New York, October 15, 2021 – Reports and Data has published its latest report titled “Astaxanthin Market, By Source (Natural Sources, Synthetic Sources), By Form (Dry Form, Liquid Form), By Production Method (Microalgae Cultivation, Chemical Synthesis, Fermentation, Extraction), By Application (Food & Beverages, Nutritional Supplements, Animal Feed, Cosmetics), And Region – Global Forecast To 2028”
Increasing use of astaxanthin in energy drinks and health supplements, and growing use in the production of therapeutics for cardiovascular diseases are expected to drive the global market revenue growth
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According to Reports and Data, the global astaxanthin market size was USD 636 million in 2020 and is expected to reach USD 1,058.6 million 2028 and register a revenue CAGR of 6.5% during the forecast period, 2021-2028.
Drivers, Restraints, and Opportunities:
Astaxanthin is a keto-carotenoid belonging to a larger family of chemical compounds called terpenes, and it comprises dimethylallyl diphosphate, isopentenyl diphosphate, and five carbon precursors. Natural sources of the astaxanthin include a variety of seafood and animals, including salmon, marine invertebrates like lobster, shrimp, and krill, and chicken egg yolks. Astaxanthin is widely used as a dietary supplement in human and animal nutrition products. It is approved as a food coloring agent or color additive by the U.S. Food and Drug Administration for use in various animal and fish foods.
The global astaxanthin market revenue growth is majorly driven by increasing consumer awareness about the health benefits of astaxanthin, increasing preference for balanced diets and healthier food choices, rising demand for fortified and functional foods & beverages – mainly among sports professionals and fitness enthusiasts – and rising adoption of health & wellness practices. Growing use of astaxanthin in the health & beauty industry, growing demand for nutraceuticals and cosmeceuticals, rising prevalence of diabetes, cancer, and cardiovascular diseases, and increasing disposable incomes of consumers are other key factors opening up new growth opportunities for the global astaxanthin market.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
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Natural Source Segment to Account for Largest Revenue Share:
Based on source, the natural sources segment is expected to register the fastest revenue CAGR in the global astaxanthin market over the forecast period. Increasing availability of food and beverage supplements containing naturally sourced astaxanthin, rising awareness of the benefits of naturally sourced astaxanthin over the synthetically sourced ones, and increasing use of natural sources of astaxanthin such as microalgae and H. pluvialis in the manufacture of nutritional supplements are major factors driving growth of this segment.
Nutritional Supplements Segment Dominated Other Application Segments in 2020:
Based on application, the nutritional supplements segment was the most dominant in terms of revenue in the global astaxanthin market in 2020. Growing uses astaxanthin in nutritional supplements including nutraceuticals and cosmeceuticals due to its antioxidant properties, rising demand for nutritional supplements, particularly among fitness enthusiasts and athletes, increasing consciousness about health & wellness, and increasing consumer spending on nutritional food & beverage products are major factors driving this segment’s growth.
North America Accounted for a Significantly Large Revenue Share in 2020:
Among regional markets, North America accounted for the largest revenue share in the global astaxanthin market in 2020 owing to many favorable factors. Rising awareness of health and wellness, increasing usage of astaxanthin in nutraceuticals, increasing R&D activities for new products, and the presence of leading industry players such as Cyanotech Corporation and BlueOcean NutraSciences in the region are the primary factors leading to the North America market revenue growth. Changing lifestyles, growing expenditure on animal foods, and high purchasing power of consumers further drive revenue growth of the North America market.
Major Companies in the Market Include:
- Koninklijke DSM N.V.
- BASF SE
- Cyanotech Corporation
- Otsuka Pharmaceutical Co., Ltd.
- Valensa International
- Fuji Chemical Industries Co.
- Divis Laboratories Ltd.
- Beijing Ginko Group
- Igene Biotechnology, Inc.
- Piveg, Inc.
- Fenchem Biotek Ltd.
- Cardax, Inc.
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For the purpose of this report, Reports and Data has segmented the global astaxanthin market based on source, form, production method, application, and region:
Source Outlook (Revenue, USD Million; Volume, 2018-2028)
- Natural Sources (Plants, yeast & microbes, marine, etc.)
- Synthetic Sources (Petroleum)
Form Outlook (Revenue, USD Million; Volume, 2018-2028)
- Dry Form
- Liquid Form
Production Method Outlook (Revenue, USD Million; Volume, 2018-2028)
- Microalgae Cultivation
- Chemical Synthesis
Application Outlook (Revenue, USD Million; Volume, 2018-2028)
- Food & Beverages
- Nutritional Supplements
- Animal Feed
Regional Outlook (Revenue, USD Million; Volume, 2018-2028)
- 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
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Some points on how the report benefits stakeholders:
- The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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