The global canthaxanthin market is anticipated to witness slow growth during the forecast period between 2021 and 2031.
Canthaxanthin is derived from petrochemicals and is extensively used in the animal feed industry to improve the quality of egg yolks, chicken skins, salmon, and fishes.
Canthaxanthin is a liquid-soluble antioxidant, which can be obtained both in natural and synthetic forms. It is predominantly found in green algae, bacteria, and crustaceans and is orange in color.
The COVID-19 outbreak negatively impacted the global canthaxanthin market, owing to the partial or complete shutdown of production facilities in various parts of the world.
However, with the subsequent decline in cases and the availability of vaccines, the demand is expected to rise again and the canthaxanthin market is expected to witness steady growth in future.
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Rising demand for canthaxanthin in cosmetics, personal care products, and animal feed industries have emerged as key growth drivers for the canthaxanthin market.
Canthaxanthin's nutritional properties have made it a key component in the manufacturing of antioxidants and pigmentation agents. As a result, canthaxanthin has witnessed increased demand and that, in turn, has positively impacted the overall canthaxanthin market.
Also, a change in consumer behavior, who are inclining towards natural and sustainable colorants is expected to fuel the canthaxanthin demand and propel the overall canthaxanthin market, in years to come.
In addition to this, the easy availability of canthaxanthin in various parts of the world is expected to drive the growth in the global canthaxanthin market, in future.
The feed additive application segment of canthaxanthin is expected to be the largest contributor, in terms of revenue, to the overall canthaxanthin market, in the coming years.
The global canthaxanthin market comprises both established players and smaller players. The leading players are expected to hold a large share in the overall canthaxanthin market, in the coming years.
Research and development undertakings are expected to be a key growth strategy for the canthaxanthin market players, in future, who are expected to establish R&D centers in different parts of the world, in a bid to produce improved quality of products.
Some of the leading players in the global canthaxanthin market include BASF, DSM, Zipont Chem Tech, Novepha Company, and Novus International.
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The global canthaxanthin market is classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa.
Asia Pacific is anticipated to be the leader in the global canthaxanthin market in the coming years. Factors such as rising demand for canthaxanthin in the animal feed industry is expected to be the key growth driver for the canthaxanthin market.
Also, increasing prevalence of aquaculture in countries such as India and China is expected to bolster the growth of the canthaxanthin market, in this region.
The increased demand for canthaxanthin in animal farming in Asia Pacific is anticipated to improve bird health, extend egg life, and raise the resistance of vitelline membrane egg yolk.
North America is anticipated to be in the second position, behind Asia Pacific in the global canthaxanthin market, in years to come. A significant increase in demand for dietary supplements in countries such as the U.S and Canada is expected to be the key growth driver for the canthaxanthin market in this region.
Key players could also undertake R&D activities in countries such as the U.S and Canada, which would help their growth and have a positive effect on canthaxanthin demand, as well.
Europe is expected to stand in third position. Other regions such as Latin America and Middle East and Africa are expected to witness slow growth in the canthaxanthin market, owing to the lack of presence of established players in both the regions.
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