Astaxanthin Market Outlook with Investment, Gross Margin, and Forecast 2030
Astaxanthin Market Scope
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 2021 and 2030 (forecast period).
The global astaxanthin market is expected to value at USD
120 million by 2030. It can exhibit a CAGR of 7.2% 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.
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.
Segmentation
The global astaxanthin
market insights are 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
2030 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 outlook 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 2030.
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.
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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