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Astaxanthin Market Size By Source (Synthetic, Natural), By Application (Dietary Supplement, Personal Care, Pharmaceuticals, Food & Beverages, Animal Feed {Aquaculture, Livestock, Pets}), Industry Outlook Report, Regional Analysis, Application Potential, Covid-19 Impact Analysis, Price Trends, Competitive Market Share & Forecast, 2021 – 2027

  • Report ID: GMI202
  • Published Date: Jul 2021
  • Report Format: PDF

Industry Trends

Astaxanthin Market size exceeded USD 650 million in 2020 and is estimated to grow at over 5.5% CAGR between 2021 and 2027. Increasing necessity to enhance nutritional content in cosmetics, food and feed products should fuel the astaxanthin industry demand.

Astaxanthin Market

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Astaxanthin belongs to the xanthophyll category of carotenoids. It is a reddish pigment that naturally occurs in some algae and lends a pink-red color in salmon, lobster, shrimp, and other seafood. The product is used as a dietary supplement owing to its easy availability coupled with cardiovascular benefits. Besides, the product is considered to be over 500 times stronger than vitamin E and is much more effective than other carotenoids such as lutein and lycopene.

Haematococcus Pluvialis is the organism that naturally produces the highest concentrations of astaxanthin. It enjoys widespread application in dietary supplements, a market valued at over USD 100 billion in 2020. These supplements provide numerous health benefits such as strengthening the immune system and prevention of migraine headaches, rheumatic diseases, cholesterol, blood pressure, and cognitive diseases at lower costs.

Astaxanthin sourced from algae, synthetic and bacterial sources is generally recognized as safe by GRAS. The FDA has issued consent for an increase in the daily serving of astaxanthin from 7.8 mg to 12 mg. Cyanotech has filed a new dietary ingredient petition with FDA to allow a 12 mg daily dosage for its BioAstin branded ingredient. This product offers speedy joint recovery from strenuous exercise or physical activity and also reduces oxidative stress that causes soreness or stiffness.

The product has potential antioxidant properties that are capable to safeguard human cells from oxidation and inflammation. Thus, rising demand for natural antioxidants in animal and human nutrition formulation will foster myriad opportunities for major industry participants. Extensive product usage as a prominent ingredient, especially in aquafeed has enhanced the astaxanthin market growth. Increasing government support for promoting aquaculture is further strengthening the demand for astaxanthin as a pigment coloring agent. However, high production costs associated with the extraction process lead to increased product prices. Besides, stringent guidelines regarding its usage in human consumption products is another issue negatively impacting the astaxanthin industry expansion.

Robust demand for synthetic astaxanthin source in animal feed industry to boost overall market share

 Synthetic Astaxanthin Market

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Based on source, the astaxanthin market is segmented into synthetic and natural. Synthetic astaxanthin is most commonly utilized in aquaculture, poultry, and pet food applications and expected to surpass USD 330 million by 2027. It is produced by a highly complex process from petrochemicals and is nursed to fishes to offer coloration. Its adoption in aquaculture for offering pigmentation to these species and cost-effectiveness may further support market statistics.

Synthetic products are supplied with 8 to 10 percent astaxanthin content, while natural products are supplied with 1.5 to 2 percent content for animal use. Thus, synthetic sources are widely used as animal feed additives to impart coloration in chicken egg yolks and farm-raised salmon fish.

Acceptance of natural ingredients in personal care application to intensify overall astaxanthin demand

Astaxanthin Market from Personal Care Applications

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Based on application, the astaxanthin market is segmented into dietary supplements, personal care, pharmaceuticals, food & beverage, and animal feed. Rising consumer preference towards organic skincare products sourced from natural raw materials which are chemical-free may expand product growth. Cosmetic product manufacturers use it as an ingredient in various body creams, sunscreens, lipsticks, and facial creams. The antioxidant properties help in protecting the skin against the sun, heal damaged skin, reduce wrinkles and spots, enhance skin elasticity, and provide other cosmetic benefits.

