ID: MRFR/F-B & N/3406-CR | December 2020 | Region: Global | 130 pages
Global Astaxanthin Market is expected to register a CAGR of 7.7% to reach USD 1,206.52 Million by 2026. Astaxanthin is a keto carotenoid pigment that occurs in microalgae, yeast, trout, shrimp, and other sea creatures. It is commonly found in salmon fish which gives it a pinkish color. It is used in various application industries such as food and beverages, animal feed, pharmaceuticals, nutraceuticals, and personal care, majorly as an antioxidant and food colorant.
Astaxanthin finds applications in several industries, including food and beverages, animal feed, and pharmaceuticals and nutraceuticals. As the demand for functional foods and beverages increases with the rising health-conscious population, the demand for astaxanthin is experiencing a surge in recent times. Also, the application of astaxanthin is of high importance and is increasing in the animal feed industry with the growth of the global animal feed industry. Moreover, the increasing awareness and growing focus on preventive healthcare products are boosting the demand for astaxanthin.
The global pandemic, COVID-19, has created a crisis world over. Impacting over 195 countries, the pandemic has already created an economic backdrop worldwide and is likely to create a chaotic environment, resulting in the advent of global rescission. The COVID-19 outbreak has completely turned the lives of people across the globe, with the number of cases rising rapidly every day. Its impact across industries is different. Amid the constant fear and panic of the pandemic, consumers are highly concerned about keeping a check on their health. In the current scenario, it has become important to boost immunity to fight coronavirus along with maintaining hygiene and following all medical advisories that have been laid down. This has increased the intake of functional foods and supplements among the population and is expected to boost the growth of the astaxanthin market in the coming years.
Global Astaxanthin Market is expected to register a notable growth rate during the forecast period. The wide application range of astaxanthin, both natural and synthetic, is amongst the major factor driving the growth of the global market. The growth of the aquaculture industry is yet another determinant boosting the sale of astaxanthin in the animal feed industry. Surging demand for natural astaxanthin is expected to create profitable growth opportunities for the vendors active in the global astaxanthin market. However, the high cost of the production of astaxanthin from different natural sources is hindering the growth of the global market.
Global Astaxanthin Market Revenue, By Application, 2026 (USD Million)
Sources: MRFR Analysis
The animal feed segment accounted for the major share in 2019 and is expected to expand at a substantial CAGR and reach USD 718.5 million by the end of 2026. Astaxanthin has been traditionally used as an animal feed additive, mainly in the aquaculture industry. In the aquaculture industry, astaxanthin is commonly used as an additive in formulated aquafeed to promote and improve the coloration of muscle for salmon and shrimps. However, the food & beverages segment is projected to exhibit the highest CAGR during the forecast period.
Global Astaxanthin Market Share, By Region, 2019 (%)
Sources: MRFR Analysis
Asia-Pacific accounted for the largest market share of 32.39% of the global astaxanthin market in 2019. The growth of the astaxanthin market in Asia-Pacific can be attributed to the increasing production and consumption of nutraceuticals and the huge market of animal feed in the region. Europe is an attractive region for the manufacturers of astaxanthin. One of the significant factors is the increasing consumption of functional beverages or nutraceuticals, which is exceptionally high in European countries. North America also accounted for a significant share of the astaxanthin market in 2019. In the North America astaxanthin market, the US is estimated to retain its dominance during the forecast period.
The Prominent Players operating in the Global Astaxanthin Market include Cardax, Inc. (US), BASF SE (Germany, Alga Technologies (Israel), Archer-Daniels-Midland Company (US), Koninklijke DSM N.V. (Netherlands), Cyanotech Corporation (US), Beijing Gingko Group (China), Fuji Chemical Industries Co., Ltd (Japan), Fenchem (China), and Otsuka Holdings Co., Ltd (Japan).
The players are focused on investing in research and development and adopting strategic growth initiatives such as expansions, product launches, agreements, partnerships, acquisitions, and mergers to strengthen their market position and capture a large customer base.
Global Astaxanthin Market, By Source
Global Astaxanthin Market, By Form
Global Astaxanthin Market, By Application
Global Astaxanthin Market, By Region
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