Cryptoxanthin Market

Blockchain Technology Is Fastest Growing Segment Fueling The Growth Of Cryptoxanthin Market

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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 found in some foods such as oranges, tangerines, and papayas. It acts as an antioxidant and helps in maintaining eye health. Cryptoxanthin supplements are gaining popularity due to various health benefits associated with regular consumption such as reduced risk of certain cancers and cardiovascular diseases.

Market key trends:
The increasing adoption of blockchain technology is one of the major trends being witnessed in the cryptoxanthin market. Blockchain offers enhanced quality assurance by enabling suppliers to certify origin, production practices, and chemical composition of cryptoxanthin ingredients digitally. This increases transparency and helps consumers make informed choices. It also improves supply chain visibility and traceability. With blockchain, suppliers can share important documents like certifications, test reports with authorized parties in real-time securely. This is expected to boost the demand for cryptoxanthin ingredients.
Segment Analysis
The Global Cryptoxanthin Market is segmented on the basis of type, application, and region. Based on type, the market is divided into supplements and oils. The supplements segment currently dominates the market owing to increasing use of cryptoxanthin supplements for better vision, skin health, and its antioxidants properties. By application, the market is categorized into food and beverages, cosmetics, animal feed, and dietary supplements. The dietary supplements segment accounts for the largest share due to growing consumer awareness about health benefits of cryptoxanthin.

Key Takeaways
The global cryptoxanthin market size is expected to reach US$ 1,250 million by 2030, exhibiting a CAGR of 5.7% over the forecast period. The rising demand for natural antioxidants from food processing and cosmetics industries is fueling the market growth.

North America dominates the global cryptoxanthin market and is expected to maintain its dominance over the forecast period. The region accounts for over 30% of global demand owing to huge consumer base and increasing health consciousness among consumers. Asia Pacific is projected to exhibit the fastest growth over the next few years on back of growing middle class population, rising disposable incomes, and changing lifestyle in countries like China and India.

Key players operating in the cryptoxanthin market include BASF, DSM, Kemin Industries, Naturex, Synthite Industries, Aarkay Food Products, Dohler, Sensient Technologies, and Vitablend. BASF and DSM collectively account for over 40% share of the global market owing to their expanded production capacity and strong distribution network across various regions globally.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it