by Cryptoxanthin is a carotenoid pigment that is found in fruits and vegetables. It imparts bright yellow and orange color. Cryptoxanthin is commonly used as a natural food colorant in food and beverages. The growing demand for natural ingredients from health conscious consumers has propelled the demand for cryptoxanthin in various food products such as baked goods, dairy products and others.
The global cryptoxanthin market is estimated to be valued at US$ 740 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends propelling the cryptoxanthin market growth is the rising demand for natural food colors from food and beverage industry. With increasing health awareness, consumers are preferring food products containing natural ingredients over synthetic alternatives. Cryptoxanthin being a natural pigment obtained from fruits and vegetables is increasingly being utilized by food processors and manufacturers as a clean label ingredient. The natural attributes of cryptoxanthin have helped boost its application in various food products where it not only adds color but also provides antioxidants. The growing clean label movement is expected to drive further demand for cryptoxanthin in the coming years.
SWOT Analysis
Strength: Cryptoxanthin has strong antioxidant and anti-inflammatory properties which help in maintaining eye health. It plays an important role in preventing age-related macular degeneration.
Weakness: Cryptoxanthin extraction and purification processes require advanced technologies which increases the production cost. Stability issues related to prolonged storage also pose challenges.
Opportunity: Growing health conscious population and increasing demand for natural carotenoids from nutraceutical and cosmetic industries present significant growth opportunities. Cryptoxanthin helps support immune function which opens up prospects in supplements market.
Threats: Availability of substitute carotenoids and preference for multi-carotenoid supplements pose threats. Stringent regulatory processes and international quality certifications for supplements increase compliance costs.
Key Takeaways
The Global Cryptoxanthin Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 740 Mn by 2023 expanding at a CAGR of 5.9% through 2030.
Regional analysis: Asia Pacific region currently dominates the global Cryptoxanthin market owing to presence of leading producers in countries such as India, China and Japan. The region accounted for over 35% share of the total market value in 2023. North America follows Asia Pacific as the second largest market driven by increased consumption of eye health supplements in the US and Canada.
Key players: Key players operating in the Cryptoxanthin market are Alucol, HPL Stampings Inc., Kikukawa Kogyo Co., Ltd., Nihon Anodizing Co., Ltd, Pailian Aluminium, Prototech Asia, Saporito Finishing Co., Techmetals Inc., Tiodize, Inc., United Anodisers Limited, and Xometry Europe GmbH. These leading players are focusing on new product launches, capacity expansions and mergers & acquisitions to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
