2018-2024 Significant growth of Astaxanthin Market at a CAGR of 4.8 % | Key Company Profiled Astaxanthin Market Cardax, Inc., Divi's Nutraceuticals, Algaeon, Inc., Synthetic Genomics
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The product is highly used as a key ingredient by the various cosmetics manufacturers and spa owners in their therapies and products due to its anti-oxidant and skin-friendly properties. Moreover, astaxanthin has witnessed extensive usage in animal feed applications, especially in aquaculture over the past years. However, certain factors such as excessive manufacturing costs and product adulteration probability may hamper the market growth.
Consistent technological advancements in the natural astaxanthins manufacturing process lead to high quality yield with lesser wastage. Extraction, drying, and cultivation is widely adopted techniques preferred for optimal resource utilization. Microalgae cultivation has gained traction in the astaxanthin market. Highest preference towards this technology is credited to its advantages such as a considerable reduction in agricultural residue and prevention from microbial contamination. These advancements will induce immense potential to the industry size over the forecast timeline.
Astaxanthin market from a synthetic source will dominate the consumption with more than 55% share by 2024. High usage of animal feed applications due to its high suitability will primarily contribute towards the revenue generation. Its adoption in aquaculture for providing pigmentation to fishes and cost effectiveness will further support the industry dominance. Naturally sourced counterparts are likely to witness highest CAGR from 2018 to 2024 owing to shifting consumer preference towards sustainable and environmentally friendly products. This shifting preference can be attributed to the provision of the benefits such as better pigmentation in animal feed and various health benefits for human beings.
Dietary supplement is expected to grow rapidly, witnessing 4% CAGR from 2018 to 2024. Higher consumption of the natural astaxanthin as a key ingredient to provide certain health benefits will remain a key factor driving product demand. Easy product availability in most countries, coupled with the provision of various cardiovascular benefits will further add to the revenue generated. Moreover, dietary supplements with carotenoids lead to increased plasma concentrations, resulting in controlling of pain. These factors will further strengthen the product penetration in dietary supplements over the coming years.
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Majorly, the industry’s revenue is influenced by aquaculture applications. The fish farmers are increasingly using astaxanthin, to colour throughout, crustaceans, and salmon in artificial ponds. The consumers check the fish quality by pigmentation on them, that occurs due to astaxanthin consumption. This will further improve the product sales, instigating immense potential to the market expansion.
Prominent industry participants are
• Cardax, Inc.
• Archer Daniels Midland Company
• BGG (Beijing Gingko Group)
• Fuji Chemical Industries USA, Inc
• Divi's Nutraceuticals
• Algaeon, Inc.
• OTSUKA PHARMACEUTICAL COMPANY LIMITED
• Synthetic Genomics
• Cyanotech Corporation
• PIVEG, Inc.
• Innobio Limited
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