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“The astaxanthin market is projected to grow at a CAGR of 8.02% during the forecast period.”
The global astaxanthin market is projected to grow significantly from an estimated value of USD 553.6 million in 2017 to USD 814.1 million by 2022, at a CAGR of 8.02%. The astaxanthin market has been gaining importance due to its expanding end-use applications, rising awareness about preventive healthcare & nutraceuticals, and the growing demand for natural antioxidants in human and animal nutrition. Key players in the nutraceutical and cosmetic industries across the globe use astaxanthin due to its potent antioxidant activity, which confers benefits on the human health. Though the antioxidant property of astaxanthin drives the market, there are a few factors such as the high production cost of natural astaxanthin, adulteration, and government regulations, which restrain the growth of this market.
“The dietary supplements segment is projected to be the fastest-growing application of astaxanthin”
The application of astaxanthin in the dietary supplements industry accounted for the second-largest share in 2016, and is expected to grow at the highest CAGR during the forecast period. The numerous health benefits, such as cardiovascular and neurological health, offered by the super-oxidant property of astaxanthin, coupled with the growing nutraceuticals market, are the major drivers contributing to the exponential growth of dietary supplements segment.
“Petroleum was the largest segment, by source, in 2016”
Petroleum-derived astaxanthin accounted for the largest share in 2016; however, natural astaxanthin, derived from plants, microalgae, and marine animals is expected to grow at a higher CAGR compared to petroleum-based astaxanthin. Animal feed is the primary market which thrives on synthetic astaxanthin from petroleum, whereas human nutrition is majorly driven by natural astaxanthin. However, the demand for natural astaxanthin in animal nutrition has been increasing in recent years due to a number of safety issues associated with the consumption of animal meat treated with petroleum-based astaxanthin. Among other sources, plants are the fastest-growing segment, by source.
“Asia-Pacific: The largest astaxanthin market”
The Asia-Pacific region was the largest regional market for astaxanthin in 2016. The growing awareness of the importance of antioxidants such as astaxanthin in the human diet, the high consumption of astaxanthin from the aquafeed industry, and increasing demand for antioxidants from food and supplement industries, contribute to the significant share of the Asia-Pacific region in the global astaxanthin market. Major markets in the Asia-Pacific region include China, India, and Australia-New Zealand.
Break-up of Primaries:
- By Company Type – Tier 1- 40%, Tier 2- 40%, Tier 3- 20%
- By Designation – C level-20%, Directors-40%, Others- 40%
- By Region – North America-25%, Europe-50%, and Asia-Pacific- 25%
Leading players profiled in this report are as follows:
- Koninklijke DSM N.V. (Netherlands)
- BASF SE (Germany)
- Cyanotech Corporation (U.S.)
- Otsuka Pharmaceuticals Co., Ltd. (Japan)
- Valensa International (U.S.)
- Fuji Chemical Industries CO., Ltd. (Japan)
- Divis Laboratories Ltd. (India)
- Beijing Ginko Group (China)
- Igene Biotechnology, Inc. (U.S.)
- Piveg, Inc. (U.S.)
- Fenchem Biotek, Ltd. (U.S.)
- Algatechnologies (Israel)
- Cardax, Inc. (U.S.)
- Supreme Biotechnologies (New Zealand)
The astaxanthin market has been segmented on the basis of source, application, form, and method of production, which are further divided into their subsegments. It has also been segmented on the basis of region into North America, Europe, Asia-Pacific and the Rest of the World (RoW).
Reasons To buy this report:
- To get a comprehensive overview of the global astaxanthin market
- To gain wide-ranging information about the top players in this industry, their product portfolios, and key strategies adopted by the players.
- To gain insights of the countries/regions in the astaxanthin industry