by Cryptoxanthin is a type of carotenoid that provides distinctive orange-red color to fruits and vegetables such as oranges, tangerine, red bell peppers, and papaya. Carotenoids are a class of phytonutrients that act as antioxidants and provide various health benefits. Increasing awareness about health benefits of carotenoids is driving people to include carotenoid-rich foods in their diet. Cryptoxanthin comes with anti-inflammatory, anticancer, and eye-health protective properties. It helps reduce the risk of chronic diseases. Rising incidences of lifestyle diseases and medical conditions caused due to nutritional deficiencies have triggered a shift towards dietary supplements and functional foods rich in cryptoxanthin.
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 Dynamics
Increasing Awareness About Beneficial Effects of Carotenoids
As mentioned in the market overview above, one of the key drivers boosting the cryptoxanthin market is growing awareness about various health benefits of carotenoids. Educational campaigns by health organizations are emphasizing the role of carotenoids in promoting eye health and reducing risk of chronic conditions. Research studies confirming positive effects of carotenoids in conditions such as age-related macular degeneration and cataracts are further stimulating interest of common public in including carotenoid-rich foods in their regular diet. This driver is expected to significantly contribute to revenue growth of the cryptoxanthin market over the forecast period.
Nutraceutical Applications of Cryptoxanthin
Emerging applications of cryptoxanthin in nutraceutical products are further expected to provide new opportunities for market growth. Cryptoxanthin is being widely researched for its anti-inflammatory and antimicrobial properties. It shows potential for developing dietary supplements for conditions involving oxidative stress and chronic inflammation. Increasing demand for natural remedies is encouraging investements in product development ventures utilizing cryptoxanthin. This is estimated to be a major player in shaping the cryptoxanthin market dynamics positively in the coming years.
Segment Analysis
The global Cryptoxanthin Market Demand is dominated by the food and beverages sub-segment. Cryptoxanthin is majorly used as a coloring agent in food processing industries to impart natural orange color to various foods and beverages. It is thermostable in nature and provides bright color even after cooking or processing of food items at high temperatures. The food and beverages sub-segment accounts for over 60% market share due to wide applications of cryptoxanthin in enhancement of food quality and visual appeal.
PEST Analysis
Political: The cryptoxanthin market is governed by various food safety and labeling regulations enforced by global food regulatory bodies. Compliance to standards ensures quality and safety of food products.
Economic: Rising disposable incomes and growing health-conscious population have been driving the demand for natural food colors. Cryptoxanthin producers are benefitting from increased investments by food companies for product differentiation and innovation.
Social: Changing consumer preferences towards natural ingredients and clean-label products present lucrative opportunities. Cryptoxanthin enhances the nutritional value of dietary sources through its antioxidant properties.
Technological: Advances in extraction technologies have improved cryptoxanthin yields. producers are investing in R&D to develop efficient and cost-effective production processes. New applications in nutraceuticals and cosmetics are also being explored.
Key Takeaways
The global cryptoxanthin market is expected to witness high growth over the forecast period of 2023 to 2030 supported by shifting preferences towards natural colorants. 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: Asia Pacific dominates the global cryptoxanthin market with over 40% share. This can be attributed to growing food processing industries and expanding retail landscape in countries like India and China. Rising health awareness has been augmenting the demand for naturally sourced food ingredients in the region.
Key players: Key players operating in the cryptoxanthin market are DSM, Kemin Industries, Vidya Herbs Pvt Ltd, Chenguang Biotech Group Co. Ltd, and Kalsec Inc. These companies have been investing in advancing extraction technologies and developing new applications of cryptoxanthin.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
