Astaxanthin Market

Global Astaxanthin Market was valued at USD 3,187 million in 2020 and is forecast to register a CAGR of 6% over the forecast period (2021-2028), owing to the emerging need to improve the nutritional content in food, cosmetics, and feed products.

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Key Drivers and Emerging Trends

The increasing demand for nutraceuticals because of their antioxidant properties and growing demand for astaxanthin in the aquaculture & animal feed industry are the major factors propelling the astaxanthin market. With the rising number of health-conscious individuals, the demand for organic food coloring agents with lesser adverse effects, over other chemical products, is projected to strengthen the Astaxanthin Market Size.
Besides this, the ability of astaxanthin to preserve the color, taste, freshness, and quality of food items has augmented its demand as a food-additive in the food and beverage (F&B) industry, which is forecast to propel the market growth. Furthermore, the use of astaxanthin in skin care industries for skin tightening, decreasing fine lines and wrinkles and retaining moisture has propelled the market growth. The rising adoption of advanced technologies to expand the production of astaxanthin is expected to bolster the market growth. For instance, ALGAMO manufactures astaxanthin using photo-bioreactors and micro-modules to emphasize on decreasing water wastage & saving electricity. Several leading players have taken various initiatives to increase the awareness about astaxanthin which is forecast to offer enormous opportunities to the market. For example, Algatech Ltd. and Cyanotech Corp. merged together to form Natural Algae Astaxanthin Association (NAXA) with an intent to encourage awareness and educate consumers about the benefits of natural astaxanthin. However, the high extraction costs has increased the product price which might hinder the Astaxanthin Market Share.

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Source – Segment Analysis

Natural source is estimated to hold a larger share over the upcoming years, owing to their higher efficiency over the synthetic sources and huge availability. With the rising health concerns, consumers have shifted towards clean label and natural products, driving the segment’s growth. However, the growing use of synthetic astaxanthin in poultry, pet food, and aquaculture applications is projected to pave the way for synthetic astaxanthin over the forecast period

Application – Segment Analysis

Aquaculture and animal feed application is projected to grow at a higher CAGR over the forecast period, because of the growing adoption of astaxanthin in the aquaculture industry to improve the quality of seafood. The growing use of astaxanthin as a feed additive has persuaded the companies to develop the product with astaxanthin as animal feed having medical benefits, will propel the segment growth. For instance, AstaReal introduced Novasta, an astaxanthin ingredient for animal feed to promote eye health, muscle health, and weight management in animals.

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Regional – Segment Analysis:

North America is predicted to lead the astaxanthin market over the upcoming years, owing to the presence of a well-developed nutraceutical industry and increasing awareness about the applications of astaxanthin in food and feed. Additionally, the existence of leading manufacturers such as Cyanotech, Cardax, Inc. and BlueOceanNutraSciences and Beijing Ginko Group (BGG), has bolstered the regional expansion. For instance, in July 2019, Atacamo Bio Natural Products introduced NatAxtin biomass, oleoresin, and powder. Thus, this augment boosted the growth of this market.

Top Market Players 

Various notable players operating in the market, include, BASF SE, DSM, Cyanotech Corporation, Otsuka Holdings Co., Ltd., Divi’s Laboratories Limited., Valensa International, Beijing Gingko Group, Cardax, Inc., Piveg, Inc, Algae Health Sciences, among others.

Key Developments:

• • In 2021, Lycored decided to expand its astaxanthin products by introducing an oleoresin created from Haematococcus Pluvialis algae primarily designed for soft gels and a microencapsulated starch beadlet, cold water dispersible microencapsulated solution for beverages, and dry mixes in Branchburg, New Jersey.
  • In 2021, AstaReal AB (Nacka, Sweden) launched its natural astaxanthin to the European pet food and animal feed markets. The ingredient will come under the name Novasta and will produce antioxidant-rich products for a range of animals in Nacka, Sweden.
  • In 2020, DSM, acquired the Erber Group for an enterprise value of EUR 980 million in Heerlen, Netherlands.
  • In Dec 2020, BASF contracted a partnership with Adifo Software to launch a digital solution for the animal agriculture value chain by integrating sustainability analytics. This partnership will significantly help BASF advance in the feed formulation.
  • In March 2019, Algatech Ltd. contracted with For the Biome to launch a new product for topical applications. This partnership will help the company to offer a new product in the beauty and natural skincare segment.

Segments covered in the Report:

The global Astaxanthin Market has been segmented on the basis of Source, Application, Product, and regions. Based on Source, the market is segmented into Natural and Synthetic. Based on Application, the market is segmented into Nutraceuticals, Cosmetics, Aquaculture and AnimalFeed, Food and Others. Based on Product, the market is segmented into Dried Algae Meal or Biomass, Oil, Softgel, Liquid and Others.

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Key questions answered in this research report:

• • At what pace is global Astaxanthin Market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Astaxanthin Market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Astaxanthin Market?
  • Which Source generated maximum revenues in 2020 and identify the most promising Source during the forecast period?
  • What are the various application areas of the global Astaxanthin Market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Astaxanthin Market by Source

• • Natural
  • Synthetic

Global Astaxanthin Market by Application

• • Nutraceuticals
  • Cosmetics
  • Aquaculture and Animal Feed
  • Food
  • Others

Global Astaxanthin Market by Region

• • North America Astaxanthin Market (Option 1: As a part of the free 25% customization)
    • By Source
    • By Application
    • US Market All-Up
    • Canada Market All-Up
  • Europe Astaxanthin Market (Option 2: As a part of the free 25% customization)
    • By Source
    • By Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Astaxanthin Market (Option 3: As a part of the free 25% customization)
    • By Source
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Astaxanthin Market (Option 4: As a part of the free 25% customization)
    • By Source
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Market Name (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • BASF SE
  • DSM
  • Cyanotech Corporation
  • Otsuka Holdings Co., Ltd.
  • Divi’s Laboratories Limited.
  • Valensa International
  • Beijing Gingko Group
  • Cardax, Inc.
  • Piveg, Inc
  • Algae Health Sciences