New York, US, Jan. 25, 2023 (GLOBE NEWSWIRE) -- Astaxanthin Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), Astaxanthin Market Information by Source, Form, Application, and Region - Forecast till 2028”, the Astaxanthin Market can anticipate thriving at a rate of 7.63% between 2021 and 2028 while reaching USD 1,380.70 million by 2028.
Market Synopsis
Astaxanthin, a reddish-brown pigment, belongs to the group of compounds known as carotenoids. Trout, salmon, shrimp, lobsters, and other shellfish turn red or pink when it naturally exists in a particular type of algae. Recently, interest in synthetic astaxanthin and astaxanthin generated from fungi or yeast has increased dramatically.
Astaxanthin is beneficial for treating a number of chronic conditions and is often taken orally. Macular degeneration, high cholesterol, liver issues, Parkinson's disease, Alzheimer's disease, and Parkinson's disease have all been treated with it.
Recently, the market has become saturated with astaxanthin drugs. Additionally, male infertility, heart problems, and strokes have all been successfully treated with astaxanthin.
Additionally, it might lessen wrinkles and sunburnt skin protection.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2028 | USD 1,380.70 million |
| CAGR | 7.63% |
| Base Year | 2020 |
| Forecast Period | 2021-2028 |
| Historical Data | 2019 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | by Source, Form, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growth of the aquaculture industry |
| increasing focus on preventive healthcare |
Market Competitive Landscape:
The affluent companies in the astaxanthin market include
- Fiskars Group (Finland)
- Husqvarna AB (Sweden)
- Falcon Garden Tools Pvt Ltd. (India)
- Ribe Energy Machinery SL (Spain)
- ILAGA Supplies (Spain)
- Stanley Black & Decker Inc. (US)
- Ingersoll Tillage Group Inc. (Canada)
- Bully Tools Inc. (US)
- Zenport Industries (US)
- Griffon Corporation Inc. (US)
October 2022
The AstaPure Arava, a complete algae complex containing astaxanthin, was introduced by the Israeli company Solabia-Algatech Nutrition. The company is attempting to diversify its line-up of astaxanthin-based goods by introducing the new gummy format. The plant-based gummies are currently offered as a tasty chewy treat with a cherry flavor. Each gummy provides 50 mg of vitamin C and 4 mg of the entire astaxanthin algae complex; it is free of preservatives and artificial colors.
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Market USP Covered:
Market Drivers:
Growing consumer demand for dietary supplements to prevent incurring high hospitalization costs, together with people's increasing awareness of the value of nutrition in leading a healthy lifestyle, may serve as major growth drivers for the astaxanthin market. Natural anti-oxidants like astaxanthin protect human cells from oxidation and inflammation.
Patients who suffer from chronic arthritis can benefit from its anti-inflammatory properties to lessen discomfort in their joints, tendons, and muscles. Basically, the rising incidence of diseases including cancer, diabetes, Alzheimer's, and cardiovascular disorders can increase market size in the years to come.
Regular technological advancements and the growing use of low-cost, cutting-edge technology in astaxanthin production should further promote corporate success. Aside from its useful benefits, astaxanthin's demand is rising in light of the rapid developments in cultural settings supported by omics technologies, new sources, and natural processes.
Market Restraints:
Various astaxanthin substitutes in the market with excellent antioxidant properties are emerging backed by research as well as clinical studies. Another intriguing trend seen in the market can be the rising preference for plant-based alternatives, which can impede the industry growth in the long run.
COVID 19 Analysis
The significant impact of COVID-19 outbreak has had a variety of effects on people's health all across the world. The tremendous social and economic burden on individuals around the world is related to the aftermath. People are suffering from a variety of mental traumas as the major governments implement new frameworks and industries embrace cutting-edge models of expansion to maintain their relevance.
The increase in cases has sparked mental and financial problems around the world, particularly among the elderly. The younger population has also been experiencing difficulties as a result of job losses and is choosing family care to deal with the effects. The creation of a vaccine and the treatment of COVID-19 dominate the conversation, diverting attention from other markets.
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Market Segmentation
By Source
Natural and synthetic materials are the main sources of astaxanthin. Yeast and bacteria, plants, and marine sources are the natural sources examined in the report. The natural source sector accounted for the largest share in 2019 and is forecast to expand faster during the study period. This may be a result of consumers' growing concern over food safety and the ensuing rise in demand for natural ingredients.
By Form
The forms in which astaxanthin is available in the market include dry as well as liquid. The manufacturing of capsules, sports nutrients, feed supplements, tablets, and other products all highlight a significant need for astaxanthin in its dry form. As a result, the market segment now dominates the whole sector. However, in the approaching years, the liquid form market should rise more strongly.
By Application
Food and beverage, personal care, animal feed, pharmaceutical and nutraceutical products, and other industries use astaxanthin extensively. Due to the wide range of uses for astaxanthin in the animal feed industry, the sector has dominated the global market since 2019. In the aquaculture sector, astaxanthin is used as an ingredient in animal feed.
Regional Insights
With the largest share in the astaxanthin industry, Asia Pacific has maintained its position as the global leader since 2019. Due to the exponential rise of astaxanthin's uses in animal feed in China, the market there is expected to grow significantly. Along with increased food consumption, the government is providing more money for the aquaculture industry, which has experienced significant expansion in the area. A large number of wealthy companies with technologically cutting-edge production facilities, such BGG and InnoBio, are present in China, which raises the worth of the market.
Given the rising use of nutraceuticals or functional beverages, Europe is ripe with potential and seen as a desirable place for manufacturers. The use of astaxanthin has increased in the aquaculture sector, in line with the strong support of the government, and is gradually being given the go-ahead by important regulatory organizations like the European Food Safety Agency.
Since 2019, astaxanthin has maintained its strong position as a highly lucrative business in North America. While Canada is simultaneously advancing quickly, the US dominates the North American market. The market in North America, and particularly the US, has gained a lot from the soaring number of awareness campaigns launched by various non-profit organisations, as well as the presence of a sizable pool of illustrious players. Demand is further aided by the booming cosmetics sector and its ascent to prominence as a significant end-user in the area.
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