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Global Astaxanthin Market, By Source (Natural, Synthetic), By Form (Dry, Liquid), By Method of Production (Microalgae Cultivation, Chemical Synthesis, Fermentation), By Application (Dietary Supplements, Food & Beverages, Cosmetics), By Region (North America, Europe, Asia Pacific, The Middle East & Africa and South America)-Global Forecast to 2027.
The global astaxanthin market was valued at USD 647 million in 2020, and it is expected to reach USD 965 million by 2026, with a CAGR of 8.3% during the forecast period. With rising awareness among buyers, the market for operating and fortified foods is increasing, with consumers choosing balanced diets and food that help hunger and usefulness healthiness. Moreover, the busy lifestyles of the working middle-class people delivered the rising demand for convenience products for on-the-go consumption to save time, which is preparing food & beverages at home. Thus, the growing market for functional food is extending opportunities for unique applications in the astaxanthin market.
What is an Astaxanthin Market?
Astaxanthin is a reddish-brown dye belonging to chemicals comprehended as carotenoids. It commonly happens naturally in particular algae and causes the red or pink in trout, salmon, shrimps, lobsters and other seafood. Lately, yeast/fungi-based and synthetic astaxanthin have also achieved considerable popularity. Astaxanthin is commonly consumed orally and is useful for healing several chronic diseases. It has been broadly employed to cure Alzheimer’s disease, Parkinson’s disease, liver malfunctions, increased cholesterol and macular decline. Different astaxanthin drugs include saturated the market in recent years.
Similarly, astaxanthin has also been widely utilized to treat heart disorders, strokes and male infertility. It can also save the skin against sunburn and diminish wrinkles.
Growth Drivers
The prompt industrialization of the meal industry
Aquaculture and animal meal industries positively depend on meal additives to increase animal nutrition advantages. Astaxanthin counts nutritional value and pigmentation to the animal meal. Therefore, the industrialization of poultry and aquaculture businesses has pushed the market for astaxanthin since these end-user industries appreciate the health of animals. The considerable enlargement in fisheries and aquaculture production has boosted the consumption of diversified nutritious food products. The global consumption of seafood has grown due to rising consumer awareness regarding the health benefits of consuming fish and other aquaculture species.
Opportunities
Increasing demand for uncultivated antioxidants
There is a boost in demand for uncultivated carotenoids in their pure form as they resemble synthetic carotenoids, especially in the dietary supplements sector, due to their increased consequence and quality. The existing methods used for natural standards of production of carotenoids are narrow and subject to contamination. These methods are expensive, and thus, the costs of natural carotenoids such as beta-carotene and lycopene are almost three times more increased than those of synthetic carotenoids.
Restraints
The increase in the cost of production of natural Astaxanthin
Astaxanthin will be synthesized unaffectedly as well as synthetically. Synthetic astaxanthin is made of various chemical formulations from petroleum products and is obtainable at comparatively more affordable prices. On the other hand, natural astaxanthin is created through fermentation and extraction, affecting various bacteria, fungi, yeast, marine animals, and algae. This natural astaxanthin is comparatively challenging to produce and is more expensive than synthetic.
Strict government rules in developed countries
The regulatory measures for application regions of astaxanthin are marked to be distinct in all regions. The FDA controls nutraceuticals underneath various sets of regulations in the U.S. By the Dietary Supplement Health and Education Act, 1994 (DSHEA), the manufacturer should confirm that a nutraceutical-based product or ingredient is safe before it is marketed. The FDA can take action against any dangerous product only after it reaches the market. Therefore, manufacturers must provide the product label and be transparent about notification.
