According to the current analysis of Reports and Data, the global Astaxanthin market was valued at USD 597.2 million in 2019 and is expected to reach USD 1,058.6 million by the year 2028, at a CAGR of 6.5% . Astaxanthin popularly taken as a supplement. It has been used safely in combination with other carotenoids, vitamins, and minerals at a considerable amount. Astaxanthin is a reddish pigment that belongs to a group of chemicals called carotenoids. It occurs naturally in certain algae and causes the pink or red color in salmon, trout, lobster, shrimp, and other seafood. Astaxanthin is consumed for treating Alzheimer’s disease, Parkinson’s disease, stroke, high cholesterol, liver diseases, age-related vision loss, and preventing tumors. It is also utilized in treating metabolic syndrome, which results in an increase in the risk of stroke and diabetes. It is also used for enhancing the overall workout performance, minimizing muscle damage after exercise, and diminishing muscle soreness after exercise. Moreover, astaxanthin is used to prevent sunburn, to improve sleep, and many other medical conditions.
Astaxanthin is applied directly to the skin to protect against sunburn, to reduce wrinkles, and for other cosmetic benefits. In food, it is used as a coloring for salmon, crabs, shrimp, chicken, and egg production. In agriculture, astaxanthin is used as a food supplement for egg-producing chickens. Though, side effects of astaxanthin include stomach pain which is expected to alter consumer’s preference. There are two main markets, at the present time, for Haematoccocus astaxanthin: as a feed additive and as a human nutraceutical. Astaxanthin has applications in feeds for animals for which color appearance is essential for consumer acceptability.
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The report provides comprehensive assessment of the market covering key elements such as revenue estimations, cost analysis, import/export, production and consumption trends, CAGR, gross margin, and supply & demand patterns. It also sheds light on recent technological developments, product advancements, and research and development activities in the region.
The report examines the key players operating in the market along with their market position, market share, revenue, gross margin, and business strategies. SWOT analysis and Porter’s Five Forces Analysis are used to examine and assess the market and its players. It also covers recent mergers and acquisitions, joint ventures, collaborations, agreements, partnerships, and product launches and brand promotions.
Key companies profiled in the report include:
Koninklijke DSM N.V. (Netherlands), BASF SE (Germany), Cyanotech Corporation (US), Otsuka Pharmaceutical Co., Ltd. (Japan), Valensa International (US), Fuji Chemical Industries Co. (Japan), Divis Laboratories Ltd. (India), Beijing Ginko Group (China), Igene Biotechnology, Inc. (US), Piveg, Inc. (US), Fenchem Biotek Ltd. (US), Algatechnologies (Israel), Cardax, Inc. (US), and Supreme Biotechnologies (US)
Market Segmentation by Types:
On the basis of source, the astaxanthin market has been segmented as follows:
- Natural Source
- Yeast & Microbes
- Petroleum (Synthetic)
On the basis of Application, the astaxanthin market has been segmented as follows:
On the basis of Form, the astaxanthin market has been segmented as follows:
- Dry Form
- Liquid Form
- Energy Drinks
On the basis of Method of Production, the astaxanthin market has been segmented as follows:
- Microalgae Cultivation
- Chemical Synthesis
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Regional analysis covers in-depth analysis of analysis of the revenue, market share, and growth rate of the global Astaxanthin market in each region for the forecast period of 2021-2028. The report covers production and consumption rate, current and emerging trends, import/export, supply and demand, and presence of key players in each region.
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
Further key findings from the report suggest
- Astaxanthin has great demand in food, feed, nutraceutical and pharmaceutical applications. This has promoted major efforts to improve astaxanthin production from biological sources instead of synthetic ones
- Production of astaxanthin from natural sources has become one of the most successful activities in biotechnology
- Astaxanthin is used in various commercial applications in the market. Astaxanthin products are available in the form of capsule, soft gel, tablet, powder, biomass, cream, energy drink, oil and extract in the market
- Patent applications are available on astaxanthin for preventing bacterial infection, inflammation, vascular failure, cancer, cardiovascular diseases, inhibiting lipid peroxidation, reducing cell damage and body fat, and improving brain function and skin thickness
- The Asia-Pacific segment is expected to reach USD 202.98 million by 2027 in this market. This has significant implications for astaxanthin product manufacturers
- The Feed application sub-segment is expected to register a CAGR of 7.2% during 2019-2027
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