Astaxanthin Market Research Report - Global Forecast till 2027

Astaxanthin Market: Information By Source (Synthetic and Natural [Marine, Yeast & Microbes, Plants]), Form (Dry and Liquid), Application (Food and Beverages [Bakery & Confectionery, Beverages, Dairy and Frozen Desserts, Others], Pharmaceutical and Nutraceuticals, Animal Feed, Personal Care and Others) and Region (North America, Europe, Asia-Pacific and Rest of the World) - Forecast till 2027

ID: MRFR/F-B & N/3406-CR | February 2021 | Region: Global | 130 pages         

Astaxanthin Market

The astaxanthin market is registered to account for a CAGR of 7.7% during the review timeframe. Further, the global market is predicted to reach USD 1,206.52 Million by the end of 2026

Segmentation

By Source Synthetic Natural
By Form Dry Liquid
By Application Food and Beverages Pharmaceutical and Nutraceuticals Animal Feed Personal Care Others
By Region North America Europe Asia-Pacific

Key Players

  • BASF SE (Germany)
  • Archer-Daniels-Midland Company (US)
  • Cyanotech Corporation (US)
  • Cardax Inc. (US)
  • Alga Technologies (Israel)
  • Otsuka Holdings Co. Ltd (Japan)
  • Koninklijke DSM N.V. (Netherlands)
  • Beijing Gingko Group (China)
  • Fenchem (China)
  • Fuji Chemical Industries Co. Ltd (Japan).

Drivers

  • Due to the broad application range including both synthetic and natural
  • Increasing astaxanthin sales in the animal feed industry
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Astaxanthin Market Overview


The astaxanthin market is registered to account for a CAGR of 7.7% during the review timeframe. Further, the global market is predicted to reach USD 1,206.52 Million by the end of 2026. Generally, astaxanthin is known as a keto carotenoid pigment, which takes place in yeast, shrimp, trout, microalgae, and other sea creatures. This keto carotenoid pigment is frequently present in salmon fish that occurs in pink color. Astaxanthin is widely used as a food colorant and an antioxidant in different application industries like animal feed, food, and beverages, personal care, pharmaceuticals, and nutraceuticals.


In the aquaculture industry, astaxanthin has high demands because it is widely used as an animal feed additive and additive in formulated aquafeed to enhance and promote the coloration of muscle for shrimps and salmon. In addition, the food & beverages application is projected to register the highest CAGR in the review timeframe. Recently, it has been found that the demand for astaxanthin is increasing day by day due to the increasing functional foods and beverages demand with the growing health-conscious population across various parts of the globe. Moreover, the animal feed industry is giving more preferences to the astaxanthin application due to the global animal feed industry growth in the recent period of time. In addition, the demand for astaxanthin is growing due to the increasing focus on preventive healthcare products and growing awareness among the populations. Hence, the increasing application of astaxanthin is fueling the Astaxanthin Market Growth in the forecast period.


According to Market Analysis, the astaxanthin is directly supported by the governments for aquaculture, approved by international food and feed regulation bodies like the US Food and Drug Administration, Canadian Food Inspection, and European Food Safety Agency. Hence, the astaxanthin demands are increasing as a pigment coloring medium for aquafeed. In addition, the continuous support of the intended audiences like beverage manufacturers, astaxanthin manufacturers, processed food manufacturers, bakery manufacturers, animal feed manufacturers, pharmaceutical and nutraceuticals manufacturers, raw material suppliers, personal care products manufacturers, investors and trade experts, Governments, associations, and industrial bodies, and traders, wholesalers, and distributors are fueling the astaxanthin market.


COVID-19 Impact Analysis


The coronavirus outbreak has impacted many countries and created an economic backdrop across over 195 countries. The global pandemic has generated a chaotic environment at this period, which resulted in the advent of global rescission. During this pandemic period, many marketing industries have experienced a huge loss. The arrival of the global pandemic has generated panic and fear situations where more consumers became more health-conscious and kept checking their health conditions.


Therefore, people are widely looking to boost their immunity to maintain hygiene along with fighting coronavirus. As a result, people are highly taking functional foods and supplements, which is projected to enhance the Astaxanthin Market Growth in the future period. Additionally, the global market involves more key players and manufacturers to boost its market growth and value on a large scale.


Market Overview



  • Major Drivers of the Market


The astaxanthin market is driving the market growth due to the broad application range of astaxanthin, including both synthetic and natural. Another major factor driving the global market growth and increasing astaxanthin sales in the animal feed industry is the growth of the aquaculture industry across various parts of the world. Moreover, the increasing focus on preventive healthcare products is fueling the demands of the astaxanthin as well as the Market.


Recently, the US Food and Drug Administration (FDA) has followed a successful petition by Cyanotech and issued permission for the use of astaxanthin on daily serve that has increased from 7.8 mg to 12 mg. These kinds of initiatives are thriving the demands of the Astaxanthin Market in the upcoming years.