Pre-Covid-19 impact on global Astaxanthin market
The increase in acceptance of novel technologies to increase astaxanthin production is anticipated to propel growth before the covid-19. For instance, ALGOMA creates astaxanthin using photo-bioreactors and micro-modules to concentrate on decreasing water wastage & conserving electricity. Moreover, examinations are being taken to increase production by using various technologies to determine technical and economic feasibility. Companies adopt technologically advanced systems to meet the growing demand without compromising quality and yield. For instance, Algatech Ltd. uses a sealed system (closed microalgae cultivation system) to cultivate microalgae, eliminating the risk of foreign objects, agriculture residue, and microbial contamination. Better-quality products and high yield will open new avenues for the market stakeholders.
Covid-19 impact on global Astaxanthin market
The COVID-19 pandemic is predicted to seriously affect the astaxanthin market as the recent crisis has emphasized the importance of safe, healthy, and nutritious eating routines among customers worldwide. While component sales span countries, key companies in the astaxanthin market have also established regional production, R&D, and sales departments. They are also optimizing collection chains for the allotment of raw materials. Amid the COVID-19 explosion, astaxanthin manufacturers face considerable challenges in managing the demand for advanced functional food products, including changing tastes and preferences. The prices of natural materials are launched to expand due to trade barriers, disruptions in the supply of raw materials, and inefficient distribution channels due to COVID-19.
Post Covid-19 impact on global Astaxanthin market
After the outbreak of covid-19 increasing awareness among individuals about nutritional products and growing preference for dietary supplements due to the increased cost of hospitalization are expected to push the demand for nutraceuticals and natural antioxidants. Astaxanthin is a strong antioxidant with health advantages. Moreover, the increasing adoption of nutrition-rich products seriously drives the nutraceutical industry. Hence, the need for astaxanthin-based nutritional products is growing across the globe.
By Source segmental Analysis
Natural astaxanthin is mainly removed from astaxanthin-containing aquatic plants, such as algae and biosynthesized, by living microalgae or yeast production. It is around 95% esterified and is 3.5 times more costly than synthetic astaxanthin. The end-user industry generally selects natural astaxanthin as consumers are willing to spend more useful to get higher-quality effects. Their harvest is usually accomplished by centrifugation, drying, and breaking the Haematococcus Pluvialis cells.
By Form Segmental Analysis
The liquid form is cast to notice the highest growth during the forecast period. Astaxanthin in the liquid form is operated for manufacturing soft gels, oil excerpts, and beadlets. Liquid astaxanthin discovers different applications, such as syrups and texturing agencies in the food, beverage, and pharmaceutical industries. Liquid nutraceutical components are challenging to use in scaling and temperature. Regardless, astaxanthin in the liquid form is still operated in different applications.
By Method of Production Segmental Analysis
The H. Pluvialis biomass (Microalgae Cultivation) is the most prosperous source of astaxanthin. It contains 6% of dried H. Pluvialis biomass, of which 85% contains astaxanthin. The cultivation method consists of two stages—the green stage and the red stage. In the green stage, a single-cell colony of microalgae is authorized to increase unstressed by normal cell division. Optimal development requirements are given to the “green” algal cells for the highest growth. In the second stage, cells are arranged through different priority conditions, such as high radiation power and changes in growth media. These situations result in the production and collection of natural astaxanthin in the cells in the esterified condition.
By Regional Segmental Analysis
The overall economic growth in the Asia Pacific region has shown increased urbanization and fast industrialization. Therefore, the consumption groups of astaxanthin vary from country to country and region to region. The increasing choice among buyers for healthy food and the increased demand for meat and seafood are the main elements for developing animal feed applications of astaxanthin in the region. The Asia Pacific offers great opportunities to manufacturers and suppliers of astaxanthin, owing to the cost advantage and high demand in this region.
Competitor Analysis
Companies include BASF, Koninklijke DSM N.V., Erber Group’s, Algatech Ltd., Cyanotech Corporation, Otsuka Holdings Co. Ltd., Divi’s Laboratories Ltd, Valensa International, Fuji Chemical Industries, Biogenic Co. Ltd. Are the prominent players.
