the industry growth over the forecast timeframe. The product is highly used for colour enhancement in egg yolks, salmon, trout, chicken and others. Moreover, it is increasingly being adopted for treating various problems in human beings such as rashes and itching caused due to sun exposure, owing to its medicinal properties. The customers are continuously shifting towards the consumption of quality meat and dairy products, further positively impacting the canthaxanthin market over the next six years.Dietary supplements dominated the industry share with 36.7% of the global canthaxanthin market in 2017. Rising demand from applications such as dietary supplements, particularly from the elderly population across the globe will drive the industry growth. They are the prominent users of preventive medications, thereby improving the product sales. Moreover, surging carotenoids industry owing to their health benefits will enhance visibility of the product.
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Personal care applications will witness highest growth potential in the next six years. The growth is mainly driven by increasing consumer spending on personal care and cosmetic products. Strong outlook for canthaxanthin in cosmetic products for skin tone enhancement will support the industry growth. Moreover, canthaxanthin uses in combination with other carotenoids for cosmetic applications will provide positive outlook for industry demand.
Canthaxanthin market growth is the result of efforts made by various organization in the previous decades. Joint FAO/WHO Expert Committee on Food Additives (JECFA) studied and evaluated the safety intake of the product and effect on the human body in 1995. The committee allocated Acceptable Daily Intake (ADI) was 0-0.03 mg/kg of human body weight. In 2000, JECFA also evaluated indirect intake of canthaxanthin into consideration owing to excess usage in animal and poultry feed additives for pigmentation purpose.
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Pharmaceutical applications will witness highest ability to capture owing to its relatively smaller market in 2017. Increasing product adoption in pharmaceutical applications due to its notable antioxidant properties will propel the industry growth. In addition, product innovations in drugs for treatment of various skin diseases will support the industry demand. For instance, canthaxanthin has been widely used in tanning pills.
Natural and synthetic are the two sources through which canthaxanthin is extracted and produced for commercial applications. Synthetically sourced products dominated the overall industry owing to its early adoption and cost-effective production procedure. Natural sourced product's ingredients include mushrooms, seaweed, microorganisms and so on.
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The product is gaining popularity due to increasing consumer consciousness. However, lack of colour standardization and usage in a large quantity are major factors limiting product adoption as compared to its counterpart.
Contact Info:
Name: Arun Hegde
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Organization: Global Market Insights, Inc.
Website: https://www.gminsights.com/industry-analysis/canthaxanthin-market
Release ID: 88889932
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