Canthaxanthin Market Size, Share & Industry Analysis, By Source (Natural and Synthetic), By Form (Liquid, Powder, and Beadlet), By Application (Food & Beverages, Dietary Supplements, Personal Care & Cosmetics, Animal Feed, and Pharmaceuticals), and Regional Forecast, 2025-2032

The global canthaxanthin market size was valued at USD 86.47 million in 2024. The market is projected to grow from USD 88.86 million in 2025 to USD 110.37 million by 2032, exhibiting a CAGR of 3.15% during the forecast period. North America dominated the canthaxanthin market with a market share of 37.5% in 2024.

Canthaxanthin is a red keto-carotenoid, naturally found in algae, fungi, and bacteria. This carotenoid belongs to a broader class of phytochemicals known as terpenoids and was first isolated from mushrooms. This component is also produced synthetically and can be used as a feed additive and food colorant. Moreover, this ingredient is recognized for its anti-inflammatory and antioxidant properties, leading to its use in the pharmaceutical and cosmetics sectors. Some popular natural extraction sources include egg yolks, crustaceans, and poultry, and are gaining utmost traction for natural extraction as an efficient and sustainable option. Regionally, Europe and North America have emerged as the leading consumers of carotenoids. The expanding application of carotenoid pigment in dietary supplements and the popularity of natural ingredients propel the growth of the global market.

A few industry players in the market include DSM-Firmenich, Merck Group, Novepha Company, and others.

Global Canthaxanthin Market Key Takeaways  

Market Size & Forecast:

• 2024 Market Size: USD 86.47 million
• 2025 Market Size: USD 88.86 million
• 2032 Forecast Market Size: USD 110.37 million
• CAGR: 3.15% from 2025–2032

Market Share:

• North America dominated the canthaxanthin market with a 37.5% share in 2024, driven by growing awareness of carotenoid health benefits and rising usage in animal feed, food & beverages, and nutraceuticals.
• By source, the synthetic segment led the market in 2024, while natural canthaxanthin is the fastest-growing segment. By form, powder dominated due to ease of storage and stability, whereas liquid formulations are the fastest-growing segment. By application, food & beverages held the largest share, while animal feed is the fastest-growing segment.

Key Country Highlights:

• United States: Leading market in North America, driven by pharmaceutical usage and functional food adoption.
• Europe: Growth fueled by rising veganism, dietary supplement consumption, and demand for naturally extracted ingredients.
• Asia Pacific: Fastest-growing region, supported by aquaculture feed additives, cosmetics, and rising health consciousness.
• South America: Emerging market driven by increasing demand for cosmetics and personal care products.
• Middle East & Africa: Developing region, growth aided by health & wellness awareness and adoption of synthetic carotenoids.

MARKET DYNAMICS

Market Drivers

Growing Cosmetics Industry Strengthens Market Growth

The flourishing personal care & cosmetics sector is a main driver of canthaxanthin usage. This ingredient is popularly used as a tanning agent that easily deposits in the skin, producing a browning effect. This ingredient adds color to makeup items such as lipsticks, blush, and eyeshadows, creating vibrant shades. Moreover, it is considered safe for use in cosmetic formulations, improving the user's skin tone. Additionally, it is used in a few skin pigmentation items, particularly for treating skin conditions. As a result, cosmetic companies are encouraged to develop ingredient-enriched personal care products to capitalize on growing consumer interest that can bolster the market's potential.

Market Restraints

Fluctuating Raw Ingredient Costs and Tough Competition to Inhibit Market Growth

Fluctuating raw material prices are a key hurdle in the global canthaxanthin industry. Particularly, the cost of extracting and cultivating carotenoids from plants, microalgae, and fungi can be highly expensive. This extraction requires particular environmental conditions, such as controlled temperature and light, and advanced production facilities, contributing to elevated operational costs. This cost burden acts as a barrier to the broader adoption of the product, impeding the global canthaxanthin market growth.

Another obstacle experienced by carotenoid producers is stiff competition from other substitutes. Canthaxanthin faces strong competition from various carotenoids such as lutein, astaxanthin, and others, which can have different functional properties and, in some cases, are more readily available.

Market Opportunities

Growing Usage of Technology in Carotenoid Production Builds Growth Opportunities

The high adoption of technology in the carotenoid industry creates numerous growth opportunities. In today's landscape, producers are turning to advanced technologies to enhance stability and production efficiency. For instance, ultrasonication can minimize the particle size of canthaxanthin-loaded nanocarriers, strengthening their dispersibility and stability. Moreover, manufacturers are exploring genetic modification of regulatory genes to boost carotenoid productivity and yield. Additionally, the firms are concentrating on sequential extraction with methanol, an effective method for extracting carotenoids from microalgae. Enzyme-assisted extraction is also gaining traction as it helps break cell walls, releasing carotenoids and other compounds, mostly with improved yields.

Canthaxanthin Market Trends

Extensive Use of Carotenoids in Pharmaceuticals Sector is a Current Industry Trend

Canthaxanthin, a natural pigment, plays a substantial role in the expanding pharmaceuticals sector. This carotenoid is utilized in certain formulations aimed at treating skin pigmentation. Moreover, it's utilized in curing photosensitivity disorders (erythropoietic protoporphyria), a sensitivity to sunlight observed by consumers. Additionally, it exhibits anti-inflammatory properties, which further support its usage in medicinal purposes. Moreover, its antioxidant properties are proven beneficial for treating numerous diseases. Recognizing these advantages, the pharmaceutical enterprises are concentrating on introducing high-quality carotenoid-rich medicines for consumers.

