The global Astaxanthin market is expected to grow with the CAGR of approximately 7.1% during the forecast period (2016-2023). Increasing demand for nutraceuticals due to increasing health awareness is likely to boost astaxanthin market across the globe. Nutraceuticals is anticipated to be the major application segment for astaxanthin market. Astaxanthin is considered as a potential anti-oxidant as compared to lutein, beta carotene and lycopne. It is effective for neutralizing free radical as well as proves to be beneficial for human body. Astaxanthin offers health benefits such as boost immune system prevent and treat cardiovascular disease etc. The use of Astaxanthin also supports in developing human stamina and recovery form wounds, decreasing joint and muscle pain. The factors that are primarily boosting the market growth are increasing consumer shift towards carotenoids, increasing prevalence of cardiovascular diseases, FDA approvals for astaxanthin and increasing demand for cosmetics and personal care products. Growing demand for skin care and anti-aging products is estimated to boost the demand for astaxanthin in cosmetic segment in the forecast period. In addition, other factors such as increasing consumer safety concerns and regulatory policies for the use of synthetic chemicals are also expected to fuel the astaxanthin market. However, certain factors such as serious concerns associated with astaxanthin due to high dosage consumption and high cost of production are restricting the growth of astaxanthin market.
The market is expected to witness good opportunity due to increasing awareness regarding nutraceuticals in developing countries and increasing government support to aquaculture industry. Geographically, North America is leading the astaxanthin market due to increasing personal care & cosmetics industry as well as increasing health awareness associated with carotenoids is supporting to drive the demand for astaxanthin in the region. Europe has also witnessed potential growth due to high demand for carotenoids in the region. Asia Pacific is expected to be the fastest growing region due to increasing aquaculture industry and increasing prevalence of cardiovascular diseases in the region. The presence of major companies such as BASF SE (Germany), The Archer Daniels Midland Company (U.S.), Koninklinjke DSM N.V. (Netherland), Phasex Corporation (U.S.), Algatechnologies (Israel) etc. is expected to create opportunity for expanding applications of astaxanthin.
The global astaxanthin market is segmented on the basis of application, source, form and method of production. The application segment is further classified into supplements, food, feed and cosmetics. The source segment is further segmented into natural source and synthetic source. The form is further classified into dry form and liquid form. The method of production is further classified into chemical synthesis, microalgae cultivation, fermentation and extraction.