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Astaxanthin Market Size is estimated to grow at a CAGR of 7.2 % During Forecast Period 2019 to 2024: Alga Technologies, BASF SE, Cyanotech Corporation, Koninklijke DSM N.V, Fuji Chemical Industries Co., Ltd, JXTG Nippon Oil & Energy Corporation
Astaxanthin Market
Global Astaxanthin Market is projected to grow with a significant growth rate of 7.2% from 2019 to 2024 and reach a market value of USD 120 million by the end of 2024. High demand due to the antioxidant properties of astaxanthin and increasing applications in the aquaculture industries are key factors affirming the growth of this market. Astaxanthin is a naturally occurring pigment. It is a reddish color pigment belongs to a family of carotenoid pigments. It has various significant properties such as excellent UV resistance, antioxidant, anti-aging, and reliable nature. It is used to provide the flexibility, comfort, and biocompatibility nature to the product.
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The Global Astaxanthin Market has been driven by its growing usage in the production of feed, supplements, food, health care products, and others. Moreover, it is estimated that the personal care product segment is set to witness the highest growth in the market due to increasing consumption of carotenoid pigments in different products such as anti-aging cream, lotions, perfumes, and others.
Astaxanthin Market Competitive Analysis
Some of the major players functioning in the Global Astaxanthin Market are Alga Technologies (Israel), BASF SE (Germany), Cyanotech Corporation (US), Koninklijke DSM N.V. (Netherlands), Fuji Chemical Industries Co., Ltd. (Japan), JXTG Nippon Oil & Energy Corporation (Japan), Heliae Development, LLC (US), Otsuka Pharmaceutical Co., Ltd. (Japan), Fenchem Biotech Ltd. (China), Parry Nutraceuticals (India), Piveg, Inc. (US), Divi's Laboratories Ltd. (India), Archer Daniels Midland Co. (US), Cardax, Inc. (US) and, Mera Pharmaceuticals Inc. (US)
Astaxanthin Market Segmentation
The Global Astaxanthin Market is segregated into source, form, process, and end-use.
Based on the source, the market is further categorized into natural and chemical. The most widely used source in the market is natural segment due to its growing consumption in feed, food, agriculture, and others. It is predicted that the chemical source segment may witness slow growth due to growing substitution of synthetic products by natural materials over the forecast period.
Based on form, the market is sub-divided into dry and liquid astaxanthin. The growing use of dry pigments as a feed and fodder is projected to drive the market in the coming years. The liquid pigment is likely to grow at a higher CAGR on account of its increasing use in the personal care and cosmetics products.
Based on Process, the market is segmented into biological and chemical. Between these, the biological segment is anticipated to observe a rapid growth due to its ant-toxic, reliable nature over chemical products.
The application is classified into feed, supplements, food, health care products, and others. Among these, the health care products segment is expected to observe a higher growth due to its increasing use in fairness products.
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Astaxanthin Market Regional Analysis
The Global Astaxanthin Market is spanned across five key regions of the world namely Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, North America holds a major portion of the global market and is anticipated to continue its dominance due to rising demand for astaxanthin in various applications. The U.S., Canada, and Mexico are the major players in this region. The Asia Pacific region is estimated to witness a higher growth due to fast growing countries such as China, Japan, and India owing to growing demand for carotenoid pigments in feed, food, and health care products. A rapid development is observed in the European region owing to the extensive use of pigments in the healthcare, supplements, and bio-tech industries. Moreover, it is projected that the feed and food segments are set to grow at a rapid rate in the market due to anti-toxic and comfort abilities offered by the product. Due to these factors, Germany, the U.K. and Italy are the major contributors to the Astaxanthin Market in Europe. The Middle East & Africa, and Latin America regions are estimated to observe a significant growth due to growing technological advancement in heavy end industries.
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