The Global Astaxanthin Market size was valued at USD 559.6 million in 2020 and is expected to reach USD 1.04 billion by 2028, growing at a compound annual growth rate (CAGR) of 8.3% from 2021 to 2028.
Astaxanthin is a naturally occurring carotenoid pigment that is commonly found in marine animals and microalgae. It is known for its powerful antioxidant properties and is used in a wide range of applications in the food, nutraceutical, and cosmetic industries. The global astaxanthin market is driven by the growing demand for natural antioxidants in various end-use industries. Increasing awareness about the health benefits of astaxanthin, including its anti-inflammatory and anti-aging properties, is also driving market growth. The market can be segmented based on the source of astaxanthin, including natural and synthetic astaxanthin. Natural astaxanthin is extracted from microalgae, yeast, and other natural sources, while synthetic astaxanthin is produced through chemical synthesis. Based on application, the astaxanthin market can be segmented into the following categories: nutraceuticals, food and beverages, cosmetics, aquaculture, and animal feed.
Astaxanthin is a natural carotenoid pigment that is derived from microalgae and other natural sources. With the increasing demand for natural and organic ingredients in various industries, the demand for astaxanthin is also growing. Astaxanthin is known for its health benefits, including anti-inflammatory, antioxidant, and anti-aging properties. As consumers become more health-conscious, the demand for astaxanthin is increasing in the nutraceutical and functional food markets.
Furthermore, astaxanthin is used in animal feed to improve the health and colour of animals, including poultry and livestock. With the increasing demand for high-quality animal products, the demand for astaxanthin in animal feed is also growing. Astaxanthin is used in the aquaculture industry to enhance the colour of salmon and other fish. With the increasing demand for seafood and the need to improve the quality and appearance of farmed fish, the demand for astaxanthin in the aquaculture industry is also growing. Astaxanthin is used in cosmetic products due to its anti-aging and anti-inflammatory properties. With the growing demand for natural and organic cosmetics, the demand for astaxanthin in the cosmetic industry is also increasing. Moreover, advancements in technology have made it easier to produce astaxanthin on a commercial scale, leading to increased production and availability of astaxanthin products.
There are also several factors that could restrain the growth of the astaxanthin market. For instance, astaxanthin is a high-value product that is expensive to produce on a commercial scale. The high cost of production is a major challenge for manufacturers, which could limit the growth of the market. Furthermore, the production and use of astaxanthin is regulated by various authorities, including the U.S. Food and Drug Administration (FDA) and the European Food Safety Authority (EFSA). Stringent regulations could limit the use of astaxanthin in various industries and restrict the growth of the market.
Source Insights
The largest share source of astaxanthin in the market is synthetic astaxanthin, which is produced using petrochemicals or other chemical processes. This type of astaxanthin is cheaper to produce and more consistent in quality than natural astaxanthin, making it more popular among food and supplement manufacturers. However, there is a growing demand for natural astaxanthin due to increasing consumer awareness about the health benefits of natural products. Natural astaxanthin is extracted from microalgae, Haematococcus pluvialis, which is considered the richest source of astaxanthin. Currently, natural astaxanthin accounts for a smaller share of the market compared to synthetic astaxanthin. However, as more consumers become aware of the health benefits of natural astaxanthin and demand for natural and sustainable products increases, the share of natural astaxanthin in the market is expected to grow.
Application Insights
The largest application of astaxanthin is in the nutraceuticals and dietary supplements industry. Astaxanthin is a powerful antioxidant that offers numerous health benefits, including improved cardiovascular health, reduced inflammation, and enhanced immune function. As a result, it is commonly used in dietary supplements for general health and wellness, as well as in supplements targeted at specific health concerns, such as joint health, eye health, and skin health.
Regional Insights
The Asia Pacific astaxanthin market was valued at USD 121.3 million in 2020 and is projected to reach USD 204.3 million by 2027, growing at a CAGR of 7.3% during the forecast period. The growth of the astaxanthin market in the Asia Pacific region can be attributed to several factors, including the increasing demand for natural ingredients in various industries such as nutraceuticals, cosmetics, and animal feed. Moreover, the rising awareness of the health benefits of astaxanthin among consumers is also contributing to the growth of the market in the region. Countries such as China, Japan, and India are major contributors to the growth of the astaxanthin market in the Asia Pacific region. China is one of the largest producers and consumers of astaxanthin in the world, owing to its large aquaculture industry. Japan is also a significant market for astaxanthin, with a high demand for the product in the nutraceutical and cosmetic industries. India is also witnessing significant growth in the astaxanthin market, driven by the increasing demand for natural and organic ingredients in various industries.
Key Companies Insights
The astaxanthin market is highly competitive, with a large number of players operating in the market. The key players in the market focus on strategic partnerships, collaborations, and mergers and acquisitions to expand their product portfolio and market presence. Companies are launching new astaxanthin products to cater to the increasing demand in various industries. For instance, in 2020, BASF launched a new range of astaxanthin products under its AstaSana brand. Furthermore, companies are forming strategic partnerships and collaborations to expand their market presence and improve their product offerings. For instance, in 2019, Cyanotech Corporation entered into a strategic partnership with AstaReal, a leading supplier of natural astaxanthin, to expand its product portfolio and market reach. Some of the prominent players operating in the global astaxanthin market include:
· Koninklijke DSM N.V.
· BASF SE
· Cyanotech Corporation
· Algatechnologies Ltd.
· Piveg, Inc.
· Fenchem Biotek Ltd.
· Divis Nutraceuticals
· BGG (Beijing Ginko Group)
· Supreme Biotechnologies NZ Ltd.
· E.I.D. - Parry (India) Limited
Segments
By Source
· Natural astaxanthin
· Synthetic astaxanthin
By Form
· Dry powder
· Liquid
· Beadlets
By Application
· Nutraceuticals
· Food and Beverages
· Cosmetics
· Aquaculture
· Animal Feed
By Geography
· North America
o U.S.
o Canada
o Mexico
· Europe
o U.K.
o Germany
o France
o Italy
o Spain
o Russia
· Asia-Pacific
o Japan
o China
o India
o Australia
o South Korea
o ASEAN
· Latin America
o Brazil
o Argentina
o Colombia
· MEA
o South Africa
o Saudi Arabia
o UAE
o Egypt
We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.
Market Research Process
We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached Straits Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2028.
Only Three Thousand Nine Hundred Fifty US dollar
Only Four Thousand Nine Hundred Fifty US dollar
Only Five Thousand Nine Hundred Fifty US dollar