Astaxanthin Market to Reach USD 200.2 Million by 2028 with a CAGR of 7.6% | Valuates Reports
BANGALORE, India, June 23, 2022 /PRNewswire/ -- The Global Astaxanthin Market is Segmented by Type (2% Astaxanthin Powder, 3% Astaxanthin Powder, 5% Astaxanthin Powder, 10% Astaxanthin Powder, 20% Astaxanthin Powder, 5% Astaxanthin Oleoresin, 10% Astaxanthin Oleoresin, Synthetic Astaxanthin), by Application (Nutraceuticals, Feed, Cosmetics, Food & Beverages): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Vitamins & Supplements Category.
Due to the COVID-19 pandemic, the global Astaxanthin market size is estimated to be worth USD 121.2 Million in 2021 and is forecast to a readjusted size of USD 200.2 Million by 2028 with a CAGR of 7.6% during the forecast period 2022-2028.
Major factors driving the growth of the Astaxanthin market are:
The growing use of astaxanthin in a variety of applications such as feed, nutraceuticals, cosmetics, and food and beverages is likely to propel the astaxanthin market forward.
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TRENDS INFLUENCING THE GROWTH OF ASTAXANTHIN MARKET:
The Astaxanthin market is predicted to develop due to the increased use of astaxanthin in feed. Astaxanthin is currently the most significant and most expensive pigment used in aquaculture for the coloration of salmon, trout, and shrimp meat (these species do not synthesize astaxanthin de novo), which has an impact on consumer tastes all over the world. Astaxanthin is an essential component of aquarium fish and large ornamental fish feed. The pigment has been demonstrated to have a good effect on the color of egg yolks, as well as the skin and meat tissue of broiler chicken carcasses, according to a scientific study.
Astaxanthin is employed in nutraceuticals because of its high antioxidant capabilities and other health advantages. Astaxanthin is most typically used as an antioxidant, and it may help to reduce the risk of chronic diseases like cancer and cardiovascular disease. Carpal tunnel syndrome, rheumatoid arthritis, muscle strength and endurance, elevated cholesterol (LDL oxidation), musculoskeletal traumas, and male infertility may all benefit from astaxanthin. This in turn is expected to drive the growth of the astaxanthin market.
The rising use of astaxanthin in cosmetics is expected to drive the growth of the astaxanthin market. Aside from the natural aging process, human skin is continually exposed to environmental assaults that dehydrate it, cause premature wrinkles, and make it more vulnerable to age spots. Environmental elements such as sunshine, ozone, and other pollutants weaken the skin and make it appear older than it is. A closer examination of the mechanism of action reveals that those variables induce high quantities of reactive oxygen species (ROS) to accumulate in the skin, causing cellular damage. One method is to use a topical therapy to reduce the presence of ROS. Natural astaxanthin from Haematococcus microalgae is a potent carotenoid that penetrates the skin and protects each dermal layer from ROS-related damage, according to research.
Furthermore, astaxanthin expanding use in the food and beverage industry is likely to boost the market's growth. Algae astaxanthin is a popular ingredient and strengthening agent in the food and beverage industry because it gives products a natural brilliant red color. Astaxanthin's nutritional value makes it an excellent choice for usage in the food business.
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ASTAXANTHIN MARKET SHARE
The primary region for the Astaxanthin market is Asia-Pacific, which accounts for roughly 40% of the market share. Consumers' growing taste for nutritious foods, as well as the high demand for meat and seafood, are driving the expansion of astaxanthin in animal feed applications in the region. Because of the low cost and high demand in the Asia Pacific, manufacturers and suppliers of astaxanthin have a lot of chances.
Based on type, synthetic astaxanthin is expected to be the most lucrative segment with a market share of 36% of all astaxanthin. Synthetic astaxanthin is widely utilized in aquaculture today, and the majority of the molecules are derived from petroleum.
Based on application, Feed is expected to be the most lucrative segment with a market share of about 45%.
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Key Companies:
- Cyanotech
- Fuji
- BGG
- Yunnan Alphy Biotech
- Algatechnologies
- Parry Nutraceuticals
- Jingzhou Natural Astaxanthin
- JX Nippon Oil & Energy
- Supreme Biotechnologies
- Biogenic
The major players in the global astaxanthin market include DSM, BASF, Zhejiang NHU, etc. The top 5 players occupy about 65% of the global market.
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