The rising incidence of chronic disorders including diabetes, heart disease, and cancer is predicted to drive market expansion.
Impact of Covid-19
As the current crisis emphasises the significance of safe, healthy, and nutritious eating habits among consumers throughout the world, the COVID-19 epidemic is predicted to have a significant influence on the astaxanthin market. Key firms in the astaxanthin industry have begun to build regional manufacturing departments, R&D departments, and sales offices as the sale of ingredients extends throughout the world. They also develop chains to provide for the distribution of immature items. During the outbreak of COVID-19, astaxanthin manufacturers face major challenges in addressing the growing demand for active food products to supplement popular and popular ingredients. COVID-19 is predicted to raise consumer costs as a result of trade restrictions, interruptions in the supply of immature goods, and inefficient distribution networks. The global astaxanthin market is projected to face challenges due to the scarcity and high cost of raw materials, as well as high manufacturing costs.
The value of the Astaxanthin market is projected to grow to USD 93.66 Billion with an estimated CAGR of 2.38% by 2028
The synthetic source segment dominated the astaxanthin market in 2020
Because it is easy to extract and has cheap manufacturing costs, the synthetic component is projected to dominate the astaxanthin market. This may be due to its low production costs and high consumption in the aquafeed industry. Consumers and manufacturers prefer to choose cheap synthetic astaxanthin. Sensitivity and accessibility are significant considerations for customers who choose synthetic astaxanthin, therefore developing areas such as South America and the Asia Pacific are the primary contributors to market development.
In 2021, the astaxanthin market was led by the dry form segment.
One of the main drivers of demand for dry components is growing awareness of the storage and management of liquid astaxanthin concerns among food and beverage makers, which has helped the expansion of the dry astaxanthin market over the next few years. The process with a dry format is a bit simpler, especially in high-volume production. The dry form is widely used in the manufacture of astaxanthin products, such as diet pills, tablets, for ease of use and for various other benefits.
The European region has dominated the market
Europe has the second-largest share with about 32.6% of the global astaxanthin market by 2020 as a whole. The presence of important astaxanthin producers for production and health awareness among consumers leads to the European astaxanthin market.
The Asia Pacific and North America are expected to be the most potential markets for Astaxanthin manufacturers. The Asia Pacific is expected to witness the highest price growth during the forecast period. This is due to the expected growth in the pharmaceutical industry, especially in developing countries such as China and India. According to the India Brand Equity Foundation (IBEF), the Indian pharmaceutical industry is expected to generate $ 55 Million by 2028. In addition, the growing medical tourism in India has boosted the growth of the astaxanthin market in the region
The strong growth of food ingredients and the animal feed industry in Europe will improve the demand for the product.
Astaxanthin has been shown to reduce blood glucose levels and improve blood flow in patients. Technological advancement is additionally a vital consider driving the market growth. However, the high costs involved in extraction are key factors that influence the high price of the merchandise. Also, strict rules and guidelines for product use indirect human consumption hinder the market growth.
The prevalence of diseases such as diabetes, cancer, mental health problems, and heart disease represents one of the key drivers of market growth. Astaxanthin helps to increase blood flow, lower blood sugar levels, and reduce pain in muscles, joints, and tendons. It also prevents photoaging, improves sleep cycles, fights stress, and enhances sperm flow. Apart from this, due to its ability to preserve the taste, colour, freshness, and quality of food items, there is a huge increase in demand for astaxanthin as a food mixing and coloring agent (F&B) industry global.
The usage of astaxanthin in European nations has surged due to increased consumer expenditure on natural goods. Technological advances and the adoption of encapsulation strategies by regional manufacturers will enable the development of health supplements containing astaxanthin and beverage mixtures. The development of a production process that includes planting, microalgae harvesting, drying, and extraction is expected to further the growth of the regional industry.
Within the astaxanthin market, acquisitions in the aquaculture industry continue to rise. Aquaculture is increasing its need for astaxanthin, which plays an essential role in promoting the survival and output of aquatic species. Another reason that contributes to the increased need for natural astaxanthin is the incapacity of marine animals and crustaceans to generate it. Natural astaxanthin is in high demand for yeast, bacteria, and algae, particularly in the industrial sector.
Astaxanthin refers to a red carotenoid, which occurs naturally with an antioxidant effect extracted and purified from Haemapodous algae. These colours often play a role in the treatment of degenerative diseases and aging disorders. Dietary supplements containing astaxanthin are available. It is regarded as a potent antioxidant capable of protecting human cells from oxidation and inflammation. It is widely used as a readily available substance and is known for providing cardiovascular benefits. It is the natural red colour of some algae and causes a reddish tinge to seafood such as lobster, salmon, shrimp, and more. The product shows significant market growth as it works well compared to other carotenoids such as lycopene and lutein.
Astaxanthin refers to a red carotenoid, which naturally occurs with an antioxidant effect extracted and purified in Hemapodous algae. These colours often play a role in treating degenerative diseases and the problems of aging.
Some of the major player operating in the global Astaxanthin Market include BASF SE (Germany), Cyanotech Corporation (US), Koninklijke DSM N.V. (the Netherlands), Otsuka Holdings Co. Ltd. (Japan), Valensa International (US), Divi’s Laboratories Ltd. (India), Fuji Chemical Industries Co. Ltd. (Japan), Cardax, Inc. (Denmark), Beijing Gingko Group (China), Piveg, Inc (US), Algatech Ltd. (Israel), Fenchem Biotek Ltd. (China), Supreme Biotechnologies (New Zealand), Algamo (Czech Republic), Igene Biotechnology Inc. (US), Biogenic Co. Ltd. (Japan), Algalif (Iceland), Algae to Omega (US), Astamaz NZ Ltd. (New Zealand), and Algae Health Sciences (US).
Recent Developments in the Global Astaxanthin Market:
- BASF and Adifo Software will deliver a digital solution for animal husbandry data that includes sustainability information in December 2020. This partnership has greatly helped BASF to improve its supply chain.
- Biomin, a speciality animal and healthy food business owned by Erber Group, was bought by Koninklijke DSM N.V. in October 2020. This discovery will also strengthen the technology and reputation of Koninklijke DSM N.V. As a leading provider of animal health solutions and farm and food production solutions, emphasis is placed on reducing gas emissions, feed efficiency, and better water and land use.
- The India Brand Equity Foundation (IBEF) is a Trust established by the Department of Trade and Industry, the Department of Trade in partnership with the Government of India with the aim of promoting and creating global awareness of Indian products.
Astaxanthin Market Scope
|Revenue forecast in 2028
|USD 93.66 Billion
|CAGR of 2.38 % during 2018-2028
|By Source, By Application, Regions
|North America, Europe, Asia Pacific, Middle East and Africa, South America
|Key Players Profiled
|ALGA Technologies, Algaecan Biotech, Algix, BASF, BGG (Beijing Gingko Group), DSM, Fenchem, Cardax, Cyanotech Corporation, and Divis Laboratories Limited.
Key Segments of the Astaxanthin Market
Source Overview, (USD Billion)
- Yeast & microbes
- Synthetic (Petroleum)
- Marine animals
Form Overview, (USD Billion)
Application Overview, (USD Billion)
- Dietary supplements
- Food & beverages
Method of Production Overview, (USD Billion)
- Microalgae cultivation
- Chemical synthesis
Region Overview, (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa