The new report by Expert Market Research titled, ‘Global Astaxanthin Market Growth, Share, Demand, Report and Forecast 2022-2027’, gives an in-depth analysis of the global astaxanthin market, assessing the market based on its segments like products, sources, applications, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
Astaxanthin Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2017-2027)
• Forecast CAGR (2022-2027): 16.2%
Astaxanthin is increasingly used as a nutritional supplement in foods, feeds, pharmaceuticals, and nutraceuticals. These applications are expected to contribute to the market growth. High demand for nutraceuticals due to their antioxidant properties and increased demand in the aquaculture and animal feed industry are the key factors propelling the market growth.
The rising awareness of nutritional products among people and their preference for dietary supplements as a result of the high expense of hospitalisation are expected to fuel demand for nutraceuticals and natural antioxidants. Moreover, the COVID-19 outbreak has augmented the demand for nutraceutical goods, which is projected to drive the market growth throughout the forecast period.
Astaxanthin Market Industry Definition and Major Segments
The Astaxanthin, a xanthophyll carotenoid, is a dark-red, fat-soluble pigment. It is the most abundant carotenoid found in algae and aquatic animals. Astaxanthin can be found in a variety of seafood.
The market is classified into:
1.1 Dried Algae Meal or Biomass
1.2 Oil
1.3 Softgel
1.4 Liquid
1.5 Others
The market is segmented into
2.2 Natural
2.3 Synthetic
The market is divided into:
3.1 Aquaculture and Animal Feed
3.2 Nutraceuticals
3.3 Cosmetics
3.4 Food
3.5 Others
The market is segmented into:
4.1 North America
4.2 Europe
4.3 Asia Pacific
4.4 Latin America
4.5 Middle East and Africa
Astaxanthin Market Trends
The increased adoption of novel technologies over the forecast period to expand astaxanthin production is expected to propel the market growth.To fulfill the rising demand without sacrificing quality or production, companies are implementing technologically advanced systems.
Key Market Players
The major players in the market are Algatech Ltd., Cyanotech Corporation, Fuji Chemical Industries Co., Ltd., CO2 GRO Inc., MicroA, E.I.D. – Parry (India) Limited, and Beijing Gingko Group, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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