Global Astaxanthin Market To Grow At A CAGR Of 8.3% By 2028

The global astaxanthin market size was worth around USD 645.6 million in 2021 and is predicted to grow to around USD 725.2 million by 2028 with a compound annual growth rate (CAGR) of roughly 8.3% between 2022 and 2028.

Astaxanthin is a great supplement to eye health care because of its remarkable antioxidant activity and UV light protective impact. Astaxanthin has many health advantages including support for immunological function, protection of cells & the neurological system from oxidative damage, and support for brain health. In smokers and obese individuals, astaxanthin is helpful in reducing oxidative stress and enhancing blood flow. Astaxanthin is utilized in the treatment of Alzheimer's disease & Parkinson's disease, cancer prevention, accelerating stroke recovery, and minimizing skin damage from ultraviolet (UV) light.

The demand for astaxanthin has increased significantly over the projected years, primarily from the skin biology industry. Despite a surge in interest in various production strategies such as bacterial fermentation, astaxanthin is traditionally produced by chemical synthesis. Due to the spike in demand for astaxanthin from various end-use sectors, including pharmaceutical, cosmetics, food & beverage, aquaculture & animal feed, and dietary, among others, the global astaxanthin market is expected to experience significant expansion during the forecast period.

The market for astaxanthin is expected to experience an enormous increase in the next years as numerous research projects continue to provide additional information regarding the health advantages and possible nutraceutical applications of this substance in the dermatology profession.

COVID-19 is anticipated to have a significant impact on the astaxanthin market's expansion. According to the optimistic scenario, the effect would be favorable, and end-use manufacturers would be willing to purchase astaxanthin given the increase in demand for nutritious, practical, and fortified food products. It is considered that in a realistic scenario, trade and regulatory barriers may exist and might have a moderate effect on market expansion. As the current crisis has highlighted the significance of safe, healthy, and nutritive eating habits among consumers around the world, the COVID-19 pandemic is anticipated to have a substantial impact on the astaxanthin market.

Additionally, supply chains for the distribution of raw materials are being optimized. Due to the COVID-19 epidemic, astaxanthin producers confront difficult hurdles in meeting the need for more functional food items that take into account evolving consumer tastes and preferences. The price of raw materials is anticipated to rise as a result of trade restrictions, disruptions in the raw material supply, and ineffective distribution systems brought on by COVID-19. The unavailability, high cost, and high manufacturing costs of raw materials would probably pose difficulties for the expansion of the global market.

Throughout the forecast period, the global astaxanthin market is anticipated to expand due to the steadily rising demand for astaxanthin, notably from the food industry.

The health benefits of astaxanthin, which include anti-inflammatory properties, increased immunity, and the prevention of cerebrovascular & cardiovascular illnesses, among others, have led to an increase in its use as a food additive during the past several decades. Astaxanthin has been linked to a number of positive health outcomes during the past ten years, including reduced obesity, better sleep, increased sperm motility, protection of the vocal cords, and photo-aging prevention.

Since astaxanthin is used more frequently as a food coloring agent and antioxidant to maintain the flavor, color, freshness, and quality of food products, the demand for it from the food industry is rising. Astaxanthin has historically been used primarily to protect food's nutrients from deterioration, improve sensory qualities, and increase the overall appeal of food goods. Astaxanthin has received authorization in Europe as a necessary basic ingredient for dietary supplement development. However, research activities within the astaxanthin market continue to concentrate on this sector because astaxanthin is unstable and susceptible to degradation by a variety of environmental variables.

The global astaxanthin market is segmented into source, product, method of production, and application. Based on the source outlook, the market is further classified into natural and synthetic. Based on the method of production, the market is divided into microalgae cultivation, fermentation, extraction, and chemical synthesis.

On the basis of product outlook, the market is divided into dried algae meal or biomass, oil, soft-gel, liquid, and others. The dried algae meal or biomass segment held the largest market share in 2021 and is expected to maintain its dominance over the forecast period. Some of the main factors influencing segment growth are the use of biomass for the production of other formulations, the need for less downstream processing, the high usage of animal feed, and simple bulk manufacturing. In addition, a number of products made from biomass that contains astaxanthin in amounts between 1 and 5% boost its utilization in a variety of end-use sectors.

And finally, based on application, the market is fragmented into nutraceuticals, cosmetics, aquaculture & animal feed, food, and others. The nutraceuticals segment is predicted to witness the fastest growth of the market during the projected time frame owing to astaxanthin's higher antioxidant effects compared to those of other food supplements, its ease of availability, and the industry's wide range of uses. In this market, major players are always launching new items. The demand for nutraceutical products has also greatly increased as a result of the COVID-19 outbreak. Over the projection period, this is anticipated to boost the segment's expansion.

