Feed Application Dominated the Astaxanthin Market Across the Globe

Astaxanthin is recognized as the most powerful antioxidant in nature, wherein according to a 2019 report by NCBI, astaxanthin has established its benefits as a vital nutrient for human consumption. Its unique structure helps it to scavenge free radicals and protect the body against oxidative damage. Therefore, it is called super antioxidant.

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How big is the global astaxanthin market?

The global astaxanthin market size is estimated to be valued at USD 647.1 million in 2021. It is projected to reach USD 965.8 million by 2026, recording a CAGR of 8.3% during the forecast period.

Apart from imparting antioxidant properties, astaxanthin is also beneficial to the eyes, heart, and skin, and has anti-cancer, anti-inflammatory, and anti-diabetic properties. Some of the key factors driving the growth of astaxanthin across the globe include beneficial effects on the healthcare sector, the growth of the end-user industries, and rising innovative technology developments for the extraction of astaxanthin.

Astaxanthin is majorly used in feed and intensifies the pigmentation of fish and crustaceans, which are reliant on astaxanthin intake, as they cannot synthesize the carotenoid them­selves. The increasing livestock population and the growing demand for meat and meat products and fish among consumers are expected to drive the market growth for astaxanthin in the feed segment.

Animal feed manufacturers tend to attain more output from animals, due to which various nutritious ingredients are used in animal feed. Using nutritional supplements that offer physiological and microbiological benefits in the digestive system of livestock & companion animals is becoming more prevalent in the modern feed and pet care industries.

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Key players in this market include Koninklijke DSM N.V. (the Netherlands), BASF SE (Germany), Cyanotech Corporation (US), Otsuka Holdings Co. Ltd. (Japan), Divi's Laboratories Ltd. (India), Valensa International (US), Fuji Chemical Industries Co. Ltd. (Japan), Beijing Gingko Group (China), Cardax, Inc. (Denmark), Piveg, Inc. (US). Some of the other players are Fenchem Biotek Ltd. (China), Algatech Ltd. (Israel), Supreme Biotechnologies (New Zealand), Igene Biotechnology Inc. (US), Algamo (Czech Republic), Biogenic Co., Ltd. (Japan), Astamaz NZ Ltd. (New Zealand), Algalif (Iceland), Algae to Omega (US), and Algae Health Sciences, Inc. (US).

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