Astaxanthin Market is Projected to Reach USD 800 Million Globally with Impressive CAGR by 2024 | leading Key Cardax, Inc., Algaeon, Inc., Synthetic Genomics, Divi's Nutraceuticals

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.

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Astaxanthin Market is estimated to surpass USD 800 million by 2024. Substantial growth in the cosmetics industry coupled with rising awareness about the health benefits of the product will primarily drive astaxanthin growth over the forecast timeframe. Increasing demand for anti-ageing creams and other supplements pertaining to geriatric population across the globe will further escalate product penetration. Provision of various benefits such as improved vision and brain health has resulted in improved product sales thus, propelling the astaxanthin market growth.

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.

An insight into the latest developments underlining astaxanthin market

• Two of the leading behemoths in astaxanthin market, American firm Solix Algredients and Chinese company BGG have recently collaborated to form a new Colorado based ingredient supplier. BGG though boasts of a portfolio of a variety of botanical ingredients, has garnered maximum acclamation for its algae production facility in Yunnan Province. For the record, the astaxanthin market player has recently joined NAXA (Natural Algae Astaxanthin Association). The new unit which is a collaboration of BGG, Algae Health Sciences, and Solix Algredients is reported to build a production scale supercritical fluid CO2 extraction unit in Colorado to extract natural astaxanthin along with other products. The merger is deemed to strengthen the stance of both the players in the evolving astaxanthin industry, given the collaboration of their marketing as well as technical expertise.

• Another potential contender in astaxanthin market, Nutrex Hawaii, Inc. has recently made to the front page with the news of its breakthrough products, MD Formulas™ and BioAstin® Hawaiian Astaxanthin®, to have received IGEN (The International GMO Evaluation and Notification Program™) verification. Allegedly, BioAstin Hawaiian Astaxanthin is a significant anti-oxidant supplement that is basically derived from natural micro-algae, grown across the Big Island of Hawaii. BioAstin has also received a green signal from GIG (Gluten Intolerance Group) for its gluten free nature and has been also verified as natural astaxanthin by NAXA.

• In what may be touted as an attempt in sync with global sustainability march, Iceland based astaxanthin industry firm, Algalif recently made an official declaration of emphasizing more on sustainable growth and research-based algae cultivation. At 2017’s SupplySide West trade show, the company’s unwavering commitment toward high-quality astaxanthin production via environmentally viable practices was rather evident. The move comes on the heels of Iceland’s renowned portfolio in the sustainability matrix – the region being a rich natural resources spot along with having the largest supply of fresh water and clean air. This would lead to the astaxanthin produced remain free from heavy metals and other contaminants or bioburdens.

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Prominent participants of Astaxanthin Market are Cardax, Inc., Archer Daniels Midland Company, BASF, BGG (Beijing Gingko Group), Fuji Chemical Industries USA, Inc, Divi's Nutraceuticals, Algaeon, Inc., Algatechnologies, OTSUKA PHARMACEUTICAL COMPANY LIMITED, Synthetic Genomics, Cyanotech Corporation, PIVEG, Inc., Innobio Limited.

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