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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cryptoxanthin is a naturally occurring carotenoid pigment that gives certain fruits and vegetables an orange color. It is primarily found in tropical star fruit and citrus fruits like orange, tangerine, and papaya. Cryptoxanthin has antioxidant properties and plays an important role in maintaining vision health. Rising awareness about various health benefits of carotenoids like cryptoxanthin is driving demand from food and supplement industries.
Market key trends:
One of the key trends fueling growth of cryptoxanthin market is rising prevalence of age-related macular degeneration (AMD) globally. AMD is a leading cause of blindness in developed nations. Researches show diets rich in cryptoxanthin may reduce the risk of developing AMD by up to 25%. This is prompting food manufacturers to fortify breakfast cereals, snacks, beverages and other products with cryptoxanthin concentrates. Additionally, lifestyle changes and growing health consciousness are pushing consumers to seek antioxidant-rich dietary supplements, thereby positively impacting cryptoxanthin consumption.
Porter’s Analysis
Threat of new entrants: Low barriers for new entrants due to technology advancement as many startup companies entering the market. However, established brands have strong loyal customer base and distribution channels.
Bargaining power of buyers: High as buyers have many options available from various manufacturers. Buyers can negotiate on price and demand value added services.
Bargaining power of suppliers: Medium as raw material supplies are concentrated and limited source. Suppliers can influence pricing but customers can switch to other suppliers.
Threat of new substitutes: Medium threat as alternative natural and synthetic colors are available but they may not offer same benefits. Product differentiation offers some protection against substitute threat.
Competitive rivalry: Intense competition among existing players to gain market share through new product launches, expansion, and acquiring smaller players.
SWOT Analysis
Strength:
– Health benefits of cryptoxanthin such as reducing risk of cancer and cardiovascular diseases.
– Wide application in food and beverage industry for color and nutritional enhancement.
Weakness:
– Availability and price volatility of raw materials depending on climatic conditions.
– Compliance with stringent regulatory norms regarding certification, quality, and safety.
Opportunity:
– Growing demand for natural colors from food processing sector especially in confectionery and bakery products.
– Adoption in nutraceutical, dietary supplements, and personal care industries.
Threats:
– Presence of substitute synthetic colors with lower price point.
– Strict import-export regulations affecting trade dynamics.
Key Takeaways
The Global Cryptoxanthin Market is expected to witness high growth, exhibiting CAGR of 5.7% over the forecast period, due to increasing demand for natural colorants in food industry. Geographically, the market in Asia Pacific region dominated in 2023 with over 35% share owing to large production and consumption of food items requiring natural colorants in countries like India and China.
Regional analysis – The North America cryptoxanthin market is projected to grow at a CAGR of 6.3% during 2023-2030 due surge in health-conscious consumers preferring naturally sourced ingredients. The rising popularity of nutraceuticals supplements containing cryptoxanthin in the U.S. and Canada is fueling market growth.
Key players – Key players operating in the cryptoxanthin market are BASF, DSM, Kemin Industries, Naturex, Synthite Industries, Aarkay Food Products, Dohler, Sensient Technologies, and Vitablend. BASF being the global leader investing in expanding its production facilities and new product launches.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