Key Stakeholders
- Regulatory bodies
- Market research and consulting firms
- Local Government
- Suppliers
- Retailers
Recent Development
- In December 2020, BASF joined Adifo Software to establish a digital solution for the animal agriculture value chain by combining sustainability analytics. This collaboration especially supported BASF’s advancement in meal formulation.
- In October 2020, Koninklijke DSM N.V. received Erber Group’s Biomin, a specialty animal nourishment and health business. This investment will additionally maintain Koninklijke DSM N.V.’s expertise and standing as a foremost provider of animal health and nutrition solutions for farm productivity and sustainability, highlighting emissions deduction, meal consumption efficiency, and better water and land use.
- In March 2019, Algatech Ltd. collaborated with For the Biome to establish fresh products for topical applications. This collaboration would help the company offer new beauty and natural skincare products.
- In November 2018, Cyanotech Corporation extended its R&D structure by reaching the Cellana Demonstration Facility contiguous to the northern border of its current production site. It is boosted, and ample lab space has facilitated the R&D.
Scope of the Report
| Report Attribute | Details |
|---|---|
| Market Size Value in 2021 | USD 647 Million |
| The revenue forecast in 2028 | USD 965 Million |
| Growth Rate | CAGR of 8.3 % from 2020 to 2027. |
| Historical data | 2017-2020 |
| Forecast period | 2022 – 2028 |
| Region covered | North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
| Key companies Profiled | BASF, Koninklijke DSM N.V., Erber Group’s, Algatech Ltd., Cyanotech Corporation, Otsuka Holdings Co. Ltd., Divi’s Laboratories Ltd, Valensa International, Fuji Chemical Industries, Biogenic Co. Ltd. Are the key players. |
Market Modelling
By Source
- Natural
- Synthetic
By Form
- Dry
- Liquid
By Method of Production
- Microalgae
- Cultivation
- Chemical Synthesis
- Fermentation
By Application
- Dietary Supplements
- Food & Beverages
- Cosmetics
By Region
- North America
- Europe
- Asia Pacific
- The Middle East & Africa
- South America
Report Content
- Research Strategic Development
- Market Modelling
- Product Analysis
- Market Trend and Economic Factors Analysis
- Market Segmental Analysis
- Geographical Mapping
- Country Wise Segregation
- Research Methodology
- Identification of Target Market
- Data Acquisition
- Refining of Data/ Data Transformations
- Data Validation through Primary Techniques
- Exploratory Data Analysis
- Graphical Techniques/Analysis
- Quantitative Techniques/Analysis
- Visual Result/Presentation
- Executive Summary
- Market Insights
- Supply Chain Analysis
- Economic Factor Analysis
- Drivers
- Trends
- Opportunities
- Challenges
- Technological Landscape
- Competitors & Product Analysis
- Regulatory Framework
- Company market share analysis, 2020
- Porter’s Five forces analysis
- Price point analysis
- New Investment Analysis
- PESTEL Analysis
- Pre Covid-19 Impact
- Covid-19 Impact
- Post Covid-19 Impact
- Global Astaxanthin Market Overview
- Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Market Share & Forecast, 2016-2027
- By Source
- Natural
- Synthetic
- By Form
- Dry
- Liquid
- By Method of Production
- Microalgae
- Cultivation
- Chemical Synthesis
- Fermentation
- By Application
- Dietary Supplements
- Food & Beverages
- Cosmetics
- By Region
- North America
- Europe
- Asia Pacific
- The Middle East & Africa
- South America
- By Source
- Demand
- Market Size & Forecast, 2016-2027
- North America Astaxanthin Market Overview
- North America Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- North America Market Share & Forecast, 2016-2027
- By Source
- Natural
- Synthetic
- By Form
- Dry
