Astaxanthin Market size to exceed $950mn by 2027

Astaxanthin Market size is estimated to surpass USD 950 million by 2027, according to a new research report by Global Market Insights Inc.
 

Astaxanthin is used as a key ingredient by cosmetics manufacturers and spa owners in their therapies and products due to its antioxidant and skin-friendly properties. Moreover, it has witnessed extensive usage in animal feed applications, especially in aquaculture over the past years. The excessive manufacturing costs and probability of product adulteration may hamper the astaxanthin market demand.
 



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Substantial growth in the cosmetics industry coupled with rising awareness about the health benefits of the product will primarily drive astaxanthin industry growth over the forecast timeframe. Increasing demand for anti-aging creams and health supplements on account of the increasing life expectancy rate and geriatric population base across the globe will further escalate product penetration.
 

Consistent technological advancements in the natural astaxanthins manufacturing process have led to high-quality yield with lesser wastage. Extraction, drying, and cultivation are widely adopted techniques preferred for optimal resource utilization.
 

Growing demand for natural astaxanthin in animal feed industry will foster product demand.

Naturally sourced astaxanthin has proven to be 20 times more potent than its synthetic counterpart in eliminating free radicals and protecting cellular membranes. Among several naturally occurring carotenoids, astaxanthin is considered one of the best carotenoids being able to protect membranes, cells, lipids, and lipoproteins against oxidative damage. Consistent technological advancements in the natural product manufacturing process and adoption of microencapsulation technologies is anticipated to enhance the stability of ingredients while minimizing cross-interaction and protecting against oxidation. Besides, increasing microalgae cultivation along with adoption of innovative microencapsulation technology have enabled the development of numerous product forms such as tablets, hard-shell capsules, chewable tablets, gummies, and nutritional bars.
 

Natural astaxanthin is set to witness a substantial CAGR of over 6% through 2027 owing to robust utilization in health supplements, cosmetics, and pharmaceutical products.

 Browse key industry insights spread across 300 pages with 417 market data tables & 15 figures & charts from the report, “Astaxanthin Market Statistics by Source (Synthetic, Natural), Application (Dietary Supplement, Personal Care, Pharmaceuticals, Food & Beverages, Animal Feed {Aquaculture, Livestock, Pets}), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/astaxanthin-market
 

Astaxanthin industry from animal feed applications is forecast to grow at over 5.5% between 2021 and 2027 owing to surging product adoption in aquaculture and poultry industries.

The animal feed applications segment is forecast to generate over USD 350 million by 2027 owing to growing exploitation in the aquaculture sector for pigmentation of trout, lobster, shrimp meat and salmon feeds. Synthetically sourced astaxanthin is widely utilized in animal feed additives to impart coloration in chicken egg yolks and farm-raised salmon fish. Superior bioavailability and cost-effectiveness of synthetic astaxanthin will foster product adoption. Besides, favorable regulations and polices issues by numerous government organizations for boosting the aquaculture industry will further strengthen the astaxanthin market share.
 

Strong growth of the dietary supplements and animal feed sector in Europe will foster product demand.

Rising consumer spending on natural products has expedited the use of astaxanthin in European countries. Technological advancements and adoption of encapsulation techniques by manufacturers in the region will enable the development of astaxanthin-infused health supplements and beverage premixes. Improvement in production process including cultivation, microalgae harvesting, drying, and extraction are anticipated to drive the regional industry growth.
 

Key market participants in the astaxanthin market are BASF, BGG, Cyanotech Corporation, Cardax, DSM, Nippon Oil & Energy Corporation, Fuji Chemical, Divis Laboratories Limited, Otsuka Pharmaceutical Co., Ltd, Lycored Ltd., etc.
 

Technological advancements, product launches, and mergers & acquisitions are among the key strategies employed by key participants in order to gain market share. For instance, in March 2021, Lycored announced to launch oleoresin and microencapsulated beadlet using astaxanthin for serving the increasing product demand in dietary supplements, beverages, and dry mixes.
 

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