The global Astaxanthin Market is approximated to attain USD 994 million by 2027 from USD 597.2 million in 2019, with a CAGR of 6.5% during the analysis period.
Astaxanthin is a naturally occurring substance in various seafood, including salmon, lobster, shrimp and krill, and algae and yeast. It is also found in birds like quails, storks, and flamingoes. It is mainly taken as a dietary supplement used in combination with vitamins, minerals, and other carotenoids.
It is an anticancer and antioxidant agent used as a nutritional supplement that helps in preventing diseases diabetes, neurodegenerative disorders, cardiovascular diseases and stimulates immunization. It is used in treating various diseases, such as Parkinson’s disease, age-related vision loss, Alzheimer’s disease, and high cholesterol. It is used to enhance whole workout performance and minimize muscle damage after the workout.
Astaxanthin is used in various cosmetic products. It is smeared directly on the skin to protect against sunburn and to reduce wrinkles. The rising acceptance of consumer preference for natural cosmetics is boosting the market demand for astaxanthin. It is used to enhance color in carbs, shrimps, salmon, and also egg-producing chickens. The Salmon feed sector is the biggest consumer of astaxanthin.
Astaxanthin has been shown to have a greater protective effect against UV-induced photo-oxidation in vitro than lutein and β-carotene. Thus, it has great potential as an oral sun protector and for treating other skin conditions.
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Key findings in the report:
- Based on application, the feed sub-segment is estimated to reach USD 353.53 million by 2027. The salmon feed sub-segment dominates the global market due to the presence of numerous Astaxanthin production units that make use of chemical processes to produce astaxanthin at lower prices. The cosmetic segment is evaluated to witness a CAGR of 6.5% during the projected period.
- The Asia Pacific region is predicted to observe significant growth during the estimated period. The availability of cheap and skilled labor in India and China, along with technologically advanced operating facilities, are the key factors contributing to market growth in the APAC region. This segment is projected to contribute USD 202.98 million by 2027. Additionally, the existence of essential market players and rising awareness among people regarding the cosmetic uses and health benefits of astaxanthin is boosting the market demand for astaxanthin.
- North America is assumed to hold a large market share in the global Astaxanthin market. The speedy utilization of astaxanthin in the nutraceutical industry and growing health-conscious populace is driving the market in the North American region.
- Leading market players include Koninklijke DSM N.V. (Netherlands), BASF SE (Germany), Cyanotech Corporation (U.S.), Otsuka Pharmaceutical Co., Ltd. (Japan), Valensa International (U.S.), Fuji Chemical Industries Co. (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.), and Supreme Biotechnologies (U.S.)
For the purpose of this study, Reports and Data has segmented the Astaxanthin Market based on application, form, source, and region:
Source Outlook (Revenue, USD Million; Volume, Metric Tons; 2017-2027)
- Petroleum (Synthetic)
- Natural Source
- o Yeast & Microbes
- o Plants
- o Marine
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Application Outlook (Revenue, USD Million; Volume, Metric Tons; 2017-2027)
- Supplements
- Cosmetics
- Feed
- Food
Form Outlook (Revenue, USD Million; Volume, Metric Tons; -2027)
Dry Form
- Biomass
- Tablet
- Powder
Liquid Form
- Energy Drinks
- Oils
- Gel
Method of Production Outlook (Revenue, USD Million; Volume, Metric Tons; 2017-2027)
- Extraction
- Fermentation
- Microalgae Cultivation
- Chemical Synthesis
The regional analysis covers the following regions of the key geographies of the Astaxanthin market:
- North America (U.S., Canada, Mexico)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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