Redding, California, Jan. 09, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Astaxanthin Market by Source (Natural, Synthetic), Form (Dry, Liquid), Method of Production (Chemical Synthesis, Fermentation, Extraction), Application (Food & Beverages, Pharmaceuticals, Nutraceuticals, Animal Feed) — Forecasts to 2030,’ the astaxanthin market is projected to reach $1.34 billion by 2030, at a CAGR of 8.2% from 2023 to 2030.
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Astaxanthin is a reddish pigment that belongs to the carotenoids family of chemicals. It is found naturally in some algae and causes the pink or red color in salmon, trout, lobster, shrimp and other seafood. Astaxanthin is also available in the form of antioxidants. It is widely used to treat diseases such as heart disease, strokes, Parkinson’s disease, and liver malfunctions, among others. Additionally, astaxanthin can protect the skin against sunburn and reduce wrinkles. Such widespread applications are boosting the growth of the astaxanthin market.
The major factors driving the astaxanthin market include the growing awareness about the benefits of natural food colors and clean-label products and the increasing demand for natural cosmetics products and dietary supplements.
Furthermore, emerging economies in Asia-Pacific, Latin America, and the Middle East & Africa and government initiatives to support aquaculture are expected to provide significant opportunities for the growth of this market. However, the stringent regulatory and approval norms and the high cost of natural astaxanthin hinder the growth of this market to a notable extent.
The astaxanthin market is segmented by source, form, method of production, application, and geography.
The Impact of COVID-19 on the Astaxanthin Market
The COVID-19 outbreak created a severe public health emergency globally, with its quick spread in more than 150 countries. Numerous countries worldwide declared emergencies and announced complete nationwide, statewide, or citywide lockdowns to combat & control the spread of this disease, halting all travel, transport, manufacturing, educational institutions, and non-essential trade. This impacted many industries globally, including animal feed, food & beverage, dietary supplements, and cosmetics.
Governments enforced restrictions on operating capacities to ensure social distancing and curb the spread of the virus. Supply chains were disrupted, resulting in production limitations, complications in raw materials sourcing, and higher delivery costs, impacting the global astaxanthin market. Moreover, governments announced a temporary ban on foreign air travel. These factors affected the sales of astaxanthin products. In addition, restrictions on the export and import of non-essential products due to temporary border closures in some countries further hindered the growth of this market.
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However, according to an article published by Nutrition Outlook, the sales of dietary supplements increased during the pandemic due to their ability to strengthen the immune system against COVID-19. During the last week of March 2020, the sales of dietary supplements in the U.S. sharply increased by more than 35%. Thus, the growing demand for dietary supplements propelled the growth of the astaxanthin market.
Based on source, the astaxanthin market is segmented into natural and synthetic. In 2023, the natural segment is expected to account for the larger share of the astaxanthin market. The large market share of this segment is attributed to its strong antioxidant activity and health benefits, such as immune system support, inflammation reduction, sunburn prevention, and cognitive health support. In addition, factors such as high demand for natural astaxanthin in nutraceutical applications, wide-scale availability of natural astaxanthin, rising demand for astaxanthin for cancer treatment, growing health-conscious population, and higher efficacy compared to synthetic products are expected to fuel the growth of this segment.
Based on form, the astaxanthin market is segmented into dry and liquid. In 2023, the dry segment is expected to account for the larger share of the astaxanthin market. The large market share of this segment is attributed to the advantages of dry astaxanthin, such as ease in handling, transport, and use; longer shelf life of ingredients due to the absence of water; and better ingredient functionality and stability. These advantages have increased the utilization of astaxanthin in dry form in the food and beverages, pharmaceuticals, and cosmetics industries.
However, the liquid segment is projected to witness significant growth during the forecast period. The growth of this segment is attributed to the increasing use of liquid astaxanthin in the manufacturing of food & beverage products to improve viscosity, mouthfeel, product stability, texture, shelf life, pleasant taste, and appearance.
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Based on method of production, the astaxanthin market is segmented into chemical synthesis, microalgae cultivation, fermentation, and extraction. In 2023, the chemical synthesis segment is expected to account for the largest share of the astaxanthin market. The large market share of this segment is attributed to the low cost of production, easy application, and good stability against low pH.
Based on application, the astaxanthin market is segmented into food & beverages, nutraceuticals, animal feed, pharmaceuticals, personal care & cosmetics, and other applications. The nutraceuticals segment is projected to witness significant growth during the forecast period of 2023–2030. The rapid growth of this segment is mainly attributed to astaxanthin’s ability to control free radicals enhanced by nutraceuticals, thereby becoming the preferred choice to treat various health ailments, including muscle endurance, gastritis, diabetes, and cardiovascular diseases, among others. Furthermore, astaxanthin’s antioxidant properties, low side effects, and high nutritional value have made them the priority choice as raw materials in nutraceuticals.
Based on geography, in 2023, Europe is expected to account for the largest share of the astaxanthin market. The large market share of Europe is attributed to the growing food & beverage industry, rising health & wellness trends, increasing feed production, and growing demand for chemical-free cosmetics. Further, the increase in the aging population in the region has led to a surge in demand for astaxanthin to reduce the risk of diabetes, cancer, and other heart-related issues.
However, the market in Asia-Pacific is slated to record the fastest growth rate during the forecast period.
Some of the key players operating in the astaxanthin are Algatechnologies Ltd. (Israel), BASF SE (Germany), BGG (Beijing Gingko Group) (China), Cardax, Inc. (U.S.), Cyanotech Corporation (U.S.), Divi's Laboratories Limited (India), Koninklijke DSM N.V. (Netherlands), Fenchem (China), Fuji Chemical Industries Co., Ltd. (Japan), Valensa International (U.S.), Otsuka Holdings Co., Ltd. (Japan), Piveg, Inc. (U.S.), Vidya Europe SAS (France), Wellgreen Technology Co., Ltd. (China), and Algalíf Iceland ehf (Iceland).
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Scope of the Report
Astaxanthin Market, by Source
- Natural
- Synthetic
Astaxanthin Market, by Form
- Dry
- Liquid
Astaxanthin Market, by Method of Production
- Chemical Synthesis
- Microalgae Cultivation
- Fermentation
- Extraction
Astaxanthin Market, by Application
- Food & Beverages
- Nutraceuticals
- Animal Feed
- Pharmaceuticals
- Personal Care & Cosmetics
- Other Applications
Astaxanthin Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- Japan
- India
- Australia
- Rest of Asia-Pacific (RoAPAC)
- Latin America (LATAM)
- Brazil
- Mexico
- Argentina
- Rest of Latin America (RoLATAM)
- Middle East & Africa (MEA)
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