Impact Assessment of COVID-19 Outbreak on Canthaxanthin Market
Cosmetics are substances or products that are used to enhance or alter the appearance of the face, or fragrance and texture of the body. Numerous cosmetics are designed to be applied to the face, hair, skin, and body. Globally, the demand for cosmetic production and consumption is rapidly increasing, due to increase in awareness about health and personal hygiene among people. Canthaxanthin is a dye that is similar to carotenes in vegetables such as carrots. It is also found in green algae, bacteria, crustaceans, and bio-accumulates in fish such as carp, golden mullet, seabream, and trush wrasse. It is also similar to the chemical that lends carrots their distinct orange color. It occurs naturally and can also be made in a laboratory. It deposits in the skin to produce an artificial “tan.” Canthaxanthin also helps protect the human skin against the sun through antioxidant activity. It is utilized to reduce sensitivity to sunlight (photosensitivity) experienced by people who have a rare genetic disease called erythropoietic protoporphyria (EPP). In such people, exposure to the Sun’s rays is likely to cause skin reactions such as rash, itching, and eczema.
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Global Canthaxanthin Market: Key Segments
Canthaxanthin is a red carotenoid that occurs (EFSA 2014) and can also be found in some fungi. The global canthaxanthin market can segmented based on source, application, and region. Based on source, the canthaxanthin market can be bifurcated into synthetic and natural. Natural canthaxanthin is obtained for green microalgae through various extraction processes. Synthetic canthaxanthin is obtained from petrochemicals and provides color pigmentation to fishes and skin coloring to chickens. Synthetic canthaxanthin is widely preferred. Based on application, the canthaxanthin market can be segregated into dietary supplements, personal care products, pharmaceuticals, and animal feed. It is widely preferred in animal feed. The animal feed segment can be further split into aquaculture, livestock, and pets.
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Global Canthaxanthin Market: Drivers & Restrains
Canthaxanthin delivers multiple benefits such as reduction of sunlight sensitivity in people suffering from erythropoietic protoporphyria (EPP). Sunlight can cause skin allergies including eczema, rashes, and itching in patients. Skin reactions has increased in product sales, supporting the market growth.
A key restraints of the canthaxanthin market is that excess usage is likely to prove harmful to the skin and body. Canthaxanthin is unsafe for women during pregnancy. Moreover, it is unsafe if taken in excessive amounts, causing diarrhea, stomach cramps, nausea, and aplastic anemia. Excessive consumption can also lead to vision loss or eye damage.
Global Canthaxanthin Market: Regional Outlook
In terms of region, canthaxanthin is widely used in North America due to rising awareness about skincare in countries such as U.S. and Canada. The Canthaxanthin supplement of DSM, Carophyll Red received a Generally Recognized as Safe (GRAS) label. This supplement is declared as a nutritive antioxidant for supporting the development of chicken embryos by the U.S. Food & Drug Administration (FDA). Canthaxanthin is widely approved and has been licensed in several countries. Countries in Asia Pacific such as China, India, Japan, and Australia also utilize canthaxanthin. It is due to rising urbanization and awareness related to health and personal hygiene. The authorities in Japan and Europe have indicated its safety with the establishment of Acceptable Daily Intake (ADI) to ensure negligible harmful impact. Countries in Latin America and Middle East & Africa are prefer the usage canthaxanthin, and the market in these regions is anticipated to expand in the near future.
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Global Canthaxanthin Market: Key Players
Key players operating in the global canthaxanthin market include DSM, BASF, Novepha Company, Zipont Chem Tech, Novus International, Noshly, Parchem, ZMC, and Guangzhou Wisdom Biotechnology.
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