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 2023-2030, as highlighted
in a new report published by Coherent Market Insights.
Market Overview:
Cryptoxanthin is a type of carotenoid pigment found in various fruits and
vegetables, such as oranges, red peppers, and persimmons. It is known for its
antioxidant properties and has been gaining popularity in the nutraceutical and
functional food industries. The increasing awareness about the health benefits
of cryptoxanthin, such as its ability to boost immunity, reduce inflammation,
and protect against chronic diseases, is driving the demand for
cryptoxanthin-based products in the market. The rising trend of consumers
adopting a healthy lifestyle and seeking natural and organic alternatives for
supplements and food additives is further fueling the market growth for
cryptoxanthin.
Market Key Trends:
One key trend in the cryptoxanthin market is the growing demand for natural and
plant-based antioxidants. With the increasing preference for natural and clean
label products, consumers are seeking antioxidants derived from natural sources
rather than synthetic additives. Cryptoxanthin, being a naturally occurring
antioxidant found in fruits and vegetables, perfectly fits this trend. The
shift towards plant-based diets and the rising vegan population also contribute
to the demand for cryptoxanthin as a natural antioxidant. Additionally, the
pharmaceutical industry is exploring the potential use of cryptoxanthin in
developing drugs for various health conditions, further driving the market
growth.
Segment
Analysis:
The cryptoxanthin market can be segmented based on source, application, and
region. By source, the market can be categorized into fruits, vegetables, and
others. Among these, the fruits segment dominates the market and is expected to
continue its dominance over the forecast period. This can be attributed to the
high concentration of cryptoxanthin in fruits such as oranges, mangos, and
papayas. Fruits are also widely consumed globally, making it easier for
consumers to incorporate cryptoxanthin into their diets.
Based on application, the market can be divided into dietary supplements, food
and beverages, cosmetics, and others. The dietary supplements segment holds the
largest market share due to the increasing consumer awareness regarding the
health benefits associated with cryptoxanthin consumption. Additionally, the
rising demand for natural and organic dietary supplements further drives the
growth of this segment.
Key Takeaways:
The Global
Cryptoxanthin Market Size is expected to witness high growth,
exhibiting a CAGR of 5.7% over the
forecast period. This growth can be attributed to several factors. Firstly, the
increasing consumer awareness regarding the health benefits of cryptoxanthin,
such as its antioxidant and anti-inflammatory properties, is driving the demand
for products containing this compound. Additionally, the growing trend of using
natural and organic ingredients in cosmetic products further boosts the market
growth.
From a regional perspective, North America dominates the cryptoxanthin market.
This can be attributed to the high disposable income of consumers in the
region, coupled with their increasing focus on maintaining a healthy lifestyle.
Moreover, the presence of key market players and the availability of a wide
range of cryptoxanthin-infused products in North America contribute to the
region's dominance in the market.
Key players operating in the cryptoxanthin market include BASF, DSM, Kemin
Industries, Naturex, Synthite Industries, Aarkay Food Products, Dohler,
Sensient Technologies, and Vitablend. These key players focus on product
innovation, strategic partnerships, and mergers and acquisitions to maintain
their market position and gain a competitive edge. Furthermore, they invest
heavily in research and development activities to introduce new and innovative
cryptoxanthin-based products to meet the evolving consumer demands.
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