Selbyville, Delaware, July 21, 2021 (GLOBE NEWSWIRE) --
The astaxanthin market revenue is set to cross USD 950 million by 2027, according to a new research report by Global Market Insights Inc. Rising consumer focus on health & hygiene coupled with numerous benefits offered by the product such as maintenance of skin glow, improvement of brain health, and healthy vision will propel industry growth.
The flourishing cosmetics industry along with rising consumer awareness regarding the nutritional benefits of astaxanthin will primarily drive the industry statistics. Proliferating demand for health supplements and cosmetics used by geriatric population such as anti-aging creams, skincare lotions, oils, and gel formulations will further escalate the revenue generation.
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Astaxanthin market from synthetic sources segment exceeded USD 200 million in 2020. Increasing usage in the aquaculture sector for the pigmentation of trout, lobster, shrimp meat, and salmon feeds will propel product adoption rate. The chemical synthesis of astaxanthin is presently most cost-effective and easier to produce in high quantities; it is therefore being utilized in over 95% of the fish feed market. The product is used as a necessary feed component for both aquarium fish and large ornamental fish.
Some major findings of the astaxanthin market report include:
- Rising prevalence of vision problems, osteoporosis, diabetes, cholesterol problems, cancer, and cognitive health problems among both geriatric & young populace has boosted the product demand in nutritional health supplements.
- Strong pigmentation and anti-oxidative properties have enhanced the product demand in aquaculture, poultry, and pet food products.
- The industry will observe high potential from the medical field due to its health benefits such as curing macular deterioration diseases, helping to evade prostate cancer, and benefitting eye health.
- Favourable government regulations pertaining to the use of natural astaxanthin in nutraceuticals, therapeutics, pharmaceuticals, and cosmetic products will propel the industry size.
- Adoption of nanoencapsulation and microencapsulation technologies have enabled product development in numerous forms including powder, premixes, chewable tablets, gummies, beadlets and soft gel capsules.
- Some of the key market players manufacturing astaxanthin are DSM, BASF, BGG, Cyanotech Corporation, Lycored, Fenchem, Piveg, Wellgreen Technology, Cardax and INNOBIO Corporation Limited.
- Food & beverages application are anticipated to register over 5% CAGR between 2021 and 2027 due to escalating demand for nutrient rich products that promote health and reduces risk of chronic diseases in both millennials and elderly people.
Browse key industry insights spread across 300 pages with 417 market data tables & 15 figures & charts from the report, “Astaxanthin Market by Source (Synthetic, Natural), Application (Dietary Supplement, Personal Care, Pharmaceuticals, Food & Beverages, Animal Feed {Aquaculture, Livestock, Pets}), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/astaxanthin-market
Increasing product utilization as natural food colorants and fortifying agents in food and beverages sector is anticipated to fuel the industry size. Moreover, astaxanthin is considered under GRAS for its use in beverages, chewing gum, baked goods, cereals, coffee, dairy product, tea, milk products, fruit juices, soft candy, and vegetable juices at a level to offer 0.1mg astaxanthin per serving. Thus, numerous food & beverage manufacturers include natural ingredients and reduce the usage of artificial flavours and colours. Besides, penetration of clean label and vegan products will further fuel the industry size.
North America astaxanthin market accounted for over 25% of the global share in 2020. The region is characterized by increasing demand from the dietary supplements industry coupled with a strong potential market for animal feed, cosmetics, and fortified foods & beverage products. Favourable government guidelines along with presence of various health-related organizations, including Natural Algae Astaxanthin Association (NAXA), that is strongly involved in creating awareness regarding ingredient benefits has instilled trust amongst consumers of these products. Factors such as presence of an established nutraceutical industry, health-conscious people, and adoption of modern technologies are the driving the North American market statistics.
Browse the Toc of this report @ https://www.gminsights.com/toc/detail/astaxanthin-market
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Carotenoids Market by Source (Natural, Synthetic), Product (Beta-carotene, Lutein, Astaxanthin, Canthaxanthin, Lycopene), Application (Food & Beverages, Pharmaceutical, Cosmetics, Animal Feed, Dietary supplements), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast to 2024
https://www.gminsights.com/industry-analysis/carotenoids-market
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.