Astaxanthin Market Size Poised To Garner Maximum Revenue Growth By 2030
Astaxanthin is a keto carotenoid consumed in massive volumes due to its antioxidant properties. It occurs naturally in fish, microalgae, and other sea forms. The industrial production of astaxanthin is possible due to synthetic or plant-based sources. The global astaxanthin market report compiled by Market Research Future (MRFR) contains all pertinent factors and impediments for the period between 2023 and 2030 (forecast period).
Market Scope
The global astaxanthin market size is expected to reach at USD 1.8 Billion by 2030. It can exhibit a CAGR of 7.63% during the forecast period. The largely aware population and the demand for natural coloring agents in the food and beverage sector is expected to drive the global market growth. The boom in the aquaculture sector and the use of the chemical in coloring crustaceans, trout, and fishes are other factors which can fuel the global astaxanthin market growth.
In addition, approval by federal agencies such as the U.S. Food and Drug Administration (FDA) for the use of astaxanthin and a supported certification as a generally recognized as safe (GRAS) agent can benefit the market demand greatly. Inclusion of the product in dietary supplements due to its wide availability can bode well for the market growth amid the growing health-consciousness among the populace. In addition, new patents filed by companies can fuel the global astaxanthin market growth.
Segmentation
The global astaxanthin market overview is segmented by source, form, and application.
By source, it is segmented into natural and synthetic. The natural segment is further segmented into marine, plants, and yeast & microbes. The natural segment is predicted to generate high revenues for the global astaxanthin market due to its need in agriculture, feeds, foods, and others. However, the synthetic segment can register a dull growth rate till 2024 due to inclination of naturally derived materials over chemically derived ones.
By form, it is segmented into dry and liquid. The latter is expected to exhibit a high growth rate during the forecast period due to its use in personal care and cosmetic products.
By application, it is segmented into animal feed, food & beverages, pharmaceuticals & nutraceuticals, and others. The pharmaceuticals application can register a momentous growth rate due to the use of the chemical in skincare products.
Regional Analysis
Regionally, the global astaxanthin market is segmented into Europe, North America, Asia Pacific (APAC), and Rest-of-the-World (RoW).
The APAC region is expected to dominate the global market till the end of the forecast period due to high demand for animal feed. Presence of various players in the region focusing on improving the performance of the product as well as establishment of operating facilities can drive the market growth. In addition, awareness of the benefits of astaxanthin among cosmeceuticals and healthcare professionals can be lucrative for the astaxanthin market till 2024.
North America is deemed to register a high growth rate during the estimated period due to awareness of the product, presence of established organizations promoting the use of astaxanthin, and a highly aware populace. For instance, the Natural Algae Astaxanthin Association (NAXA) is creating awareness among the population regarding health benefits of astaxanthin.
Competitive Outlook
Koninklijke DSM N.V., JXTG Nippon Oil & Energy Corporation, Fenchem Biotech Ltd., Parry Nutraceuticals, Alga Technologies, Divi's Laboratories Ltd., Mera Pharmaceuticals Inc., Archer Daniels Midland Co., Heliae Development, LLC, Cardax, Inc., Fuji Chemical Industries Co., Ltd., Piveg, Inc., Cyanotech Corporation, BASF SE, and Otsuka Pharmaceutical Co., Ltd. are prominent players of the global astaxanthin market.
Industry News
NextFerm Technologies has decided to file a patent for its astaxanthin derived naturally from yeast fermentation known as Astaferm. The product has shown remarkable progress in in-vitro and human clinical studies.
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