North America is anticipated to maintain its lead in the global astaxanthin market over the forecast period. This domination can be linked to the development of a well-established nutraceutical business, rising public awareness regarding astaxanthin use, and the presence of a population that values their health. Furthermore, it is projected that the presence of important manufacturers in North America, including Cyanotech, BlueOceanNutraSciences, and Beijing Ginko Group (BGG), as well as producers of synthetic astaxanthin like Cardax, Inc., will propel the regional market.

By introducing new goods, key companies are increasing their presence, which is anticipated to accelerate the growth of the regional market. For instance, NatAxtin oleoresin, biomass, and powder were introduced by Atacamo Bio Natural Products in July 2019.

Over the forecast period, Asia Pacific is predicted to experience the quickest growth rate. The market in Asia Pacific is expanding at the quickest rate due to a number of variables, including high unmet demands, rising R&D costs, and economic expansion. India and China are regarded as prospective markets in the Asia Pacific region for astaxanthin manufacturing because of their enormous populations. Moreover, it is projected that this region's market will be driven by fast urbanization, high consumer disposable income levels, and rising interest in natural products.

To improve their position in the local market, important firms are using measures including collaborations and the introduction of new products. For instance, Algalif increased its market share in the Asia Pacific region with Astalfastaxanthin in May 2018.

The major players dominating the growth of the global astaxanthin market are Algatechnologies Ltd., Algaecan Biotech Ltd., Archer Daniels Midland Co. (ADM), BASF SE, BGG (Beijing Gingko Group), Cardax, Inc., Cyanotech Corporation (BioAstin), Divis Laboratories Ltd., Fenchem Biotek Ltd, Fuji Chemical Industries Co. Ltd., Igene BioProduction Technology Inc., Koninklijke DSM N.V., Kunming biogenic, Supreme Biotechnologies NZ Ltd, Valensa International, PIVEG Inc., Parry Nutraceuticals, ATACAMA BIONATURAL, AstaReal Inc, JXTG Nippon Oil & Energy Corporation, Otsuka pharmaceutical, INNOBIO Limited, and Others.

Recent Development:

• December 2020: BASF teamed up with Adifo Software. BASF made great progress in feed formulation in order to offer a digital solution for the animal agricultural value chain that incorporates sustainability analytics.
• October 2020: Koninklijke DSM N.V. acquired Erber Group's Biomin, a specialty animal nutrition, and health business. With a focus on emissions reduction, feed consumption efficiency, and better use of water and land, this acquisition will further improve Koninklijke DSM N.V.'s expertise and reputation as a top provider of animal health and nutrition solutions for farm productivity and sustainability.
• March 2019: Algatech Ltd. partnered with Biome to introduce new products for topical applications. With this agreement, the company would be able to provide new goods in natural skincare and cosmetics in the market.

This review is based on a report by Zion Market Research, titled “Astaxanthin Market By Source (Natural and Synthetic), By Product (Dried Algae Meal or Biomass, Oil, Softgel, Liquid, and Others), By Method of Production (Microalgae Cultivation, Fermentation, Extraction, and Chemical Synthesis), By Application (Nutraceuticals, Cosmetics, Aquaculture & Animal Feed, Food, and Others) and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.”- Report at https://www.zionmarketresearch.com/report/astaxanthin-market

The Global Astaxanthin Market is segmented as follows:

By Source

• Natural
• Synthetic

By Product

• Dried Algae Meal or Biomass
• Oil
• Softgel
• Liquid
• Others

By Method of Production

• Microalgae Cultivation
• Fermentation
• Extraction
• Chemical Synthesis

By Application

• Nutraceuticals
• Cosmetics
• Aquaculture and Animal Feed
• Food
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

About Us:

Zion Market Research is an obligated company. We create futuristic, cutting-edge, informative reports ranging from industry reports, the company reports to country reports. We provide our clients not only with market statistics unveiled by avowed private publishers and public organizations but also with vogue and newest industry reports along with pre-eminent and niche company profiles. Our database of market research reports comprises a wide variety of reports from cardinal industries. Our database is been updated constantly in order to fulfill our clients with prompt and direct online access to our database. Keeping in mind the client’s needs, we have included expert insights on global industries, products, and market trends in this database. Last but not the least, we make it our duty to ensure the success of clients connected to us—after all—if you do well, a little of the light shines on us.

Contact Us:

Zion Market Research
244 Fifth Avenue, Suite N202
New York, 10001, United States
Tel: +49-322 210 92714
USA/Canada Toll-Free No.1-855-465-4651
Email: sales@zionmarketresearch.com
Website: https://www.zionmarketresearch.com