The global Astaxanthin market was valued at USD 636 million in 2020 and is expected to reach USD 1,058.6 million by the year 2030, at a CAGR of 6.5% Astaxanthin can be naturally found in a wide variety of seafood, such as salmon and marine invertebrates such as krill, lobster, and shrimp. Astaxanthin is also found in birds like amino, quail, and other species.
Free astaxanthin is particularly sensitive to oxidation. Consequently, it is usually found either conjugated to proteins, like in salmon muscle or lobster exoskeleton, with one or two fatty acids which stabilize the molecule. The increasing applications of Astaxanthin in human healthcare industry have also resulted in the demand of the industry. Increasing the geriatric community will result in the prospering of the cosmetic industry, and the rising adoption and consumer shift towards natural cosmeceuticals are factors estimated to boost the Astaxanthin market. Also, Astaxanthin has been proved to be a stronger in vitro protective effect against UV-induced photo oxidation than β-carotene and lutein it seems reasonable that astaxanthin has excellent potential as an oral sun protectant as well as to treat other skin conditions.
By application, the salmon feed is the largest segment as maximum producers of astaxanthin in the market produce astaxanthin by chemical procedures at significantly lower costs. In few applications like koi, chickens and sea bream, astaxanthin has a premium cost over synthetic astaxanthin because of its improved pigment deposition and regulatory requirements. It can be expected that as the audience or consumers become trained to the fact that most salmon available today is fed an artificial pigment, desire for a naturally pigmented product will increase the demand and price, which will indirectly propel the Astaxanthin market.
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The APAC (Asia Pacific) segment is expected to experience significant development over the forecast period. The presence of cheap, skilled labor in developing nations like China and India, along with technologically superior operating facilities, is an influential factor for the development in this segment. Next, rising consciousness about the benefits of astaxanthin in the healthcare industry and a flourishing cosmeceutical industry using natural products are the vital elements boosting the demand of the market. Thus, Solabia Group announces its acquisition of Algatech, a key player in the microalgae industry and an innovative global leader in the expansion, cultivation, and commercialization of ingredients delivered from microalgae and used by leading food supplement, food, and cosmetic brands worldwide. Solabia, is a global leader in biotechnology, fine chemicals, and plant extraction technologies, and provides a range of active ingredients used by the cosmetics, pharmaceutical, diagnostic and nutrition industries worldwide. The strategic venture from Solabia will support Algatech’s continued focus on research and development, product development and as well as the expansion of its production capabilities, enabling the company to serve the increasing global demand for microalgae. Algatech will become the focus of Solabia’s nutrition division, and the amalgamation will allow both companies to benefit from the combined network and expertise, as well as to access new marketing channels and an expanded customer base. Moreover, Cyanotech Corporation joins the Algae Biomass Organization as the newest gold-level member. Cyanotech manufactures microalgae ingredients, spirulina and astaxanthin, which are utilized in their nutritional supplements. Besides the health benefits, Cyanotech contributes many of the success of its products to the amount of time and resources they spend on educating the consumer market about microalgae and its advantages.
Key Coverage of the Report
- Region and country-wise assessment from the period 2016-2027. For the study, 2017-2019 has been utilized as historical data, 2019 as the base year, and 2020-2027, has been derived as forecasts
- Regional Competitors clinical pipeline analysis
- Demand and Supply GAP Analysis
- Astaxanthin Market share analysis of the key industry players
- Strategic recommendations for the new entrants
- Astaxanthin Market forecasts for a minimum of 6 years of all the mentioned segments, and the regional markets
- Astaxanthin Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, and recommendations)
- Strategic recommendations in key business segments based on the Astaxanthin market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
Salient Trends of the Astaxanthin Market:
- Astaxanthin is a xanthophyll carotenoid which is found in various microorganisms and marine animals. The United States Food and Drug Administration (USFDA) has approved the use of astaxanthin as food colorant in animal and fish feed. The European Commission considers natural astaxanthin as a food dye
- Astaxanthin, used as a nutritional supplement, antioxidant and anticancer agent, prevents diabetes, cardiovascular diseases, and neurodegenerative disorders, and also stimulates immunization
- The natural sources of astaxanthin are algae, yeast, salmon, trout, krill, shrimp and crayfish
- Astaxanthin is available in the European and Japanese market from large trout. Shrimp, crab and salmon can serve as dietary sources of astaxanthin
- Astaxanthin supplement at 3.6 mg per day can be beneficial to health as reported by some medical journals
- Astaxanthin is a carotenoid widely used in salmonid and crustacean aquaculture to provide the pink color characteristic of that species. This application has been well documented for over two decades and is currently the major market driver for the pigment
Market-O-Nomics
- As of 2019, Chemical Synthesis is the leading sub-segment of the global Astaxanthin market under Production Method segment, occupying 39.6% of the market share
- The market for Feed products sub-segment is expected to reach over USD 353.53 million by the year 2027, growing at an appreciable CAGR during the forecast period in the Applications category
- The Cosmetics application sub-segment is expected to register a CAGR of 6.5% during 2019-2030
- Asia-Pacific regional segment of the Astaxanthin market is expected to remain highest growing segment during 2019-2030, at a CAGR of 8.1%, owing to increasing demand from feed manufacturers in the region, especially from China, India, Vietnam and Japan
- North America is leading the market, with the largest market share as of in 2019, and is expected to grow more during the forecast period
Companies considered and profiled in the market study
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 Algatechnologies (US).
Segments covered in the report:
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the market trends in each of the sub-segments from 2019 to 2027. For the purpose of this study, Reports and Data have segmented Astaxanthin Market on the application, form, source and region:
On the basis of source, the astaxanthin market has been segmented as follows:
- Natural Source
- Plants
- Yeast & Microbes
- Marine
- Petroleum (Synthetic)
On the basis of Application, the astaxanthin market has been segmented as follows:
- Feed
- Supplements
- Food
- Cosmetics
On the basis of Form, the astaxanthin market has been segmented as follows:
- Dry Form
- Tablet
- Powder
- Biomass
- Liquid Form
- Gel
- Oils
- Energy Drinks
On the basis of Method of Production, the astaxanthin market has been segmented as follows:
- Microalgae Cultivation
- Fermentation
- Extraction
- Chemical Synthesis
Regional Outlook (Volume Metric Tons, Revenue, USD Million; 2019-2030)
- North America
- U.S
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
- Rest of Latin America
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