Future Growth of Astaxanthin Market Size Global Analysis by Key Players - INNOBIO Ltd., Fuji Chemical Company, Cardax, BGG, Nippon Oil & Energy Corporation, and BASF

The ‘Astaxanthin market’ study composed by Market Study Report, LLC, exhibits a comprehensive analysis of the growth trends present in the global business scenario. The study further presents conclusive data referring to the commercialization aspects, industry size and profit estimation of the market. The study also illustrates the competitive standing of leading manufacturers in the projection timeline whilst incorporating their diverse portfolio and regional expansion endeavors.

Flourishing cosmetics industry along with rising consumer awareness regarding the nutritional benefits of astaxanthin will primarily drive the industry growth over the forecast timeline. Proliferating demand for cosmetics used by geriatric population such as anti-ageing creams and few other supplements will further escalate the revenue generation. The product offers numerous advantages to the consumers including improved brain health and vision, resulting in enhanced sales, strengthening the astaxanthin market penetration.

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INNOBIO Ltd., Fuji Chemical Company, Cardax, BGG, Nippon Oil & Energy Corporation, and BASF are among the noticeable players in astaxanthin market. Competitors are putting efforts on expanding their business to enhance their customer base. For instance, in March 2016, BGG made an announcement of creation of its subsidiary, Algae Life Sciences, for its production for obtaining an organic product certification. Divis Nutraceuticals, Contract Biotics, Otsuka Pharmaceutical Co. Ltd., Algatech, and Mera Pharmaceuticals are among other notable players.

The global astaxanthin market is slated to garner substantial revenue in the ensuing years, essentially on account of the burgeoning product usage across aquaculture applications in tandem with the massive demand for anti-aging products.

Astaxanthin is extensively used in the aquaculture sector by fish farmers to enhance the color and appearance of their produce. According to experts, the addition of astaxanthin in fish feed increases pink flesh pigmentation, thereby escalating the appearance as well as the selling price of the fish. The growing fish production across the globe will thus further augment the industry’s revenue growth.

Extensive usage as a prominent ingredient by several spa owners and manufacturers of cosmetic products in their therapies owing to their excellent skin-friendly and anti-oxidant properties will positively impact the astaxanthin market. Moreover, high adoption of the product in animal feed, particularly in aquafeed applications over the past few years has further accelerated its demand. However, probability of product adulteration and high production costs are likely to hinder the astaxanthin market growth over the coming years.

Regular innovations in production process of the natural variants of the product result in reduced wastage and high-quality yield. Drying, cultivation, and extraction are among few highly adopted techniques that are preferred for optimal utilization of resources. Microalgae cultivation is a prominent technique that has gained traction in the astaxanthin market. High adoption of this technology is attributed to provision of the benefits such as prevention from microbial contamination and significant reduction in agricultural residue.

Astaxanthin market from animal feed accounted for highest share of over 40% in 2017 and is expected to continue the same over the next seven years. Extensive usage of the product as a prominent ingredient in the applications including livestock and aquaculture will contribute to the revenue generation. Various government initiatives for promotion of aquaculture is likely to further strengthen the astaxanthin market penetration. Dietary supplements will witness over 4% CAGR owing to proliferating demand for naturally sourced products. Moreover, easy availability along with cost-effectiveness will further drive the segment?s growth till 2024. Rapid pain relieving, and cardiovascular benefits are other factors positively impacting the industry.

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For instance, Khmer reported its fish production to have risen to 910,153 tons in 2018 that marked a 6.2 percent year-on-year increase in the region’s aquaculture sector. Likewise, statistics from the Rwandan Agricultural Board claim that Rwanda’s annual fish production surged significantly in recent years, from 26,500 tons in 2016-2017 to 31,460 tons in 2017-2018. With that being said, it is further anticipated that these numbers would more than triple to reach the mark of 112,000 tons by the year 2024. In a nutshell, the fast-paced growth of the fish farming industry, will surge product demand and bolster astaxanthin market growth in the future.

Furthermore, astaxanthin’s anti-inflammatory properties, owing to the presence of antioxidants, have exhibited evident advantages in treating lifestyle-related diseases. It also offers instrumental anti-aging effects against wrinkles, age spots, and degradation of elasticity which will further drive product demand, majorly propelled by surging global aging population. According to the United Nations, the number of elderly individuals aged 60 or more is expected to more than double to 2.1 billion by the year 2050, and is estimated to triple by 3.1 billion in 2100. In view of the above statistics, it is rather overt that the geriatric population is scheduled to grow at a rapid pace, thereby increasing the demand for anti-aging products and augmenting the astaxanthin market size.

Synthetic source will showcase dominance in the astaxanthin market with more than 55% volume share by 2024. It is highly suitable for animal feed applications, primarily contributing towards the revenue generation. Its cost-effectiveness and high implementation in aquaculture to provide pigmentation to fishes will further strengthen the product penetration. Astaxanthin market from natural source is anticipated to grow rapidly from 2018 to 2024 owing to high consumer preference towards environmentally friendly and sustainable products. Moreover, the product offers various advantages such as health benefits for human beings as well as enhanced pigmentation in animal feed applications.

Astaxanthin market from Asia Pacific dominated the overall demand, crossing 150 tons consumption by 2024. The region witnesses high population with nutritional deficiency, that results in strong product demand. Presence of established industry participants such as BGG in the region will further contribute towards the revenue generation. North America will witness approximately 3.5% CAGR from 2018 to 2024, essentially due to rising awareness about the benefits of its consumption in multiple application. Presence of various organizations such as Natural Algae Astaxanthin Association to promote its usage will further support the regional growth.

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