Global Canthaxanthin Market: Overview

Cosmetics are substances or products that are used to enhance or alter the appearance of the face, or fragrance and texture of the body. Numerous cosmetics are designed to be applied to the face, hair, skin, and body. Globally, the demand for cosmetic production and consumption is rapidly increasing, due to increase in awareness about health and personal hygiene among people. Canthaxanthin is a dye that is similar to carotenes in vegetables such as carrots. It is also found in green algae, bacteria, crustaceans, and bio-accumulates in fish such as carp, golden mullet, seabream, and trush wrasse. It is also similar to the chemical that lends carrots their distinct orange color. It occurs naturally and can also be made in a laboratory. It deposits in the skin to produce an artificial “tan.” Canthaxanthin also helps protect the human skin against the sun through antioxidant activity. It is utilized to reduce sensitivity to sunlight (photosensitivity) experienced by people who have a rare genetic disease called erythropoietic protoporphyria (EPP). In such people, exposure to the Sun’s rays is likely to cause skin reactions such as rash, itching, and eczema.

Global Canthaxanthin Market:  Key Segments

Canthaxanthin is a red carotenoid that occurs (EFSA 2014) and can also be found in some fungi. The global canthaxanthin market can segmented based on source, application, and region. Based on source, the canthaxanthin market can be bifurcated into synthetic and natural. Natural canthaxanthin is obtained for green microalgae through various extraction processes. Synthetic canthaxanthin is obtained from petrochemicals and provides color pigmentation to fishes and skin coloring to chickens. Synthetic canthaxanthin is widely preferred. Based on application, the canthaxanthin market can be segregated into dietary supplements, personal care products, pharmaceuticals, and animal feed. It is widely preferred in animal feed. The animal feed segment can be further split into aquaculture, livestock, and pets.

Global Canthaxanthin Market: Drivers & Restrains

Canthaxanthin delivers multiple benefits such as reduction of sunlight sensitivity in people suffering from erythropoietic protoporphyria (EPP). Sunlight can cause skin allergies including eczema, rashes, and itching in patients. Skin reactions has increased in product sales, supporting the market growth.

A key restraints of the canthaxanthin market is that excess usage is likely to prove harmful to the skin and body. Canthaxanthin is unsafe for women during pregnancy. Moreover, it is unsafe if taken in excessive amounts, causing diarrhea, stomach cramps, nausea, and aplastic anemia. Excessive consumption can also lead to vision loss or eye damage.

Global Canthaxanthin Market: Regional Outlook

In terms of region, canthaxanthin is widely used in North America due to rising awareness about skincare in countries such as U.S. and Canada. The Canthaxanthin supplement of DSM, Carophyll Red received a Generally Recognized as Safe (GRAS) label. This supplement is declared as a nutritive antioxidant for supporting the development of chicken embryos by the U.S. Food & Drug Administration (FDA). Canthaxanthin is widely approved and has been licensed in several countries. Countries in Asia Pacific such as China, India, Japan, and Australia also utilize canthaxanthin. It is due to rising urbanization and awareness related to health and personal hygiene. The authorities in Japan and Europe have indicated its safety with the establishment of Acceptable Daily Intake (ADI) to ensure negligible harmful impact. Countries in Latin America and Middle East & Africa are prefer the usage canthaxanthin, and the market in these regions is anticipated to expand in the near future.

Global Canthaxanthin Market: Key Players

Key players operating in the global canthaxanthin market include DSM, BASF, Novepha Company, Zipont Chem Tech, Novus International, Noshly, Parchem, ZMC, and Guangzhou Wisdom Biotechnology. 

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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