Cryptoxanthin Market is Estimated to Witness High Growth Owing to Opportunity Growth in Nutraceuticals Industry

Cryptoxanthin is an antioxidant carotenoid compound that is responsible for the bright yellow-orange colour of oranges, bell peppers and tangerines. Cryptoxanthin is commonly found in various fruits and vegetables and known to have health-promoting effects. It possesses anti-inflammatory and anticancer properties and also helps in improving vision and cardiovascular health. Cryptoxanthin is increasingly being used in nutraceuticals and functional food & beverage products owing to growing consumer awareness about associated health benefits.

The global Cryptoxanthin Market is estimated to be valued at US$ 740 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
The growth of the nutraceuticals industry presents a huge market opportunity for cryptoxanthin. Nutraceuticals containing cryptoxanthin complement the functional foods category and appeal to health-conscious consumers. Cryptoxanthin helps address various health conditions and thus finds wide application in supplements, vitamins and other fortified food products. The demand for nutraceuticals enriched with cryptoxanthin is expected to witness strong growth over the forecast period driven by increasing health awareness and growing healthcare expenditure worldwide. This presents lucrative business prospects for cryptoxanthin manufacturers to tap into the expanding nutraceuticals segment.

Porter's Analysis

Threat of new entrants: The threat of new entrants in the cryptoxanthin market is low due to high capital requirements and established brand loyalty of customers towards existing players.

Bargaining power of buyers: The bargaining power of buyers is moderate due to the presence of substitutes. However, buyers do not have much influence on pricing since cryptoxanthin has specialized uses.

Bargaining power of suppliers: The bargaining power of suppliers is moderate since there are multiple suppliers in the market. However, suppliers hold some power when there is shortage of raw materials.

Threat of new substitutes: The threat of new substitutes is low as cryptoxanthin has specialized health benefits that are not easily substitutable.

Competitive rivalry: The competitive rivalry in the market is high owing to the established presence of many diversified and global players.

SWOT Analysis

Strengths: Cryptoxanthin is a promising substitute for synthetic food colorants. It has antioxidant properties and health benefits.

Weaknesses: Cryptoxanthin production involves complex extraction and purification processes which increases costs. Supply chain disruptions can impact availability.

Opportunities: Growing health-conscious population and clean-label trend provide opportunities for natural ingredients like cryptoxanthin. Emerging markets offer scope for expansion.

Threats: Stringent regulations pertaining to use of natural colors. Competition from substitutes like carotenoids poses threat.

Key Takeaways

The Global Cryptoxanthin Market Size is expected to witness high growth over the forecast period supported by factors such as increasing demand for natural colors, rising health awareness and clean label trend. The global Cryptoxanthin Market is estimated to be valued at US$ 740 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030.

Regional analysis indicates that Asia Pacific dominates the global cryptoxanthin market currently owing to robust demand from food and beverage industry in China and India. The food processing sector in the region is witnessing rapid growth.

Key players operating in the cryptoxanthin market are Alucol, HPL Stampings Inc., Kikukawa Kogyo Co., Ltd., Nihon Anodizing Co., Ltd, Pailian Aluminium, Prototech Asia, Saporito Finishing Co., Techmetals Inc., Tiodize, Inc., United Anodisers Limited, and Xometry Europe GmbH. These companies have significant market share and offer cryptoxanthin to various end use industries.

For More Insights, Read: https://www.newsstatix.com/cryptoxanthin-market-size-share-and-growth-forecast-2023-2030-2/