Astaxanthin Market To Rise, As Of Growing Awareness Among People Regarding Healthy Lifestyle

Astaxanthin Industry Overview

The global astaxanthin market size is expected to reach USD 4.75 billion by 2028, registering a CAGR of 16.8%, according to a new report by Grand View Research, Inc. Increasing adoption of dietary supplements, growing awareness among people regarding healthy lifestyle, and government initiatives to increase the manufacturing capacity are anticipated to boost the market growth. For instance, in May 2019, Algalíf Iceland ehf. received financial aid from EU’s SME Instrument program and Icelandic Centre for Research’s Technology Development Fund to expand its manufacturing capacities by adding spray dryers.

Astaxanthin Market Segmentation

Grand View Research has segmented the global astaxanthin market on the basis of source, product, application, and region:

Based on the Product Insights, the market is segmented into Dried Algae Meal or Biomass, Oil, Softgel, Liquid, Others.

• The dried algae meal or biomass segment dominated the global market in 2020 with a revenue share of over 25% and is anticipated to maintain its dominance over the forecast period.

• The use of biomass for the production of other formulations, the requirement of less downstream processing, high usage as animal feed, and easy bulk production are some key factors driving the segment growth. Moreover, biomass has a variety of products ranging from 1 to 5% of astaxanthin-containing products, which increase the usage of biomass in different end-use industries.

• The softgels segment is anticipated to exhibit the fastest growth rate of 17.4% during the forecast period owing to increased use in nutraceuticals and significant growth of the nutraceuticals industry.

Based on the Source Insights, the market is segmented into Natural, Synthetic.

• The natural source segment dominated the market in 2020 and is estimated to witness the fastest CAGR of 19.3% during the forecast period. Wide-scale availability, increased demand for natural food supplements, and higher efficacy compared to synthetic sources are key factors driving the segment growth.

• Synthetic astaxanthin is also expected to grow at a double-digit growth rate over the forecast period owing to increased demand from the aquaculture industry and availability of safe & approved products, such as Cardax, Inc.’s ZanthoSyn as an anti-inflammatory.

Based on the Application Insights, the market is segmented into Nutraceuticals, Cosmetics, Aquaculture &Animal Feed, Food, Others.

• The aquaculture and animal feed segment dominated the market in 2020 with a revenue share of over 47% and is anticipated to grow at a steady CAGR over the forecast period, owing to its extensive use as a feed additive.

• Moreover, a rise in the adoption of astaxanthin in the aquaculture industry for improving the quality of seafood is contributing to the segment’s significant share in the market. Key market players are developing the product containing astaxanthin as animal feed having medical benefits.

• The nutraceuticals segment is estimated to witness the fastest growth over the forecast period owing to the superior antioxidant properties of astaxanthin as compared to other food supplements, easier availability, and a wider range of applications in the nutraceuticals industry.

Astaxanthin Regional Outlook

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

Key players are contributing to market growth by adopting various strategies, such as geographical expansion, to gain a higher market share. In addition, companies are focusing on gaining market approvals for innovative products to help in the management of different health conditions.

Some prominent players in the global astaxanthin market include

• CO2 GRO Inc. (BlueOceanNutraSciences)

• FENCHEM

• ENEOS Corporation (JXTG Nippon Oil & Energy Corporation)

• E.I.D. – Parry (India) Limited

• MicroA

• NextFerm

• Algalif Iceland ehf

• ALGAMO

Order a free sample PDF of the Astaxanthin Market Intelligence Study, published by Grand View Research.