Global Astaxanthin Market is growing at a CAGR of 3.6% during the forecast period 2019-2026
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According to Esticast Research, the global astaxanthin market held a market size of $1.1 billion in 2019 and is projected to grow at a CAGR of 3.6% from 2019 to 2026.
Astaxanthin is naturally occurring carotenoid derived from aquatic animals such as salmon, trout, krill, shrimps, crayfish, and crustaceans. In recent years, the growing demand for natural dietary supplements as a precautionary measure for several diseases such as osteoarthritis, diabetes, Alzheimer’s and others is supporting the growth of the global astaxanthin market. In addition, the rising production of shrimp, trout, and salmon and increased usage of astaxanthin as a feed additive for respective species is also contributing to the market growth. Further, the growing demand for natural cosmetics due to the increasing concerns regarding the harmful effects of chemical-based cosmetics is expected to enhance the demand for astaxanthin in cosmetic industries.
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The global astaxanthin market has been categorized into product type, source, and application. The product type segment has been segmented into oil, softgel, dried algae meal or biomass, liquid, and others. The source segment has been bifurcated into synthetic and natural. The natural source segment has been further sub-segmented into shrimp, yeast, microalgae, and others. Furthermore, based on application, the market has been segmented into cosmetics, nutraceuticals, pharmaceuticals, animal feed, and others.
Based on geography, the astaxanthin market has been categorized into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America has been divided into the U.S. and Canada. Europe region has been bifurcated into the UK, France, Italy, Germany, and the Rest of Europe. Asia-Pacific region has been divided into, India, South Korea, Japan, China, and Rest of Asia-Pacific. In addition, the South America region has been categorized into Argentina, Mexico, Brazil, and the Rest of South America. The Middle East & Africa has been divided into Africa, GCC Countries, and the Rest of the Middle East.
In Europe, the market growth is attributed to growing awareness towards astaxanthin and its advantages among end-users, high penetration of the nutraceutical sector, and growing demand for cosmetic products such as anti-aging creams. Moreover, astaxanthin manufacturers are increasingly focusing on strengthening its presence in the European market. For instance, in November 2019, Atacama Bio, a company located in Chile entered into a partnership with Lus Health Ingredients to increase its penetration in the European market. Further, the surging consumption of antioxidants in food and supplements sections in the region is expected to support the demand for astaxanthin.
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Asia-Pacific astaxanthin market is anticipated to propel at a higher pace during the assessment period owing to the growing production of shrimp and other aquatic products associated with rising consumption of astaxanthin as a feed additive in the production of salmon, shrimp, Strout, and others. In addition, China, India, and Japan are projected to major markets in the region for astaxanthin. Furthermore, the rising uptake of cosmetic products due to increasing disposable income in developing countries, growing incidence rates of nutritional deficiency, and increasing awareness among health professionals about astaxanthin are supporting the growth of the market.
Prominent players functioning in the global astaxanthin market include JX Nippon Oil and Energy Corporation, Viva Labsa, Fenchem, Spec-Chem Industry, Inc., MicroA AS, Otsuka Pharmaceutical, Phasex Corporation, Beijing Gingko Group, Cyanotech Corporation, Algatechnologies Ltd (Algatech), Valensa International, and AstaReal Co., Ltd. To obtain a competitive edge, key players are engaged in various growth strategies such as mergers and acquisitions, partnerships, expansion, and new product development and launches.
Recent Development in the Astaxanthin Market:
- In May 2019, Algatech was acquired by Solabia Group, a leading company in biotechnology, plant extraction technologies, and fine chemicals, and offers a broad portfolio of active ingredients utilized by pharmaceutical, diagnostic and nutrition, and cosmetic industries globally.
- In November 2016, Now Foods released Astaxanthin capsules which consists of AstaZine Natural Astaxanthin produced from organic microalgae Haematococcus pluvialis.
- In 2016, Algatechnologies Ltd announced the grant of Non-GMO project verification for its naturally obtained astaxanthin.
- In October 2015, Solix Algredients, Inc., a B2B supplier of algae-based and natural ingredients announced the launch of Solasta Astaxanthin, a natural astaxanthin extract manufactured from Haematococcus pluvialis.