The latest report by IMARC, titled “Astaxanthin Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, finds that the global astaxanthin market size reached US$ 696.4 Million in 2021. Astaxanthin refers to a red fat, soluble pigment belonging to a group of chemicals known as carotenoids. It occurs in yeast, shrimp, trout, microalgae, and other sea creatures. Most commonly, it is found in Pacific Salmon, giving the fish its pinkish color. Astaxanthin offers numerous health benefits due to antioxidant, anti-inflammatory and antineoplastic properties. It helps maintain healthy skin, endurance, heart health, and joint pain and protects against chemically induced cancers. In recent years, astaxanthin has gained momentum due to its employment as a functional food ingredient, dietary supplement, and feed additive.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of the associated industries. These observations will be integrated into the report.
Global Astaxanthin Market Trends:
One of the primary factors driving the market is the rising number of individuals diagnosed with cancer, diabetes, cognitive health problems, and cardiovascular diseases. Additionally, the numerous health benefits offered by astaxanthin, such as reducing blood sugar levels, increasing blood flow, and minimizing pain in joints, muscles and tendons, are creating a positive market outlook. In line with this, the increasing awareness amongst the masses about nutritional products, along with the expanding preferences for dietary supplements on account of the high cost of hospitalization, is positively influencing the market growth. Besides this, manufacturers are utilizing cost-effective technologies to produce astaxanthin with micro-modules and photo-bioreactors to reduce water wastage and saving electricity, which is also accelerating the product adoption rate. Furthermore, the extensive adoption of astaxanthin in the food industry as a food additive to preserve the taste, color, freshness and quality of food items is driving the market growth. Other growth-inducing factors include the rising preference for dietary supplements and increasing nutritional deficiency among individuals. Looking forward, IMARC Group expects the market value to reach US$ 1,122.1 Million by 2027, expanding at a CAGR of 8.39% during the forecast period (2022-2027).
- Based on the source, the market has been segmented into natural (yeast, krill/shrimp, microalgae, and others) and synthetic.
- On the basis of the product, the market has been divided into dried algae meal or biomass, oil, softgel, liquid, and others.
- Based on the application, the market has been divided into nutraceuticals, cosmetics, aquaculture and animal feed, and others.
- Region-wise, the market has been classified into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being Algatech LTD (Societe La Biochimie Appliquee SA), BASF SE, Beijing Gingko Group, Cardax Inc., Cyanotech Corporation, Divi’s Laboratories Limited, E.I.D.- Parry (India) Limited (Murugappa Group), Fenchem Biotek Ltd., Fuji Chemical Industries Co. Ltd., Koninklijke DSM N.V., and Piveg Inc.
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