The global astaxanthin market was valued at $XX billion in 2017 and is estimated to reach $XX billion by 2023, which is growing at a CAGR of 7.8% during 2015-2023.
The producers of astaxanthin are entering into engagements with functional food and beverage companies, so as to develop new products. For instance, natural products manufacturer NOW Foods along with Algae Health Sciences, Inc., a subsidiary of BGG, introduced Astaxanthin capsules containing astaZine natural astaxanthin derived from organic haematococcus pluvialis microalgae. The capsules are advertised by emphasizing on its unique features such as organic, certified vegan, non-GMO project verified, halal, and kosher.
Haematococcus Pluvaialis Microalgae is poised to account for 70% market share in 2015 followed by other sources of astaxanthin as it contains a greater percentage of astaxanthin and is easily regrown as compared to other sources. Astaxanthin powder is the most used form of the ingredient as it is relatively cheaper than others and is used widely in animal and aqua feed. North America dominates the astaxanthin market throughout the forecasted period fuelled by the presence of well-established nutraceutical industry and existence of greater health-concerned consumers along with industry-friendly steps taken by the Natural Algae Astaxanthin Association (NAXA) in North America. The Asia Pacific is forecasted to exhibit the highest growth rate due to the rapid increase in the manufacturing facilities.
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The major segmentation in the report includes the market estimates by source - Haematococcus Pluvaialis Microalgae, phaffia yeast, krill, and others; form – oil, powder, soft gels, and others; and application – supplements, animal feed, aquaculture, and others. The report provides an in-depth analysis of the astaxanthin market across different geographical regions viz. North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa, along with further country-wise segmentation. It also includes competitive vendor landscape while considering major companies such as AstaReal Holdings Co., Ltd., AstaSupreme, BGG (Beijing Ginko Group), JXTG Group, KeyNatura, Koninklijke Dsm N.V., Piveg, Inc. and Valensa International among others.
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