Pune, India, Feb. 25, 2021 (GLOBE NEWSWIRE) -- Astaxanthin Market Overview:
According to Market Research Future (MRFR) experts, the Astaxanthin Market is expected to register a CAGR of 7.7% to reach USD 1,206.52 Million by 2026. Astaxanthin is a keto carotenoid pigment that occurs in microalgae, yeast, trout, shrimp, and other sea creatures. It is commonly found in salmon fish, which gives it a pinkish color. It's most commonly found in Pacific salmon and provides the fish with its pinkish hue and, as an antioxidant, is said to have many health values. It's been linked to heart health, endurance, healthier skin, joint pain and may even be applied in future cancer treatment. As a result of this, astaxanthin finds usages in more than a few industries, counting food and beverages, pharmaceuticals, animal feed, and nutraceuticals.
The burgeoning demand for functional foods and beverages is set to increase with the intensifying numbers of health-conscious residents leading to the Astaxanthin Market surge in recent times. Recently Solabia-Algatech Nutrition launched a cold water-dispersible microencapsulated powder containing 2.5% AstaPure, natural astaxanthin. Obtained from Haematococcus pluvialis microalgae by supercritical CO2, the powder entirely and quickly disperses in cold water in moments. The new formulation is a perfect solution for various ready-to-mix suspensions, supplements, and drinks, including sports drinks and beverages. The unique formulation can help nutritional product manufacturers develop a complete line of products based on AstaPure, with multiple positions and categories.
The global pandemic has reiterated the need to lift immunity to fight coronavirus and preserve hygiene and keep on all medical advisories that have been instituted. This has increased the intake of functional foods and supplements among the population and is anticipated to boost the astaxanthin market's progress in the coming years. The extensive application range of astaxanthin, synthetic and natural, is among the chief factors compelling the global market's growth. The aquaculture industry's growth is another determinant of astaxanthin's sale in the animal feed industry. Biomedican, a fermentation specialist, plans to spin off a subsidiary focused on astaxanthin manufacture via a bioengineered yeast. The novel company, named SciFeed, plans to manufacture astaxanthin aimed primarily at the animal feed additive market. The market for this additive has been overshadowed by chemically synthesized additives, which can be produced at a lower cost.
Surging demand for natural astaxanthin is expected to create profitable growth opportunities for the vendors active in the global astaxanthin market. However, the high cost of astaxanthin production from different natural sources hinders the development of the astaxanthin market. NextFerm Technologies Inc., an Israeli business, has raised USD 9.2 million in an initial public offering on the Tel Aviv stock exchange. The IPO reportedly pegged the company's value at USD 31.2 million. NextFerm also reportedly solicited an additional USD 918,000 from a set of existing investors.
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Key Players Locking Horns:
- Cardax, Inc. (US)
- BASF SE (Germany)
- Alga Technologies (Israel)
- Archer-Daniels-Midland Company (US)
- Koninklijke DSM N.V. (Netherlands)
- Cyanotech Corporation (US)
- Beijing Gingko Group (China)
- Fuji Chemical Industries Co., Ltd (Japan)
- Fenchem (China)
- Otsuka Holdings Co., Ltd (Japan)
BGG, a prominent astaxanthin supplier, has stated a novel patent that further increases the carotenoid's cardiovascular health applications and nutritious aging. BGG supported its patent application with a study conducted on runners published in the open-access journal ECronicon in 2017.BGG, through its algae production subsidiary Algae Health Science, has been expanding its production capacity at its facility in Yunnan Province in southwestern China. The first phase of the extension was scheduled to have been accomplished in 2020, though the pandemic's effect on that plan is unknown. When the remainder of the closed tube facility's development is finalized this year, the company disclosed its manufacture volume would have more than amplified.
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Market Segmentation:
The natural segment based on the source is anticipated to hold a higher market share in the forecast period. The animal feed segment accounted for the major share in 2019 and is projected to expand at an extensive CAGR and touch USD 718.5 million by the conclusion of 2026. Astaxanthin has been conventionally used as an animal feed additive, principally in the aquaculture industry. In the aquaculture industry, astaxanthin is usually used as a stabilizer in formulated aquafeed to encourage and advance muscle color in salmon and shrimps. However, the food & beverages segment is anticipated to display the forecast period's maximum CAGR. Algalif, an Icelandic astaxanthin producer, has declared a €22m expansion to its manufacturing facilities in a series of investments that build on 2019's manufacturing promotions to meet the intensifying need globally. The investment looks to triple production numbers from over 1,500 kilograms (kg) to 5,000 kilograms of astaxanthin per year, when the new facility is expected to be operational in 2022. The investment closely shadows a similar series of advancements to raise downstream capacity and help algae ingredients, and product formats progress. The decision to expand production capabilities draws on the swelling demand for this naturally occurring algae-based carotenoid that has seen the haematococcus pluvialis market projected to grow. Additional research has suggested aids for the immune system; cardiovascular care as well as anti-aging properties.
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Regional Status and Challenges:
The Asia Pacific astaxanthin market reported for the principal market share of 32.39% of the worldwide market in 2019. The evolution of the astaxanthin market in the Asia Pacific can be accredited to the increasing production and intake of nutraceuticals and the massive animal feed market in the region. Europe is an appealing region for the producers of astaxanthin. One of the significant factors is the increasing consumption of functional beverages or nutraceuticals, which is exceptionally high in European countries. North America also accounted for a substantial segment of the astaxanthin market in 2019. In the North American astaxanthin market, the U.S. is projected to retain its authority in the forecast period.
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