Beauty and personal care applications are projected to generate around USD 190 million revenue by 2027. Rising demand for beauty & personal care products prepared from natural sources such as Haematococcus Pluvialis microalgae for protection of skin from UV damage will fuel segment demand. Astaxanthin increases blood flow and helps maintain skin moisture. Its extensive usage as a prominent ingredient by several spa owners and manufacturers of cosmetic products in their therapies owing to its skin-friendly and antioxidant properties will positively impact the industry outlook.

Asia Pacific astaxanthin industry share is growing significantly owing to strong growth in feed industry and steady demand for dietary supplements

Asia Pacific Astaxanthin Market

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Asia Pacific led the global astaxanthin market share in 2020 and is anticipated to grow at a CAGR of over 4.5% from 2021 to 2027. Substantial product demand for animal feed application across the region will primarily contribute to industry expansion. The region is characterized by changing lifestyles, growing middle-class population, and increasing spending on cosmetics, health, and wellness products. Besides, rising consumer awareness regarding its health benefits coupled with a large population base afflicted with nutritional deficiency will further boost the regional market expansion.

Rising financial support by the governments for aquaculture sector with higher seafood consumption is expected to drive the market in the region. Moreover, rapid expansion of the pharmaceuticals, cosmetics, and aquaculture sectors in India, China, Japan, and South Korea is anticipated to boost product adoption rate.

The presence of established industry participants such as BGG, ENEOS Corporation, E.I.D. Parry etc. will support the regional dominance. In April 2020, BGG announced to double capacity at its astaxanthin farm in China to serve the growing product demand in Asia Pacific.

R&D activities and new product launches to remain prime business strategies by market players

The global astaxanthin market is competitive with key players including ALGA Technologies, Algix, BASF, BGG, Cyanotech Corporation, DSM, Fenchem, Lycored, Piveg, Wellgreen Technology, INNOBIO, and Cardax.

Companies are engaged in product launches, joint venture, partnerships, and innovations to expand their product portfolio and cater to the rising product demand. In October 2018, BGG and its associates Solix Algredients Inc. and Algae Health Sciences released its flagship product AstaZine, a natural astaxanthin. This product is used as dispersible emulsion form which is used in drink applications. This ingredient is used for several drinks’ applications such as sports beverages and anti-aging health shots.

In June 2018, Transcend Nutressentials and Fuji’s AstaReal partnered to develop innovative astaxanthin ROS formulation. This partnership permits Transcend Nutressentials to emphasize on new inventions for natural products. Under this collaboration, AstaReal contributes to scientific and practical support to Nutressent in building the technology of natural products and various exclusive formulations to the market.

The astaxanthin market research report includes in-depth coverage of the industry, with estimates & forecast in terms of volume in Tons and revenue in USD Million from 2016 to 2027, for the following segments:

By Source

  • Synthetic
  • Natural

By Application

  • Dietary Supplements
  • Personal Care
  • Pharmaceuticals
  • Food & Beverage
  • Animal feed
    • Aquaculture
    • Livestock
    • Pets

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Norway
    • Denmark
    • Turkey
    • Ireland
    • Spain
  • Asia Pacific
    • China
    • India
    • Japan
    • Malaysia
    • South Korea
    • Australia
    • Thailand
    • Indonesia
    • Vietnam
  • Latin America (LATAM)
    • Brazil
    • Argentina
    • Chile
    • Mexico
    • Ecuador
  • Middle East & Africa (MEA)
    • Saudi Arabia
    • South Africa
    • UAE
Authors: Kunal Ahuja, Tushar Malkani

Frequently Asked Questions (FAQ) :

Global market for Astaxanthin had exceeded USD 650 million in 2020 and will observe a CAGR of over 5.5% through 2027 with increasing need to enhance nutritional content in cosmetics, food, and feed products.

Synthetic astaxanthin will generate a revenue of over USD 330 million by 2027 owing to rising product application in aquaculture, poultry, and pet food.

Beauty and personal care applications segment will record valuation of around USD 190 million by 2027 on account of increasing demand for products prepared from natural sources.

Asia Pacific market for astaxanthin will witness a CAGR of over 4.5% through 2027 owing to elevating product demand for animal feed application in the region.

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Premium Report Details

  • Base Year: 2020
  • Companies covered: 20
  • Tables & Figures: 432
  • Countries covered: 28
  • Pages: 300

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