by Cryptoxanthin is an antioxidant predominantly found in orange and yellow fruits and vegetables. It plays an important role in visual health and chronic disease prevention. Increased application of cryptoxanthin in dietary supplements, functional foods and beverages has been witnessed due to rising consumer awareness regarding the potential health benefits of carotenoids. The global Cryptoxanthin Market is estimated to be valued at US$ 740 million 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 key trends:
One of the key trends in the cryptoxanthin market is the increasing demand for clean label and organic products. Consumers are increasingly preferring products with simple and recognizable ingredients sourced from natural sources. This is driving manufacturers to offer cryptoxanthin extracts sourced from certified organic fruits and vegetables. Leading players are focusing on developing innovative extraction techniques using clean label solvents like coconut oil to meet the emerging demand. For instance, Sensient offers organic cryptoxanthin extracts using supercritical carbon dioxide extraction that does not use any chemical solvents. Another noteworthy trend is the growing consumption of carotenoid-enriched juices and beverages. Key players have introduced various juice blends enriched with different carotenoids including cryptoxanthin catering to consumer demand for healthy on-the-go beverage options.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the cryptoxanthin market is moderate. New players require substantial capital investment for research and production capabilities to cater to the stringent regulatory environment for food ingredients.
Bargaining power of buyers: The bargaining power of buyers is moderate to low as cryptoxanthin provides health benefits which promote product differentiation for food manufacturers. Buyers have limited alternatives.
Bargaining power of suppliers: The bargaining power of suppliers is moderate since raw material resources are concentrated. However, buyers can source from multiple suppliers globally to avoid dependence on a single supplier.
Threat of new substitutes: The threat of new substitutes is low as cryptoxanthin provides unique nutrition and wellness properties that are hard to replace. No direct substitute offers similar health benefits.
Competitive rivalry: The competitive rivalry in the global market is high due to the presence of numerous international and established cryptoxanthin manufacturers. Participants compete based on product quality, reliability of supply, and pricing.
Key Takeaways
The Global Cryptoxanthin Market Size is expected to witness high growth over the forecast period supported by increased health consciousness among consumers and adoption in diverse food applications. Geographically, the Asia Pacific region dominates the market and is expected to exhibit the fastest growth led by countries like India, China, and Japan. Increased production of papaya and tangerine concentrates as raw materials in these countries supports market expansion.
Regional analysis: North America and Europe are also promising markets for cryptoxanthin owing to developed economies and rising demand for natural colors and nutrients in food products. Regions like Latin America and the Middle East & Africa are projected to offer lucrative opportunities during the forecast period.
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. Market leaders are focusing on new product launches, capacity expansions, and partnerships with farmers and concentrate manufacturers to secure raw material supply and gain share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
