May 26, 2024
Cryptoxanthin Market

The Global Cryptoxanthin Market Driven By Growing Health Consciousness Is Estimated To Reach Us$ 740 Mn In 2023

Cryptoxanthin is a carotenoid pigment found in some fruits and vegetables that is responsible for their orange color. It offers several health benefits such as improved eye health, reduced risk of cancer, and boosted immunity. Cryptoxanthin supplements are commonly consumed to avail these advantages. Being rich in antioxidants, cryptoxanthin supplements help reduce oxidative stress in the body. They also support cardiovascular health by lowering LDL cholesterol and reducing inflammation. With rising health awareness, more people are including cryptoxanthin supplements in their diets to protect against diseases. The global cryptoxanthin supplements market is gaining traction as consumers strive to lead healthier lifestyles.

The global Cryptoxanthin Market is estimated to be valued at US$ 740 Mn  in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends

One of the major trends in the cryptoxanthin market is the growing demand for natural supplements. With increasing health consciousness, consumers are wary of supplements containing artificial ingredients and preservatives. They prefer supplements made from natural extracts over synthetic varieties. This has prompted supplement manufacturers to focus on developing supplement formulas with naturally-sourced cryptoxanthin. Another key trend is the introduction of combination supplements containing cryptoxanthin along with other beneficial carotenoids like lutein, zeaxanthin, and beta-carotene. Offering multiple health benefits, these multi-carotenoid supplements are gaining popularity. They cater to consumers seeking an all-in-one solution for eye, heart, immune and cancer protection.

Porter’s Analysis

Threat of new entrants: Low barriers for players to enter in carotenoid industry however carotenoid extraction process requires technical expertise limiting new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power. They can negotiate on price with suppliers and switch between suppliers.
Bargaining power of suppliers: Suppliers have moderate to high bargaining power due to limited number of carotenoid suppliers. Cryptoxanthin availability also depends on harvest of fruits and vegetables.
Threat of new substitutes: Substitutes include other carotenoids like lutein, zeaxanthin and beta-carotene. Potential threat is moderate.
Competitive rivalry: Intense competition exists among existing cryptoxanthin manufacturers. Players compete on pricing and new product developments.

Key Takeaways

The global Cryptoxanthin Market Demand is expected to witness high growth. The global Cryptoxanthin Market is estimated to be valued at US$ 740 Mn  in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030.

Regional analysis The Asia Pacific region dominates the global cryptoxanthin market and is expected to grow at the fastest rate during the forecast period. Abundant availability of raw materials, growing nutraceutical industry are some factors propelling market growth in the region. Countries like India and China are the major producers and consumers of cryptoxanthin in Asia Pacific.

Key players operating in the cryptoxanthin market are Kemin Industries, Shaanxi Huike Botanical Development Co Ltd, Chenguang Biotech Group Co. Ltd, BASF, Synthite Industries Ltd, DDW Inc. Kemin Industries offers comprehensive portfolio of carotenoid ingredients including cryptoxanthin for food, feed and nutraceutical applications. Chenguang Biotech Group is one of the leading cryptoxanthin manufacturers in China.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it