Astaxanthin Market Trends, Growth Analysis 2019 by Key Players BASF, BGG, INNOBIO Ltd., Cardax, Nippon Oil & Energy Corporation, and Fuji Chemical
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.
• Nippon Oil & Energy Corporation
• Fuji Chemical
• Mera Pharmaceuticals
• Divis Nutraceuticals
• Otsuka Pharmaceutical Co. Ltd.
• Contract Biotics
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.
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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.
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.
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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.
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. Divis Nutraceuticals, Contract Biotics, Otsuka Pharmaceutical Co. Ltd., Algatech, and Mera Pharmaceuticals are among other notable players.
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