Global Astaxanthin Market is anticipated to reach USD 2.57 billion by 2025. Astaxanthin is also known as “The king of the Carotenoids”. It is a member of the xanthophyll family of carotenoids. It is mainly found in marine animals and plants. In “Pacific sockeye salmon” the highest concentration of Astaxanthin is found. Algae, krill, lobster, crab, shrimp, and red trout also contain Astaxanthin. From Haematococcus Pluvialis (HP) commercial production astaxanthin is mainly obtained.
The factors that propel the growth of the Astaxanthin industry include customers fluctuating preferences toward nutraceutical & healthcare products, increasing demand for cosmetic products, increase in aged population, and shifting trend of consumers toward wholesome & healthy diets. On the other hand, there are factors that may hamper the growth of the market including lack of developed technology resulting in high production price, and lower raw material accessibility. The astaxanthin market is anticipated to grow at a significant CAGR of 18.9% in the upcoming period as the scope, product types, and its applications are increasing across the globe.
Forms of Astaxanthin Market
Astaxanthin industry may be explored by form, application, source, method of production, and geography. The market may be explored by Form as Liquid, and Dry. The key applications that could be explored in the market include Cosmetics, Feed, Food, and Supplement. The “Animal Feed” segment led the market in 2016 and is anticipated to maintain its dominance by 2025 owing to its widespread use as a constituent in feed, particularly aquafeed, increasing demand, and increasing government support.
The market could be explored based on source as Yeast & Microbes, Plants, Petroleum, and Marine. The “Petroleum” segment led the Astaxanthin Market in 2016 and is anticipated to maintain its dominance by 2025 owing to lesser cost of astaxanthin derived from petroleum as compared to the natural sources such as microbes and plants
Astaxanthin industry may be analyzed by Method Of Production as Chemical synthesis, Microalgae cultivation, Extraction, and Fermentation. The “Microalgae Cultivation” segment led the market in 2016 and is anticipated to maintain its dominance by 2025 due to approval on food protection for human consumption, and high concentration of astaxanthin found in microalgae.
Some of the key players that fuel the growth of the Astaxanthin industry comprise BASF SE, BGG (Beijing Ginko Group), Algatechnologies Ltd., Parry Nutraceuticals, IGENE, Supreme Biotechnologies NZ Ltd, Cyanotech Corporation, DSM NV, FenchemBiotek Ltd, Yunnan Alphy Biotech Co., LTD., and others. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.