by The Cryptoxanthin market is estimated to be valued at US$ 740 Mn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cryptoxanthin is a carotenoid pigment found in some fruits and vegetables. It is a dietary source of vitamin A and has potential health benefits such as reducing the risk of certain cancers and cardiovascular disease. Major sources of cryptoxanthin include tangerines, papaya, and red peppers. Cryptoxanthin is widely used as a coloring agent in food products like juices, cereals, etc. to impart an attractive reddish-orange color.
Market Dynamics:
Increasing health consciousness among consumers is a major factor driving the growth of the cryptoxanthin market. Cryptoxanthin intake has demonstrated health benefits such as lowered risk of lung and breast cancer. This is raising consumer awareness about including cryptoxanthin rich foods in their diet. Moreover, the pigmenting property of cryptoxanthin makes it a popular coloring agent for food products. Food manufacturers are utilizing cryptoxanthin to enhance the aesthetic appeal of packaged foods. Additionally, the burgeoning nutraceuticals industry is generating substantial demand for cryptoxanthin supplements for its anti-cancer properties.
SWOT Analysis
Strength: Global Cryptoxanthin Market has high growth prospects due to rising health consciousness among consumers. It has various health benefits such as improving eyesight. There is an increasing application of cryptoxanthin in dietary supplements and functional food and beverages.
Weakness: Higher production cost compared to synthetic colors may restraint its usage. Lack of awareness among consumers regarding the health benefits of cryptoxanthin can hinder market growth.
Opportunity: Increasing applications of cryptoxanthin in pharmaceuticals industry owing to potential therapeutic effects is expected to present lucrative opportunities. Rising demand for natural colors over synthetic colors also presents opportunities.
Threats: Stringent regulations pertaining to usage of natural colors can hamper cryptoxanthin market growth. Availability of substitutes presents threat to cryptoxanthin market.
Key Takeaways
The global cryptoxanthin market is expected to witness high growth, exhibiting CAGR of 5.7% over the forecast period, due to increasing health consciousness among consumers. Cryptoxanthin is gaining popularity owing to various health benefits associated with its consumption such as improving eyesight and reducing risk of various health issues.
Regional analysis: North America dominates the global cryptoxanthin market and is expected to continue its dominance over the forecast period. Growth in North America region is attributed to increasing usage of natural colors in food and beverage applications. Asia Pacific is expected to be the fastest growing market for cryptoxanthin owing to rising demand from end use industries such as food and pharmaceutical in emerging economies such as China and India.
Key players operating in the cryptoxanthin market are BASF, DSM, Kemin Industries, Naturex, Synthite Industries, Aarkay Food Products, Dohler, Sensient Technologies, Vitablend. Key players are focused on expanding their production capacities and partnership activities to strengthen their market position. They are also involved in new product development activities by extensive research and development to cater to the changing demand of end use industries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