  • Opportunities of the global market


The astaxanthin market is projected to generate profitable growth opportunities for the present vendors and manufacturers due to the increasing demand for natural astaxanthin in various regions of the world.


In addition, the increasing research and development and the new product launches among the market giants are bringing more opportunities for the market Trends in the forecast timeframe.



  • Market Restraints


The market might get hampered the market growth due to the high cost of astaxanthin production from various natural sources.


Another factor that is hindering the Market Size is the rigorous regulations and guidelines regarding the product usages by the populations.



  • Market Growth challenges


The astaxanthin market might experience challenges due to the safety of the intake quantity on a per serve basis.


Another major challenge for the market is the stringent government regulations in various developed countries.



  • Cumulative growth Analysis


The astaxanthin market is accounted to generate a notable growth rate in the assessment period.


According to the Market Forecast report, the North American region is predicted to generate a significant share in 2019. Further, the US region is projected to retain its dominance in the research timeframe.


Market Segment Overview



  • By Source:


On the basis of source segment, the market has been classified into Natural, Synthetic, Yeast & Microbes, Plants, and Marine.


Among all, the natural source segment is predicted to generate the larger Astaxanthin Market Size in the research period.



  • By Form:


Based on the form segment, the market has been categorized into two, as Liquid and Dry.


Among these two, the liquid segment is projected to create the higher Astaxanthin Market Revenue in the forecast period. This liquid segment is highly used for manufacturing beadlets, oil extracts, and soft gels.



  • By Application:


In terms of application segment, the market has been segregated into different applications such as Food & Beverages (Bakery & Confectionery, Dairy and Frozen Desserts, Beverages, Others), Pharmaceutical and Nutraceuticals, Personal Care, Animal Feed, and others.


In 2019, the animal feed segment was predicted to account for the major Market Share. Further, this segment is projected to grow at a substantial CAGR, and it is aimed to meet USD 718.5 million during the forecast period of 2026.


Regional Analysis


As per the Astaxanthin Market Trends, the global market has a huge customer base in various regional parts such as North America, Europe, Asia Pacific, and the rest of the world.


In 2019, the Asia-Pacific region dominated the global market by generating the largest Market Share of 32.39%. This regional market has witnessed high growth due to the presence of a large animal feed market in the region and the growing production and consumption of nutraceuticals. According to the Market Forecast report, the European region is growing significantly due to the high consumption of nutraceuticals or functional beverages and growing manufacturers of astaxanthin in the region.


Competitive Landscape Analysis


According to Astaxanthin Market Analysis, the global market is fueling its market value with the continuous support and innovations of the market giants. These market giants of the Market include:



  • BASF SE (Germany),

  • Archer-Daniels-Midland Company (US),

  • Cyanotech Corporation (US),

  • Cardax, Inc. (US),

  • Alga Technologies (Israel),

  • Otsuka Holdings Co., Ltd (Japan),

  • Koninklijke DSM N.V. (Netherlands),

  • Beijing Gingko Group (China),

  • Fenchem (China),

  • Fuji Chemical Industries Co., Ltd (Japan).


These market giants emphasize adopting the new strategies of growth initiatives like partnerships, product launches, acquisitions, mergers, expansions, and agreements to acquire a larger audience or customer base. Moreover, these market players are investing more in research and development to develop their stable position in the global market.


Recent Developments



  • In December 2020, Adifo Software and BASF signed a contract to develop a digital solution by integrating sustainability analytics for animal agriculture. Infeed formulation, BASF has received significant help in advance.

  • In October 2020, Erber Group’s Biomin and Koninklijke DSM N.V. did a partnership to reduce emissions, better use of water and land, and improve feed consumption efficiency.


Report Overview


The Astaxanthin Market Outlook report explains that the current market scenario is stable and predicted to grow on a large scale in the upcoming years. Thus, the report has involved both qualitative and qualitative analysis in measuring the performance of the Market. For the collection of the data, this report has included both primary and secondary research methods.


Along with this, the Market Outlook report has covered the market segments, market dynamics, overview, regional analysis, recent developments, competitive analysis, and covid-19 analysis to understand the current situation of the global market. In addition, this report has also discussed the Market giant’s strategies to enhance the market performance in the future.


Segment Table:


By Source



  • Natural

  • Synthetic

  • Yeast & Microbes

  • Plants

  • Marine


By Form



  • Liquid

  • Dry


By Application



  • Food & Beverages (Bakery & Confectionery, Dairy and Frozen Desserts, Beverages, Others)

  • Pharmaceutical and Nutraceuticals

  • Personal Care

  • Animal Feed

  • Others



Report Scope:
Report Attribute/Metric Details
  Market Size   USD 1,206.52 Million (2026)
  CAGR   7.7% (2019-2026)
  Base Year   2019
  Forecast Period   2027
  Historical Data   2018
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Source, Form, Application
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   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).
  Key Market Opportunities   New product launches and R&D Amongst major key Players
  Key Market Drivers   Growing Focus on Preventive Healthcare Products


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