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SEGMENTATION ANALYSIS

By Source

Synthetic Segment Dominated Market Due to Its Cost-Effectiveness

Based on the source, the market is segmented into natural and synthetic.

The synthetic segment dominated the market in 2024 as it can be economically produced and is suitable for large-scale production, and offers strong control over concentration and purity. Moreover, it is not subject to geographical and seasonal limitations, making it an all-time available option. Thus, such advantages propel the segment's growth.

The natural segment emerged as the fastest-growing segment. Natural carotenoids are increasingly considered safer and sustainable than synthetic canthaxanthin. Moreover, they offer numerous advantages to consumers, owing to their antioxidant and disease prevention properties.

By Form

Powder Led Market Owing to Ease of Storage

On the basis of form, the market is fragmented into liquid, powder, and beadlet.

The powder segment led the global market in 2024, driven by the ease of storage and transportation, and has enhanced chemical and physical stability. Moreover, powder components have a prolonged shelf life and assist in accurate dosing, driving the segment's growth.

The liquid segment is expected to register the highest CAGR during the forecast period. Liquid formulations are known for their faster absorption rate and are more flexible compared to powder forms.

By Application

Food & Beverages Segment Led Market Due to Its Strong Consumption

Depending on the application, the market is segmented into food & beverages, dietary supplements, personal care & cosmetics, animal feed, and pharmaceuticals.

The food & beverages segment led the market. Likewise, other carotenoids, canthaxanthin, are mainly used as a natural colorant in the food & beverage sector. In the food industry, it is used for improving the color of numerous cuisines/dishes. Along with this, it is utilized to attain a desired color in fruit juices and iced teas.

Animal feed emerged as the fastest-growing segment. This ingredient is primarily used as a feed additive to intensify the color of animal-based products.

Global Canthaxanthin Market Regional Outlook

Based on region, the market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

North America

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North America captured the key canthaxanthin market share in 2024 due to the increasing awareness of the health benefits of carotenoids and their rising usage in the animal feed sector. Predominantly, this ingredient is widely used in the food & beverage sector to improve the visual appeal of products and contribute to their nutritional value. Moreover, the expanding nutraceutical sector fuels the usage of such carotenoids in the region.

Among all the countries, the U.S. is the leading nation in the regional market. The surging utilization of carotenoids in the pharmaceutical industry and increasing inclination toward functional foods drive the market's momentum.

Europe

Europe is emerging as a prominent region in the global market, observing a strong growth trajectory. The growing veganism trend and increasing chronic health ailments are pivotal factors facilitating the market growth. European consumers actively seek naturally extracted components that provide numerous health advantages. To fulfil consumer preferences, food producers are responding by launching new carotenoid-enriched products. Moreover, the rising use of dietary supplements for health and wellness is further driving canthaxanthin intake. Additionally, the increasing demand for animal-based protein augments the carotenoid usage in feed.

Asia Pacific

Asia Pacific is the fastest-growing region and is projected to maintain the highest CAGR during the forecast period. Likewise, other regions, Asia Pacific, is experiencing a shift toward natural ingredients due to the rising health consciousness and the clean-label trend. Moreover, the region is known as a substantial player in the aquaculture industry, where carotenoids are widely utilized as feed additives. Along with this, the expanding cosmetics industry in Asian countries such as China and Japan further bolsters the use of such carotenoids. It is increasingly incorporated in personal care sector players, including tanning pills, owing to its skin-enhancing properties.

South America

South America is at its nascent stage and is predicted to grow rapidly in the upcoming years. Growth is being driven by the increasing demand for cosmetics and personal care products and the growing presence of established regional players.

Middle East & Africa

The Middle East & Africa region is in its developing stage and is projected to expand rapidly in the near term. The surging emphasis on health & wellness and rising use of cost-effective synthetic carotenoids are boosting the regional market growth.

COMPETITIVE LANDSCAPE

Key Industry Players

Major Players Focus on New Launches to Boost Their Revenue

Key players in the global industry include DSM-Firmenich, Merck Group, and Divi's Nutraceuticals. The firms operating in the industry are focusing on launching new products to boost their revenue. Moreover, companies in the global market should aim at expanding their production as the majority of consumers are seeking natural ingredients-enriched food products, which can improve their health.  

List of Key Canthaxanthin Companies Profiled

• Divi's Nutraceuticals (U.S.)
• ZMC (China)
• Guangzhou Wisdom Bio-Technology Co., Ltd (China)
• Merck Group (Germany)
• National Analytical Corporation (India)
• DSM-Firmenich (Switzerland)
• Fenchem (China)
• SimSon Pharma Limited (India)
• Xi'an Healthful Biotechnology Co., Ltd (China)
• BASF SE (Germany)

KEY INDUSTRY DEVELOPMENTS

• June 2024: Researchers based at ENEA Trisaia Research Center, Italy, developed a technology to derive carotenoids for nutraceutical and pharmaceutical applications.
• March 2023: NovoNutrients, a California-based biotechnology firm, launched new carotenoid SCP’s which are the first addition to their latest line of feed additives. For production, it utilized innovative technology for the production of superior-quality carotenoids.

REPORT COVERAGE

The market research report includes quantitative and qualitative insights into the market. It also offers a detailed market analysis of the market sizing and growth rate for all possible market segments. Key insights in the global canthaxanthin market report include an overview of related markets, a competitive landscape, recent industry developments such as mergers & acquisitions, the regulatory environment in critical countries, and current global market trends.  

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Report Scope & Segmentation