The latest published report by Polaris Market Research The report “Astaxanthin Market Share, Size, Trends, Industry Analysis Report, By Source (Natural [Yeast, Krill/Shrimp, Microalgae], Synthetic); By Product (Dried Algae Meal or Biomass, Oil, Softgel, Liquid); By Application (Nutraceuticals, Cosmetics, Aquaculture & Animal Feed); By Regions; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Market Overview:
The global astaxanthin market was valued at USD 1.33 billion in 2020 and size is expected to reach USD 4.06 billion by 2028 to grow at a CAGR of 15.1% from 2021 – 2028. Owing to its inflammatory properties it helps in pain reduction in joints, muscles, and tendons in patients suffering from chronic arthritis. Moreover, the rising prevalence of cognitive health disorders, diabetes, and cardiovascular diseases is also expected to favor market growth for astaxanthin. Astaxanthin helps in continuous blood flow in patients suffering from diabetes and high blood pressure.
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In 2020, the natural market segment of the astaxanthin industry held the largest share and is likely to grow at a rapid pace over the assessment period. It is produced from naturally produced algae and yeasts and is largely popular in the biotechnology market, owing to its huge demand in pharmaceutical, feed, and nutraceuticals fields. Moreover, high carotenoid content, low maintenance cost, and rising demand for natural food supplements also boosting the market segment demand over the coming years.
Significant advancements in culture conditions, supported with technical abilities of OMICS, and health benefits offered by astaxanthin and carotenoids also fueled the segment’s growth. The growing demand for natural food supplements and negative perception of chemical products also projected to favor its growth. Most of the key players in the market for astaxanthin, such as BGG and Cyanotech, are strongly focusing on innovative technologies such as microalgae cultivation and concerned harvesting procedures.
Competitive Insight:
Companies operating in the market for astaxanthin Cyanotech Corporation; Solix Algredients, JX Nippon Oil and Energy Corporation; IGENE Biotechnology, Inc.; Micro AS; Beijing Gingko Group (BGG); BlueOcean NutraSciences, Inc.; Fuji Chemical Industry Co., Ltd.; Algae Health Sciences, Fenchem; EID-Parry (India) Ltd.; and Algatechnologies.
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Companies in the market for astaxanthin are focusing on innovation to enter into a promising sector. In this line, the Israel-based company, NextFerm Technologies Ltd., introduced AstaFerm. The product is the natural astaxanthin obtained through an innovative yeast fermentation process. This is a potent, odor, flavor-free, and free-flowing material. This is regarded as an effective antioxidant with proven potential towards immune reactions while maintaining faster recovery.
Regional Insights:
The regional market of Asia Pacific is expected to create lucrative opportunities for players operating in the astaxanthin market, owing to the presence of proactive consumer consciousness about wellness, a large population base suffering from nutritional deficiency, and a rise in preference among consumers towards online channels driving large sales. The rise in investments from companies to boost their product portfolio and improve market positioning is further propelling the market growth in this region. In North America, companies focusing on spreading awareness about astaxanthin usage, promotional campaigns to attract a consumer base, and collaboration with other industry participants to strengthen their foothold in the regional market, which in turn, boosting the market growth.
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Table of Contents
Introduction
Executive Summary
Research Methodology
Astaxanthin Market Insights
Astaxanthin Market Assessment by Source
- Natural
- Yeast
- Krill/Shrimp
- Microalgae
- Others
- Synthetic
Astaxanthin Market, by Product
- Dried Algae Meal or Biomass
- Oil
- Softgel
- Liquid
- Others
Astaxanthin Market Assessment by Application
- Nutraceuticals
- Cosmetics
- Aquaculture & Animal Feed
- Others
Astaxanthin Market Assessment by Geography
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