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Astaxanthin Market on an Upward Trajectory: Estimated CAGR of 10.2%, Expected Revenue of US$ 2001.5 Million by 2032
Astaxanthin
The key objective of the TMR report is to offer a complete assessment of the global market including major leading stakeholders of the Astaxanthin industry. The current and historical status of the market together with forecasted market size and trends are demonstrated in the assessment in simple manner. In addition, the report delivers data on the volume, share, revenue, production, and sales in the market.
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As per studies conducted and research carried out on astaxanthin, it is potentially safe for use with very less side effects on human body and animals when consumed in any form such as tablets, soft gel, capsules, liquid, and powder The amount of astaxanthin found in whole food sources is generally safe and can be consumed with minimal risk of side effects. Potential side effects that may occur with supplementation include hormone changes, increased skin pigmentation, hair growth, and altered levels of calcium. In supplement form, however, it has been associated with some mild adverse symptoms as mentioned above.
Various clinical trials are performed to check the side effects of astaxanthin on its end users and if its consumption affects the applicant adversely, but as of now, no such adverse side effect of the product is found. Thus, astaxanthin is possibly safe when taken orally as a supplement. As a result of this, the demand for astaxanthin is increasing in the market.
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Innovation is Key for Market Players to Gain Competitive Advantage
The manufacturers of astaxanthin-based products can benefit from increasing the frequency of product launches, so that they can easily connect with the consumers and fulfil the growing demand for astaxanthin products. Conventionally, astaxanthin is available in powder and liquid format; however, new market players can formulate diverse astaxanthin formats and incorporate them into various products such as food and nutraceuticals to attract a larger consumer base.
For instance, in September 2019, Atacama Bio Natural Products, headquartered in Chile, one of the astaxanthin-based product manufacturers has launched NatAxtinTM and is sourced from microalgae
The list of key players operating in the Astaxanthin market includes following names:
Archer Daniels Midland Company,Atacama Bio Natural Products S.A.,Beijing Gingko Group,Biogenic Co., Ltd.,BASF SE,Cardax Inc.,Cyanotech Corporation,Divi's Laboratories Ltd.,Fuji Chemical Industries Co., Ltd.,Fenchem,INNOBIO Limited,Koninklijke DSM N.V.,Otsuka Pharmaceutical Co., Ltd.,Valensa International,Piveg Inc.
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Government and Related Bodies lends Support to Production of Astaxanthin
Various government institutions and related regulatory bodies such as FDA and EU supports the production and delivery of astaxanthin in different applications, which include food & beverages, cosmetics, healthcare, aqua-feed. Astaxanthin is mainly used for coloration in salmons and other food products. Growing prevalence of astaxanthin is used in the healing process of obesity, male infertility, heart related diseases, diabetes, and other related diseases. Consumers are shifting toward nutrient-rich cosmetics. Astaxanthin with its anti-aging properties is used in the cosmetic industry to treat wrinkles in women. Therefore, the demand for astaxanthin is expected to rise in the cosmetic industry. The United States Food and Drug Administration approved astaxanthin as an additive for fish feed only as a component of a stabilized color additive mixture. The manufacturers of astaxanthin in developing countries have focused on increasing their production capabilities by incorporating technologies and researching sources of astaxanthin.
Global Astaxanthin Market: Segmentation
Astaxanthin Market by Source
Natural
Crustaceans
Crabs & Lobsters
Shrimps
Prawns & Crawfish
Others
Microalgae
Haematococcus P.
Chlorococcum
Chlorella Zofingiensis
Yeast/Fungi
Schizochytrium Genus
Synthetic
Astaxanthin Market by Grade
Cosmetic Grade
Feed Grade
Food Grade
Astaxanthin Market by Application
Aquaculture & Animal Feed
Pharmaceuticals
Dietary Supplements
Food & Beverages
Cosmetics
Astaxanthin Market by Form
Powder
Liquid
Astaxanthin Market by Production Technology
Chemical Synthesis
Bacterial Fermentation
Astaxanthin Market by Region
North America
U.S.
Canada
Latin America
Brazil
Mexico
Argentina
Rest of Latin America
Europe
Germany
Italy
France
U.K.
Spain
BENELUX
Russia
Poland
Rest of Europe
East Asia
China
Japan
South Korea
South Asia
India
Thailand
Malaysia
Singapore
Philippines
Mongolia
Rest of South Asia
Oceania
Australia
New Zealand
Middle East & Africa
GCC Countries
UAE
Northern Africa
South Africa
Central Africa
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