Global Astaxanthin Market Is Projected To Surge At A CAGR Of Around 8.5% From 2022 To 2028

Market Overview:
The Astaxanthin Market was valued at USD 665.25 Million in 2021 and is expected to reach USD 1177.59 million by the year 2028, at a CAGR of 8.5%.

Astaxanthin is a member of a class of drugs known as "antioxidants," which are generally used to treat conditions like Alzheimer's, Parkinson's, stroke, high cholesterol, liver problems, age-related macular degeneration (vision loss), and cancer. Astaxanthin is also used to enhance physical performance and treat metabolic syndrome, which increases the risk of diabetes, heart disease, and stroke. Astaxanthin, a member of the carotenoids family, is present in Astaxanthin. Reddish in color, astaxanthin has anti-inflammatory, antioxidant, and antineoplastic (cancer-treating) effects.

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Market Dynamics:
Driver:
Antioxidant astaxanthin aids in lowering oxidation levels in the human body. Due to the accompanying health advantages, astaxanthin is becoming increasingly well-liked and well-accepted among customers. Because antioxidants can help prevent a number of human ailments, including aging, eye conditions, Alzheimer's disease, and others, there is a big market for astaxanthin among consumers. As a result, producers are using astaxanthin in the production of functional foods and other goods, which is anticipated to stimulate the growth of the worldwide astaxanthin market.

Opportunities:
Microalgae are becoming more popular as components in food products that provide value. In fact, a number of the most significant food manufacturers have created products that incorporate microalgal biomass. Eggs, baked items, snacks, and beverages are among the most often fortified products that are being sold commercially. As the need for useful food additives rises, natural substances like astaxanthin are finding increased use in food items because they provide customers with a variety of hues and nutritional advantages. For instance, Nuyolk has effectively improved eggs beyond their essential role as food by adding astaxanthin to its product this is an opportunity for the market.

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Market Segmentation
Segmentation Insights
Based on Source, the synthetic segment is projected to account for the largest share in the market owing to mostly usage of synthetic astaxanthin in the aquaculture, poultry, pet food applications. It is manufactured by a highly complex method from petrochemicals and is feed to fishes to offer coloration. The application of synthetic astaxanthin in aquaculture for catering pigmentation to these species and cost-effectiveness may further support market development.
• Synthetic
• Natural

Based on Application, the personal care and cosmetic segment dominates the market and holds the maximum share compare to other application segments. Growing consumer preference for organic skincare products derived from natural raw materials which are chemical-free may expand product growth. Cosmetic product producers utilize it as an ingredient for several products such as body creams, sunscreens, lipsticks, and facial creams. The antioxidant properties offer in protecting the skin against the sun, heal damaged skin, overcome wrinkles and spots, improve skin elasticity, and also offer other cosmetic benefits. In addition, the growing demand for beauty & personal care products produced from natural sources such as Haematococcus Pluvialis microalgae for protection of skin from UV damage will boost segment demand. Astaxanthin increases blood flow and supports maintaining skin moisture. Its massive applications as a prominent ingredient by several spa owners and producers of cosmetic products in their therapies due to its skin-friendly and antioxidant characteristics will positively impact the industry outlook.
• Feed
• Supplements
• Food
• Other

Based on Form, the liquid segment is projected to account for the largest share during the forecast period. Astaxanthin in the liquid form is applied for the production of soft gels, oil extracts, and bead lets. Additionally, liquid astaxanthin has several usages, such as syrups and texturing ingredients used in the food and beverage, and pharmaceutical industries. Liquid nutraceutical ingredients are tough to use while scaling and temperature.
• Powder
• Liquid

Regional Insights
The Asia Pacific region is projected to dominate the market during the forecast period owing to growth in urbanization and rapid industrialization. Therefore, the consumption levels of astaxanthin vary from country to country and region to region. The rising preference among consumers for healthy food and the high demand for meat and seafood are some of the key factors for the development of animal feed usages of astaxanthin in the region. The Asia Pacific provides lucrative opportunities to producers and suppliers of astaxanthin, due to the cost advantage and high demand in this region. Additionally, rising financial assistance by the governments for the aquaculture industry with higher seafood consumption is anticipated to drive the market in the region. Furthermore, the rapid growth of the pharmaceuticals, cosmetics, and aquaculture industries in India, China, Japan, and South Korea is expected to propel the product adoption rate.

North America region has anticipated faster growth owing to the presence of awareness programs by non-profit organizations, and the existence of the key market players such as Cyanotech Corporation, Algae to Omega, Piveg, and others. For example, Natural Algae Astaxanthin Association (NAXA) is targeted at growing awareness about astaxanthin applications. Thus, such players have estimated to grow the regional market share.

The Europe region is expected to considerable growth rate during the forecast period owing to key factors such as an increasing geriatric population, adoption of various technologies, and rising health consciousness among the individuals which helps to growth in the region.
• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
• Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
• South America (Brazil, Argentina, Rest of SA)

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Players Covered in Astaxanthin Market are:
• BASF SE
• BGG
• Cyanotech Corporation
• DSM
• Fenchem
• Lycored
• Piveg
• Algae to Omega
• Wellgreen Technology
• Cardax
• INNOBIO
• ALGA Technologies
• Algix
• EID-Parry Ltd
• IGENE Biotechnology
• MicroA AS
• JX Nippon Oil
• Energy Corporation
• Astareal Inc.
• Kunming biogenic
• Divis Laboratories ltd.
• Otsuka Pharmaceuticals And Others Major Players

Key Industry Developments In Astaxanthin Market
In April 2020, BGG declared that they double capacity at its astaxanthin farm in China to cater to the increasing product demand in the Asia Pacific region.

In December 2020, BASF signed an agreement for the collaboration with Adifo Software to introduce a digital solution for the animal agriculture value chain by integrating sustainability analytics. This collaboration remarkably supports BASF's advance in feed formulation.

In January 2018, the U.S.-based bulk producer of natural astaxanthin company Algalif received a non-GMO certification for its astaxanthin substance named Astalif 5% and 10% Oleoresin. The company is focusing to serve good quality astaxanthin to the consumers who wanted to avoid GMOs in their products.

In July 2017, Cyanotech Corporation obtained Halal certification for its raw material, BioAstin SCE 5 from the Islamic Food & Nutrition Council of America (IFANCA). This certification is anticipated to build up the company's sales in increasing Southeast Asia. Furthermore, BioAstin is the first astaxanthin product to receive a verification seal by Natural Algae Astaxanthin Association (NAXA).

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Objectives of the Report:
-To carefully analyze and forecast the size of the Astaxanthin market by value and volume.
-To estimate the market shares of major segments of the Astaxanthin
-To showcase the development of the Astaxanthin market in different parts of the world.
-To analyze and study micro-markets in terms of their contributions to the Astaxanthin market, their prospects, and individual growth trends.
-To offer precise and useful details about factors affecting the growth of the Astaxanthin
-To provide a meticulous assessment of crucial business strategies used by leading companies operating in the Astaxanthin market, which include research and development, collaborations, agreements, partnerships, acquisitions, mergers, new developments, and product launches.

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https://introspectivemarketresearch.com/reports/natural-astaxanthin-market/
https://introspectivemarketresearch.com/reports/synthetic-astaxanthin-market/

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