Astaxanthin Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Astaxanthin Market is segmented By Source into (Haematococcus pluvialis Microalgae, Phaffia Yeast, Krill, and Others), By Application into (Supplement, Animal Feed, Aquaculture, and Others), and By Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa). The report offers market size and forecast in value (USD million) for all the above segments.

Astaxanthin Industry Overview

Astaxanthin Market Overview
Study Period: 2018 - 2028
Fastest Growing Market: Asia-Pacific
Largest Market: North America
CAGR: 7.8 %

Major Players

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*Disclaimer: Major Players sorted in no particular order

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Astaxanthin Market Analysis

The global astaxanthin market is projected to register a CAGR of 7.8% during the forecast period (2022 - 2027).

The COVID-19 pandemic has had a significant impact on the astaxanthin market as the crisis has highlighted the significance of safe, healthy, and nutritive eating habits among consumers across the globe. A growing number of health-conscious individuals are more inclined towards natural food coloring agents with lesser adverse effects, as compared to other chemical products, which is an important driver estimated to boost the market growth.

The demand for astaxanthin is expected to increase, due to its multiple applications in pharmaceutical, nutraceuticals, and feed industries, among others. Also, the unique color and properties associated with astaxanthin have led to its increased use in commercial aquacultures, food coloring, and others.

Moreover, the increasing adoption of nutrition-rich products is driving the nutraceutical industry at a significant rate. Hence, the demand for astaxanthin-based nutritional products is increasing across the globe. The increasing adoption of novel technologies to boost the production of astaxanthin is anticipated to propel growth over the forecast period. For instance, in 2022, ALGAMO produces photo-bioreactors and micro-modules to create astaxanthin while minimizing water waste and saving electricity.

Astaxanthin Industry Segments

Astaxanthin is a blood-red pigment and is produced naturally in the freshwater microalgae Haematococcus pluvialis and the yeast fungus Xanthophyllomyces dendrorhous, among others. When the algae are stressed by lack of nutrients, increased salinity, or excessive sunshine, it creates astaxanthin. The global astaxanthin market is segmented by source further segmented into, Haematococcus Pluvialis microalgae, Phaffia yeast, Krill, and others. By application market is segmented into dietary supplements, animal feed, aquaculture, and others. By geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle-East and Africa. For each segment, the market sizing and forecasts have been done on the basis of value (in USD million).

By Source
Haematococcus Pluvialis Microalgae
Phaffia Yeast
Krill
Others
By Application
Dietary Supplement
Animal Feed
Aquaculture
Others
Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
Spain
United Kingdom
Germany
France
Italy
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
South Africa
Saudi Arabia
Rest of Middle-East and Africa

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Astaxanthin Market Trends

This section covers the major market trends shaping the Astaxanthin Market according to our research experts:

Growing Demand from Food Industry Set to Boost Market Growth

The consistent growth in the demand for astaxanthin particularly from the food industry is expected to boost the growth of the astaxanthin market during the forecast period. In the past few decades, astaxanthin is increasingly used as a food additive, owing to health benefits, including anti-inflammatory effects, improved immunity, and prevention of cerebrovascular and cardiovascular diseases, among others. Over the past decade, several studies have revealed that astaxanthin can play an important role in preventing photoaging, improving sleep, minimizing obesity, protecting the vocal cord, combating depression, and increasing sperm motility, among others.

Astaxanthin Market 1

Asia Pacific Holds A Significant Share

The Asia Pacific is observed to provide great opportunities for astaxanthin players, due to its following attributes- the presence of highly proactive consumers, with respect to personal wellness, and a large aging population, leading to several opportunities for healthy-aging ingredients and rapidly changing market conditions. In the Asia-Pacific region, India and China are considered to be potential markets, in terms of astaxanthin production, due to their large population. Moreover, rapid urbanization, high consumer disposable income levels, and increasing awareness about natural products are anticipated to propel the market in this region. The investments made by several global astaxanthin companies to increase their presence and reach in the region. For instance, the Icelandic-based astaxanthin ingredient and supplements producer Algalif (Reykjanesbaer), introduced its new IceCaps astaxanthin softness and its current Icelandic Harvest brand of finished astaxanthin dietary supplements in the Asia-Pacific countries.

