The global Cryptoxanthin Market is estimated to be valued at US$ 740 Mn or Mn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cryptoxanthin is a carotenoid pigment found in certain fruits and vegetables. It imparts the characteristic yellow-orange color to foods like papaya, tangerines, and oranges. Cryptoxanthin has potential health benefits such as reducing risk of certain cancers and eye diseases due to its powerful antioxidant properties. Growing awareness about the health benefits of consuming cryptoxanthin rich foods is driving the demand.
Market key trends:
One of the key trends in the cryptoxanthin market is the increasing demand for dietary supplements. Consumers are more health conscious and seek convenient options to fulfill their daily nutrient requirements. Cryptoxanthin dietary supplements are popular among health enthusiasts to boost immunity and eye health. Manufacturers are investing in new product development and novel delivery formats like gummies, soft gels to increase consumer appeal for cryptoxanthin dietary supplements.
Market key trends:
The Global Cryptoxanthin Market has been witnessing significant growth in recent times owing to rising health consciousness among consumers and growing preference for natural coloring and carotenoid ingredients in food and beverage products. Cryptoxanthin helps support eye health and possesses anti-inflammatory and anti-cancer properties. Hence, there has been a rising demand for cryptoxanthin ingredients for utilization in dietary supplements, functional foods, and beverages. Moreover, ongoing research activities exploring other potential health benefits of cryptoxanthin are further increasing its application in various end-use industries.
SWOT Analysis
Strength: Cryptoxanthin offers several health benefits such as supporting eye health and reduced risk of certain cancers. This increases its demand.
Weakness: High dependence on agricultural raw materials can lead to supply uncertainties.
Opportunity: Growing health-conscious population and research on additional health benefits of cryptoxanthin present opportunities for market expansion.
Threats: Price volatility of raw materials and presence of substitute ingredients pose threats to market growth.
Key Takeaways
The global Cryptoxanthin Market is expected to witness high growth, exhibiting CAGR of 5.7% over the forecast period of 2023 to 2030, due to increasing health awareness. The market size for 2023 is estimated to be US$ 740 Mn.
Regionally, North America holds the largest share in the cryptoxanthin market due to increasing consumption of supplements and growing health-conscious population. Asia Pacific is expected to be the fastest growing market over the forecast period with rising demand from China, India, and other developing nations.
Key players operating in the Cryptoxanthin market include BASF, DSM, Kemin Industries, Naturex, Synthite Industries, Aarkay Food Products, Dohler, Sensient Technologies, and Vitablend. Kemin Industries and DSM are the market leaders with strong product portfolio and global presence across regions.
