Astaxanthin Market by Form [Dry Form and Liquid Form], Source [Natural and Synthetic], Application [Animal Feed, Pharmaceuticals, Nutraceuticals and Cosmetics] – Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+Reports, the global astaxanthin market was pegged at ~US$640.8 million in 2020. The market is expected to grow at a CAGR of ~6.8% from 2021 to 2031.
Increasing demand for nutraceuticals owing to growing health consciousness among people, booming cosmeceutical industry, and rising awareness about the benefits offered by astaxanthin are some of the pivotal factors propelling the growth of the astaxanthin market. However, high cost of astaxanthin owing to its high production cost is likely to restrain the market growth to a certain extent.
Government bodies and numerous organizations across the globe are taking several initiatives to fast-track the development of astaxanthin by providing the necessary funding, grants, permissions, and clearances & approvals to meet the needs of the consumer. For instance, in July 2017, Algatech received Brazilian Health Regulatory Agency (Anvisa) approval for its all-natural astaxanthin AstaPure to be used as a food ingredient.
Astaxanthin has been proved very useful in treatment of various diseases and disorders. Astaxanthin can be used for treating Alzheimer’s disease, Parkinson’s disease, stroke, high cholesterol, liver diseases, age-related macular degeneration, and cancer prevention. It is also used to treat metabolic syndrome, a condition that can increase the risk of heart disease, stroke, and diabetes. Furthermore, it is also used to increase exercise performance, to reduce muscle damage after exercise, and to decrease muscle soreness after exercise. Moreover, it also used to prevent dyspepsia, sunburn, symptoms of menopause, rheumatoid arthritis, male infertility, and improve sleep.
Prominent players are continuously focusing on various strategies such as collaboration & product launch to expand their geographical footprint and meet the needs of the consumer. For instance, in Nov 2019, South American astaxanthin producer Atacama Bio partnered with Dutch firm Lus Health Ingredients with an aim to ignite growth in the European market.
However, high costs of astaxanthin owing to its high cost of production may restrain the market growth to a certain extent. High cost of astaxanthin restricts its applications for a product with high added value such as food supplements and pharmaceuticals.
The Asia Pacific region is projected to be the fastest growing market for astaxanthin. The high growth in the region can mainly be attributed to the booming cosmetic industry, increasing demand for nutritional products, and rising awareness regarding the benefits of astaxanthin. Countries such as India and China in the APAC region are projected to offer significant growth opportunities owing to the presence of a large population with nutrition deficiency.
Some of the prominent players operating in the astaxanthin market are Divi’s Nutraceuticals, DSM Nutritional Products AG, Algatech LTD, Otsuka Holdings Co., Ltd., Beijing Gingko Group, Cyanotech Corporation., Fuji Chemical Industries Co., Ltd., Valensa International, Asta Supreme, and Piveg, Inc., among others.