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| Global Cryptoxanthin Market |
The global 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 carotenoid pigment that gives orange color to fruits and
vegetables like carrots, pumpkins, papayas etc. It belongs to the xanthophyll
group of carotenoids. Cryptoxanthin is a pro-vitamin A compound that converts
to vitamin A after digestion. It is valued for its antioxidant and anti-inflammatory
properties. Cryptoxanthin helps protect against various chronic diseases like
cancer, macular degeneration etc. due to its ability to reduce oxidative
stress. The growing awareness about these health benefits is fueling the demand
for cryptoxanthin containing natural food colors as they provide the additional
nutritional value in food products.
Market key trends:
One of the major trends in the cryptoxanthin market is the growing demand for
natural food colors. With rising health consciousness, consumers are
increasingly preferring food products made from natural ingredients over
artificial or synthetic colors. This has led food manufacturers to replace
artificial colors in their products with natural alternatives like
cryptoxanthin derived from fruits and vegetables. The clean label trend is a
key driver for the increasing incorporation of cryptoxanthin in a variety of
food applications like beverages, confectionery, baked goods etc.
Porter's Analysis
Threat of new entrants: The Global
Cryptoxanthin Market requires high initial investments and regulatory
procedures which make entry difficult for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to the
presence of numerous players providing cryptoxanthin.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to
the dependence of players on a few number of suppliers for raw materials.
Threat of new substitutes: Threat from substitutes is low as cryptoxanthin has
unique health benefits that cannot be replaced.
Competitive rivalry: The market is moderately competitive owing to the
differentiation strategies adopted by established players.
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 awareness among consumers regarding nutritional foods
and dietary supplements. The market size for 2023 is estimated to be US$ 740 Mn.
Regional analysis: North America dominated the global cryptoxanthin market,
accounting for around 35% share in 2023 owing to surging demand for natural
food colors and supplements. Asia Pacific is expected to be the fastest growing
market over the forecast period, advancing at a CAGR of around 7%, due to
rising health consciousness and increasing per capita income.
Key players operating in the cryptoxanthin market are BASF, DSM, Kemin
Industries, Naturex, Synthite Industries, Aarkay Food Products, Dohler,
Sensient Technologies, Vitablend. BASF is one of the leading players focuses on
new product launches to strengthen its market position. In 2022, Naturex
launched natural beta-cryptoxanthin ColorFix colorant, addressing growing
consumer demand for clean label ingredients.
Read More: https://www.trendingwebwire.com/growth-of-cryptoxanthin-market/