Global Astaxanthin Market-2

Astaxanthin Market Competitor Analysis

The global astaxanthin market has many players and is highly competitive. The market is dominated by key global players; however, there is a significant presence of regional players. Leading manufacturers in the astaxanthin market focus to leverage opportunities posed by emerging markets of Asia-Pacific, like China and India, to expand their revenue base. The key brands are embarking on expansions, mergers and acquisitions, and new product development as some of their key strategies to enhance growth through investing, consolidating, and optimizing their offerings, respectively. Major players in the market are AstaReal Holdings Co. Ltd, KeyNatura, and BGG (Beijing Ginko Group), among others.

Astaxanthin Market Top Players

  1. Cyanotech Corporation

  2. Beijing Ginko Group

  3. Koninklijke DSM N.V.

  4. ENEOS Holdings, Inc.

  5. BASF SE

*Disclaimer: Major Players sorted in no particular order

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Astaxanthin Market Recent Developments

In 2021, Lycored expanded its line of astaxanthin products by launching an oleoresin created from Haematococcus Pluvialis algae 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) introduced its natural astaxanthin to the European pet food and animal feed markets. The ingredient will be under the name Novasta and will create antioxidant-rich products for a range of animals in Nacka, Sweden.

In 2020, DSM, announced the completion of its acquisition of Erber Group for an enterprise value of EUR 980 million in Heerlen, Netherlands.

Astaxanthin Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Source

      1. 5.1.1 Haematococcus Pluvialis Microalgae

      2. 5.1.2 Phaffia Yeast

      3. 5.1.3 Krill

      4. 5.1.4 Others

    2. 5.2 By Application

      1. 5.2.1 Dietary Supplement

      2. 5.2.2 Animal Feed

      3. 5.2.3 Aquaculture

      4. 5.2.4 Others

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Mexico

        4. 5.3.1.4 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 Spain

        2. 5.3.2.2 United Kingdom

        3. 5.3.2.3 Germany

        4. 5.3.2.4 France

        5. 5.3.2.5 Italy

        6. 5.3.2.6 Russia

        7. 5.3.2.7 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 Japan

        3. 5.3.3.3 India

        4. 5.3.3.4 Australia

        5. 5.3.3.5 Rest of Asia-Pacific

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. 5.3.5.1 South Africa

        2. 5.3.5.2 Saudi Arabia

        3. 5.3.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Most Active Companies

    2. 6.2 Most Adopted Strategies

    3. 6.3 Market Share Analysis

    4. 6.4 Company Profiles

      1. 6.4.1 Beijing Ginko Group (BGG)

      2. 6.4.2 Fuji Chemical Industries Co. Ltd

      3. 6.4.3 Cyanotech Corporation

      4. 6.4.4 Koninklijke DSM NV

      5. 6.4.5 BASF SE

      6. 6.4.6 Divi's Laboratories Ltd.

      7. 6.4.7 ENEOS Holdings, Inc.

      8. 6.4.8 Biogenic Co., Ltd.

      9. 6.4.9 Otsuka Holdings Co. Ltd

      10. 6.4.10 Alga Technologies Ltd

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. IMPACT OF COVID-19 ON THE MARKET

**Subject to Availability
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Astaxanthin Market Research FAQs

The Astaxanthin Market is studied from 2018 - 2028.

The Astaxanthin Market is growing at a CAGR of 7.8% over the next 5 years.

Asia-Pacific is growing at the highest CAGR over 2018 - 2028.

North America holds highest share in 2021.

Cyanotech Corporation, Beijing Ginko Group, Koninklijke DSM N.V., ENEOS Holdings, Inc., BASF SE are the major companies operating in Astaxanthin Market.

Astaxanthin Industry Reports

In-depth industry statistics and market share insights of the Astaxanthin sector for 2020, 2021, and 2022. The Astaxanthin research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Astaxanthin report PDF.

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