The global astaxanthin market size is expected to reach USD 3.4 billion by 2027, expanding at a CAGR of 16.2%, according to a new report by Grand View Research, Inc. Increasing awareness about nutrition for healthy lifestyle and growing preference for dietary supplements due to high hospitalization costs are factors fueling the demand for nutraceuticals and natural antioxidants, thus driving the market.
The key concerns regarding the adverse effects of chemical-based cosmetics has driven focus on the use of natural cosmetics and pharmaceuticals. Also, nutraceuticals have found a major application in the field of dermatology. For instance, in April 2019, researches in Japan and China investigated the use of astaxanthin on skin aging using mouse model and found that it improved dysregulation of aging-related gene expression.
Astaxanthin is widely used as a high value keto‐carotenoid pigment for coloring of fishes like prawns, salmon, trout, and ornamental fishes, in order to increase their commercial value. Apart from coloring of aquatic animals, the carotenoid also improved the biological properties like improvements in survival, reproductive capacity, growth performance, stress tolerance, immune‐related gene expression, and disease resistance.
Major players are focusing on new product development and collaborative agreements to meet the increasing demand for the carotenoid in aquaculture. For instance, Heliae collaborated with Syndel Laboratories Ltd. for production of producing Nymega-an aquaculture feed ingredient-which was expected to be commercialized in 2017. Thus, increased adoption of the carotenoid in the aforementioned applications is anticipated to drive the market.
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Further key findings from the report suggest:
Naturally produced astaxanthin held the largest market share of 51.1% in 2019, owing to rising awareness about its multifunctional health benefit and safety
Microalgae is expected to be one of the largest and fastest growing natural source segments, due to the increasing use of H. pluvialis for production of high-quality astaxanthin and its ability to generate more astaxanthin even in stressful environmental conditions such as dried ponds
Technological advancements used in the manufacturing of synthetic astaxanthin such as two-stage mixotrophic culture system and an attached cultivation system are further fueling market growth
Although synthetic astaxanthin is gaining popularity, clinically it is inferior to its natural form, as it is usually manufactured using petrochemicals and has lower level of antioxidants
Algatech Ltd. is a biotechnology company that specializes in commercial cultivation, production, and supply of microalgae and AstaPure-a natural astaxanthin, and also provides consultation and post-processing for large-scale microalgae cultivation.
The softgel capsules segment is expected to witness lucrative growth over the forecast period due to rapidly gaining acceptance as oral nutraceutical.
Nutraceuticals are estimated to grow at a significant pace over the forecast period due to factors such as low adverse effects, antioxidant properties, and high nutritional value.
Favorable government regulations, presence of a strong target population with nutritional deficiencies in countries like India, China, and Japan are major factors estimated to provide high growth opportunities to the Asia Pacific region
Some of the major players in the astaxanthin market are IGENE Biotechnology, Inc.; Fenchem; Beijing Gingko Group (BGG); EID Parry (India) Ltd.; JX Nippon Oil and Energy Corporation; Heliae Development, LLC; BlueOcean NutraSciences, Inc.; Cyanotech Corporation; Alga Technologies; Fuji Chemicals Industry Co., Ltd.; and MicroA AS
Grand View Research has segmented the global astaxanthin market on the basis of source, product, application, and region:
Astaxanthin Source Outlook (Revenue, USD Million, 2016 - 2027)
Astaxanthin Product Outlook (Revenue, USD Million, 2016 - 2027)
Dried algae meal or Biomass
Astaxanthin Application Outlook (Revenue, USD Million, 2016 - 2027)
Aquaculture and animal feed
Astaxanthin Regional Outlook (Revenue, USD Million, 2016 - 2027)
Middle East & Africa
United Arab Emirates
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