- Liquid
- By Method of Production
- Microalgae
- Cultivation
- Chemical Synthesis
- Fermentation
- By Application
- Dietary Supplements
- Food & Beverages
- Cosmetics
- By Country
- US
- Canada
- Mexico
- By Source
- Demand
- North America Market Size & Forecast, 2016-2027
- Europe Astaxanthin Market Overview
- Europe Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Europe Market Share & Forecast, 2016-2027
- By Source
- Natural
- Synthetic
- By Form
- Dry
- Liquid
- By Method of Production
- Microalgae
- Cultivation
- Chemical Synthesis
- Fermentation
- By Application
- Dietary Supplements
- Food & Beverages
- Cosmetics
- By Country
- Germany
- UK
- France
- Italy
- Rest of Europe
- By Source
- Demand
- Europe Market Size & Forecast, 2016-2027
- Asia Pacific Astaxanthin Market Overview
- Asia Pacific Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Asia Pacific Market Share & Forecast, 2016-2027
- By Source
- Natural
- Synthetic
- By Form
- Dry
- Liquid
- By Method of Production
- Microalgae
- Cultivation
- Chemical Synthesis
- Fermentation
- By Application
- Dietary Supplements
- Food & Beverages
- Cosmetics
- By Country
- China
- India
- Japan
- Australia
- Rest of Asia Pacific
- By Source
- Demand
- Asia Pacific Market Size & Forecast, 2016-2027
- The Middle East & Africa Astaxanthin Market Overview
- The Middle East & Africa Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- The Middle East & Africa Market Share & Forecast, 2016-2027
- By Source
- Natural
- Synthetic
- By Form
- Dry
- Liquid
- By Method of Production
- Microalgae
- Cultivation
- Chemical Synthesis
- Fermentation
- By Application
- Dietary Supplements
- Food & Beverages
- Cosmetics
- By Country
- Saudi Arabia
- UAE
- South Africa
- Rest of The Middle East & Africa
- By Source
- Demand
- The Middle East & Africa Market Size & Forecast, 2016-2027
- South America Astaxanthin Market Overview
- South America Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- South America Market Share & Forecast, 2016-2027
- By Source
- Natural
- Synthetic
- By Form
- Dry
- Liquid
- By Method of Production
- Microalgae
- Cultivation
- Chemical Synthesis
- Fermentation
- By Application
- Dietary Supplements
- Food & Beverages
- Cosmetics
- By Country
- Brazil
- Argentina
- Rest of South America
- By Source
- Demand
- South America Market Size & Forecast, 2016-2027
- Competitor Analysis
- Company Description
- Financial Analysis
- Key Products
- Key Management Personnel
- Contact Address
- SWOT Analysis
- Company Profile
- BASF
- Koninklijke DSM N.V.
- Erber Group’s
- Algatech Ltd.
- Cyanotech Corporation
- Otsuka Holdings Co. Ltd.
- Divi’s Laboratories Ltd.
- Valensa International
- Fuji Chemical Industries
- Biogenic Co. Ltd.
- Other Prominent Players.
Frequently Asked Questions (FAQ):
Astaxanthin is a reddish-brown dye belonging to chemicals comprehended as carotenoids. Astaxanthin is commonly consumed orally and is useful for healing several chronic diseases. It has been broadly employed to cure Alzheimer’s disease, Parkinson’s disease, liver malfunctions, increased cholesterol and macular decline.
The growth rate of the Astaxanthin Market is 8.3% CAGR during the forecast period.
The driving factors for the global Astaxanthin Market are: With rising awareness among buyers, the market for operating and fortified foods is increasing, with consumers choosing balanced diets and food that help hunger and usefulness healthiness.
The Asia Pacific is expected to have the largest share in the global Astaxanthin Market.
Companies include BASF, Koninklijke DSM N.V., Erber Group’s, Algatech Ltd., Cyanotech Corporation, Otsuka Holdings Co. Ltd., Divi’s Laboratories Ltd, Valensa International, Fuji Chemical Industries, Biogenic Co. Ltd. Are the prominent players.
