Astaxanthin Market

Report Overview

The global astaxanthin market was pegged at US$ 640.8 million in 2020 and is expected to witness a CAGR of 6.8% during the forecast period.

Market Fundamentals

Astaxanthin is a reddish pigment that belongs to a group of chemicals called carotenoids. It occurs naturally in certain algae and causes the pink or red color in salmon, trout, lobster, shrimp, and other seafood. Numerous studies support the use of astaxanthin as a potent antioxidant that can prove beneficial in reducing the risks of certain chronic diseases. It may also help to bring down oxidative stress in the nervous system, and in turn, reducing the risk of neurodegenerative diseases. The natural sources of astaxanthin are algae, yeast, salmon, trout, krill, shrimp, and crayfish. The commercial astaxanthin is primarily obtained from Phaffia yeast, Haematococcus, and through chemical synthesis.

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Market Dynamics

The global astaxanthin market is mainly driven by increasing demand for nutraceuticals owing to growing health consciousness among people; and the booming cosmeceutical industry. Furthermore, rising awareness about the benefits offered by astaxanthin is likely to play a pivotal role in contributing to the growth of the market. However, the high cost of astaxanthin owing to its high production cost is likely to restrain market growth to a certain extent.

Market Ecosystem

The global astaxanthin market has been analyzed from four perspectives: Form, Source, Application, and Region.

Astaxanthin Market by Form

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Based on form, the astaxanthin market has been segmented into dry form and liquid form. In 2020, the liquid form segment accounted for the largest share of the global astaxanthin market. The large share of this segment is attributed to the fact that the liquid form of astaxanthin is widely used in soft capsules, beverages, foods, and cosmetics.

Astaxanthin Market by Source

Based on the source, the astaxanthin market has been segmented into natural and synthetic. In 2020, the natural segment dominated the market. The large share of the natural astaxanthin market can be attributed to the fact that astaxanthin obtained from natural sources has exhibited greater safety for human consumption than its synthetic counterpart.

Astaxanthin Market by Application

Based on application, the astaxanthin market has been segmented into animal feed, pharmaceuticals, nutraceuticals, cosmetics, and others. In 2020, the pharmaceuticals segment dominated the market with the largest share owing to the benefits of astaxanthin in the treatment of Alzheimer's disease, Parkinson's disease, stroke, high cholesterol, age-related macular degeneration (age-related vision loss), and cancer prevention.

Astaxanthin Market by Region

Based on region, the global astaxanthin market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America dominated the astaxanthin market, followed by the Asia Pacific. The large share of North America in the global astaxanthin market can be attributed to a greater health-conscious population and prominent astaxanthin manufacturers in the region.

Competitive Landscape

Some of the prominent players operating in the astaxanthin market includes:-

• 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
• Piveg, Inc., among others

Strategic Developments

• In Feb 2021, Solabia-Algatech nutrition launched astaxanthin powder concepts for supplements and beverages. The Astaxanthin powder is a microencapsulated, cold water-dispersible powder containing 2.5% natural astaxanthin.
• In Oct 2020, Cyanotech Corporation announced the launch of BioAstin  Hawaiian Astaxanthin is a new delivery form. It was made available in water-dispersible powder form in both 1% and 2% concentrations.
• In Feb 2020, NextFerm and Soft Gel Technologies collaborated to launch Astaferm a new Astaxanthin form derived from yeast fermentation. It is formulated for soft gel applications. Astaferm will be offered as ready-to-use softgels. Further, the collaborating firms have planned to release a special grade for gummies in the future.
• In March 2019, Algatech (Astaxanthin supplier from Israel) announced a partnership with a nascent topical product manufacturer for the Biome.
• In May 2017, Israeli firms Lycored and AlgaTech partnered to launch a line of astaxanthin beadlets in the North American market. This product is targeted for gummies, functional foods, and other applications.

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