Global Astaxanthin Market (2021 to 2026) - Growing Demand for Natural Antioxidants Presents Opportunities - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Global Astaxanthin Market by Source (Natural, Synthetic), Form (Dry, Liquid), Method of Production (Microalgae Cultivation, Chemical Synthesis, Fermentation), Application (Dietary Supplements, Food & Beverages, Cosmetics), and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The astaxanthin market is estimated at USD 647 million in 2021 and is projected to grow at a CAGR of 8.3% to reach USD 965 million by 2026.
The growth in the astaxanthin market is attributed to the growing health awareness among consumers, leading to an increase in the adoption of healthier diets. Food safety concerns & adherence to stringent international quality standards and regulations restrain the growth of the astaxanthin market.
The market for food & beverages, by application, is projected to witness the fastest growth in the market during the forecast period.
The food & beverages segment is expected to record the highest growth rate during the forecast period, which is mainly attributed to the increasing use of natural colorants in food and beverages products. In the food industry, astaxanthin is also used for product storage and for standardizing the color of food products, such as margarine, cheeses, sausages, pasta, and other beverages.
The synthetic source segment dominated the astaxanthin market in 2020.
The synthetic segment is projected to dominate the astaxanthin market, as they are easy to extract and have low manufacturing costs. This can be attributed to its low cost of production and high usage in the aquafeed industry. Consumers and manufacturers prefer opting for low-priced synthetic astaxanthin. Developing regions, such as South America and Asia Pacific, are the major contributors to the growth of this market, as affordability and price sensitivity are important aspects for consumers opting for synthetic astaxanthin.
The dry form segment dominated the astaxanthin market in 2020.
Growing awareness about storage and handling problems of liquid astaxanthin among food and beverage manufacturers are some of the key factors driving the demand for dry ingredients, subsequently augmenting the growth of the dry astaxanthin market over the next few years. The process with the dry format is a little easier, especially in high-volume manufacturing. The dry form is widely consumed for manufacturing astaxanthin products, such as dietary supplement tablets, capsules, owing to the easy application and various other benefits. For instance, enclosed supplement capsules retain all desired product properties. They eliminate flavor and color variability while providing easy handling and storage, which is difficult with liquid products
European market is driven by consumer demand for a wide range of food products with functional benefits such as gut health, bone health, immunity, and heart health.
Europe accounted for a second-largest share of about 32.6% in the global astaxanthin market in 2020 in terms of value. The presence of key synthetic astaxanthin manufacturers and health consciousness among consumers lead Europe's astaxanthin market. Key market players include Koninklijke DSM N.V. (Netherlands), BASF SE (Germany), and BioReal (Sweden). An increase in livestock production in the region, especially poultry and fisheries, has resulted in an increased demand for astaxanthin in animal feed applications
- Rising Consumer Inclination Toward Preventive Healthcare & Nutraceuticals
- Rapid Industrialization of the Feed Industry
- Increasing Demand for Cosmetic Products
- High Cost of Production of Natural Astaxanthin
- Lack of R&D Activities in the Underdeveloped Countries
- Government Initiatives to Support Aquaculture
- Growing Demand for Natural Antioxidants
- Growing Demand for Astaxanthin in the Pharmaceutical Industry
- Risks Associated with Adulteration and Clean Label Requirements
- Stringent Government Regulations in Developed Countries
- Algae Health Sciences, Inc.
- Algae to Omega
- Algatech Ltd.
- Astamaz Nz Ltd.
- Basf Se
- Beijing Gingko Group
- Biogenic Co., Ltd.
- Business Overview
- Cardax, Inc.
- Cyanotech Corporation
- Divi's Laboratories Ltd.
- Fenchem Biotek Ltd.
- Fuji Chemical Industries Co., Ltd.
- Igene Biotechnology Inc.
- Koninklijke Dsm N.V.
- Otsuka Holdings Co., Ltd.
- Piveg, Inc.
- Supreme Biotechnologies
- Valensa International
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