According to a new report published by KD Market Insights, titled, “Food Grade Fucoxanthin Market Insights, Trends, Opportunity & Forecast, 2023–2032,” the global food grade fucoxanthin market size is anticipated to witness moderate growth during the forecast period i.e., 2023-2032. The growing awareness of the health benefits of fucoxanthin in food products. Additionally, the rising trend of health-conscious consumers and the increasing demand for natural food additives which are the major factors augmenting the growth of the global food grade fucoxanthin market. The global food grade fucoxanthin market is anticipated to grow at a high CAGR of 10.5% from 2023 to 2032. The market's revenue surged to $663 million in 2022, and it is expected to further accelerate, reaching a notable $1.7 billion by 2032.
The growing awareness of the potential health benefits of fucoxanthin, such as its antioxidant properties and anti-inflammatory effects, is driving demand among health-conscious consumers, are further expected to create ample growth opportunities for the global food grade fucoxanthin market during the forecast period i.e., 2023-2032. Moreover, the rising trend of incorporating healthier ingredients in food and beverages, has propelled market expansion. Rising trend of incorporating healthier ingredients in food and beverages, is expected to contribute towards the market growth during the period.
The North America region accounted for the largest share in the global food grade fucoxanthin market in 2022. The region is further projected to continue dominating in the market during the forecast period. This can be attributed to the increasing adoption of healthier food choices and functional foods among consumers.
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According to product type, the purity level below 10% segment accounted for the largest market share in the food grade fucoxanthin market in 2022 and is further expected to continue with the trend during the forecast period i.e., 2023 – 2032.
The global food grade fucoxanthin market is segmented into product type, application and region. Based on product type, the market is bifurcated into purity below 10%, purity above 10%. Based application, it is classified into dietary supplements, food additive, others.
The global food grade fucoxanthin market is analyzed across North America (U.S. & Canada), Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Indonesia, Thailand, Australia, New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of Latin America) and Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, and Rest of Middle East & Africa).
Key Insights of Food Grade Fucoxanthin Market
- On the basis of product type, the purity level below 10% segment accounted for the largest market share in the food grade fucoxanthin market in 2022 and is further expected to continue with the trend during the forecast period i.e., 2023 – 2032.
- On the basis of region, North America accounted for the largest share in the global food grade fucoxanthin market in 2022. The region is further projected to continue dominating in the market during the forecast period.
- On the basis of region, Europe is estimated to account for the second largest share in the market during the forecast period.
Some of the major food grade fucoxanthin companies profiled in the report include Algatech, BGG (Beijing Gingko Group), Ciyuan Biotech, Nutraceuticals, Oryza Oil & Fat Chemical, Nektium Pharma, Shandong Jiejing Group, Tianhong Biotech, Yigeda Bio-Technology.
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