Global Astaxanthin Market to Cross USD 900 Million By 2026

Findings from Facts and Factors report "Astaxanthin Market By Form (Liquid and Dry), By Source [Petroleum (Synthetic) and Natural Source], By Method of Production (Fermentation, Chemical Synthesis, Microalgae Cultivation, and Extraction), By Application (Food, Feed, Cosmetics, and Supplements), And By Region: Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020-2026" states that the global astaxanthin market in 2019 was approximately USD 650 Million. The market is expected to grow at a CAGR of over 4% and is anticipated to reach close to USD 900 Million by 2026.

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Astaxanthin is a ared-colored keto-carotenoid present in some algal species and marine animals like lobster, salmon, and shrimp. The pigment has a considerable number of health benefits, especially cardiac health, owing to its nutritional value. Moreover, the pigment finds its wide application in the food & beverage industry owing to is readily available in its natural form as seafood and relatively high antioxidant properties. The aforementioned characteristics of the pigment are fueling its demand, thereby escalating the global astaxanthin market. Astaxanthin has a wide range of applications in the cosmetics industry. The pigment is considered as strong antioxidant properties. Hence, it used in multiple sunscreen products. It helps in reducing skin spots & wrinkles, enhancing the skin elasticity, and healing damaged skin.

However, the global astaxanthin market is likely to be dwindling due to the high production cost and complex extraction process of the pigment. In addition, stringent guiding principles regarding the restricted product level used in food products is also impeding the growth of the global astaxanthin market.

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Synthetic source for astaxanthin production dominates the global market

Source-wise, the global astaxanthin market is bifurcated into natural and synthetic. Of which, synthetic materials-based astaxanthin is primarily incorporated in animal feed. Synthetic astaxanthin production involves complex extraction processes. The pigment-loaded feed enhances the coloration of fishes and other sea animals. The concentration of pigment in natural sources is around five times less compared to synthetic sources. Therefore, several nations have permitted usage of synthetic astaxanthin. Salmon species are incapable of synthesizing astaxanthin, for which the pigment has to be added in their feed to meet the nutritional requirement.

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Some of the key players driving the global astaxanthin market are nanotech Corporation, Fuji Chemical Industries Co. Ltd., Igene Biotechnology Inc., Supreme Biotechnologies, Otsuka Pharmaceutical Co. Ltd., Algatechnologies, Beijing Ginko Group, Koninklijke DSM N.V., Valensa International, BASF SE, and Divis Laboratories Ltd.

This report segments the global astaxanthin market as follows:

Global Astaxanthin Market: Form Segmentation Analysis

Liquid
Dry

Global Astaxanthin Market: Source Segmentation Analysis

Petroleum (Synthetic)
Natural Source
Yeast & Microbes
Plants
Marine

Global Astaxanthin Market: Method Of Production Segmentation Analysis

Fermentation
Chemical Synthesis
Microalgae Cultivation
Extraction

Global Astaxanthin Market: By Application Segmentation Analysis

Food
Feed
Cosmetics
Supplements

Global Astaxanthin Market: Regional Segmentation Analysis

North America
The U.S.
Canada
Europe
Germany
The UK
France
Spain
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa

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