Explore the thriving astaxanthin market, driven by increasing demand in nutraceuticals, cosmetics, and animal feed industries
VANCOUVER, BC, CANADA, June 28, 2024 /EINPresswire.com/ -- The global astaxanthin market size was USD 1.94 Billion in 2022 and is expected to register a rapid revenue CAGR of 16.8% during the forecast period. The global astaxanthin market is experiencing robust growth, propelled by increasing consumer preferences for nutraceuticals and preventative medicine. The demand for natural antioxidants, clean-label products, and natural cosmetics is also contributing to this upward trend.Astaxanthin, a reddish pigment belonging to the carotenoid family, is naturally found in certain algae and gives salmon, trout, lobster, and shrimp their distinctive pink or red coloration. Its powerful antioxidant properties make it highly sought after in various industries.
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Market Drivers
The rising popularity of yeast/fungi-based and synthetic astaxanthin is a significant factor in market growth. Astaxanthin is widely used in the nutraceutical and cosmetic industries due to its health benefits, including treating chronic diseases such as macular degeneration, high cholesterol, liver dysfunction, and neurodegenerative conditions like Parkinson's and Alzheimer's. The compound also shows promise in nanotechnology for drug delivery systems, enhancing its bioavailability and effectiveness.
Astaxanthin's benefits extend to skin health, aiding in moisture retention, elasticity, and reducing fine lines and wrinkles. Its antioxidant properties are crucial for counteracting the oxidative damage caused by smoking and alcohol consumption. The diverse applications of astaxanthin across nutraceuticals, cosmetics, pharmaceuticals, aquaculture, animal feed, and food & beverages are fueling market expansion.
Market Restraints
However, the market faces challenges such as stringent regulatory standards, high costs of natural astaxanthin, limited R&D activities in developing countries, and potential side effects. Recent studies have linked high consumption of astaxanthin to increased risks of prostate cancer in men. The FDA has approved astaxanthin as Generally Recognized as Safe (GRAS) at doses of 6-7 milligrams per day, but higher doses can cause gastrointestinal issues.
Segment Insights
Source: The global astaxanthin market is segmented into natural and synthetic sources. The natural segment, driven by its health benefits and antioxidant properties, dominated the market in 2022. Increasing demand for natural astaxanthin in cancer treatment and nutraceutical applications is expected to sustain this trend. Leading companies like NextFerm and Beijing Gingko Group are investing in innovative products, broadening market opportunities.
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Product Form: The market is categorized by product forms, including dried algae meal/biomass, oil, softgel, and liquid. The dried algae meal/biomass segment holds a significant share due to its ease of handling, extended shelf life, and stability. In contrast, the softgel segment is anticipated to grow rapidly, favored by its stability and broad applicability. Notable collaborations, such as the one between NextFerm and Soft Gel Technologies, are driving innovation in this segment.
Application: Astaxanthin's applications span aquaculture & animal feed, dietary supplements, food & beverages, nutraceuticals, and cosmetics. The aquaculture & animal feed segment leads the market, driven by the increasing use of astaxanthin as a feed additive to enhance seafood quality. The nutraceutical segment is also experiencing steady growth due to astaxanthin's antioxidant capabilities, which protect cells from oxidative stress and free radicals.
Future Outlook
The global astaxanthin market is set for continued growth, driven by expanding applications and rising consumer awareness of its health benefits. With ongoing research and innovation, particularly in natural and synthetic astaxanthin production, the market is poised for significant advancements.
Astaxanthin Top Companies and Competitive Landscape
The global astaxanthin market is fragmented with many medium and large-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing advanced astaxanthin products in the market.
BASF SE
Divi's Nutraceuticals
Cyanotech Corporation
DSM Nutritional Products AG
Parry Nutraceuticals
JX Nippon Oil & Gas Exploration Corporation
Fuji Chemical Industries Co., Ltd.
Valensa International.
Fermenta Biotech Limited
Algalif Iceland ehf
AstaReal Co., Ltd.
BGG World
Cardax, Inc.
Algatech LTD
Mitacs.
Otsuka Pharmaceutical Co., Ltd.
INNOBIO Corporation Limited
Sinoway Industrial Co., Ltd.
PIVEG, Inc.
FENCHEM
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Astaxanthin Latest Industry News
In May 2022, Divi's and Algalif combined their expertise to create extremely concentrated beadlets of natural astaxanthin. Divi's turns this oleoresin into proprietary, easy-to-handle AstaBead beadlets containing 5% astaxanthin - the greatest concentration available - enabling for smaller tablets and hard-shell capsules. AstaBead beadlets also perform well in applications such as nutritional bars.
On 5 February 2021, Solabia-Algatech Nutrition launched a range of Astaxanthin Powder Concepts developed for both supplements and beverages. This development provides a versatile and innovative solution to incorporate the potent antioxidant Astaxanthin into a range of consumer products. These powder concepts make it easier to integrate astaxanthi into daily routines.
Astaxanthin Market Segment Analysis
For the purpose of this report, Emergen research has segmented the global astaxanthin market on the basis of source, product form, grade, production technology, application, and region:
Source Outlook (Revenue, USD Billion; 2019-2032)
Natural
Plants
Marine Animals
Yeast & Microbes
Microalgae
Synthetic
Product Form Outlook (Revenue, USD Billion; 2019-2032)
Dried Algae Meal or Biomass
Oil
Softgel
Liquid
Others
Grade Outlook (Revenue, USD Billion; 2019-2032)
Food Grade
Cosmetic Grade
Feed Grade
Production Technology Outlook (Revenue, USD Billion; 2019-2032)
Algal Production
Fermentation
Extraction
Chemical Synthesis
Application Outlook (Revenue, USD Billion; 2019-2032)
Aquaculture & Animal feed
Dietary Supplements
Food & Beverages
Nutraceuticals
Cosmetics
Regional Outlook (Revenue, USD Billion; 2019–2032)
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Benelux
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of Middle East & Africa
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