The Astaxanthin Market was valued at USD 620.6 Million in 2020. It is projected to grow at a CAGR of 3.5 % from 2020, to reach a projected value of USD 765 million by 2027. The consistent growth in the demand for astaxanthin particularly from the food industry is expected to boost the growth of the astaxanthin market during the forecast period. In the past few decades, astaxanthin is increasingly being used as a food additive, owing to health benefits, including anti-inflammatory effects, improved immunity, and prevention of cerebrovascular and cardiovascular diseases, among others. Over the past decade, several studies have revealed that astaxanthin can play an important role in preventing photoaging, improving sleep, minimizing obesity, protecting vocal cord, combating depression, and increase sperm motility, among others.
The demand for astaxanthin from the food industry is on the rise, as it is increasingly being used as a food-colouring agent, an antioxidant to preserve the taste, colour, freshness, and quality of food items. Traditionally, astaxanthin was predominantly used to retain the nutrients of the food from damage, enhance sensory aspects, and improving the overall appeal of food products. Within Europe, astaxanthin has attained approval as an essential raw material to develop dietary supplements. However, due to the instability of astaxanthin, it is vulnerable to degradation by a host of environmental factors, research activities continue to focus on this area within the astaxanthin market.
Within the astaxanthin market, the adoption levels from the aquaculture industry continue to move in the upward trajectory. The demand for astaxanthin from aquaculture is on the rise, as astaxanthin plays an essential role in improving the survivability and reproductivity of aquatic species. Moreover, another factor that is set to increase the demand for natural astaxanthin is the inability of marine animals and crustaceans to self-synthesize astaxanthin. The demand for natural astaxanthin that is largely sourced from yeast, bacteria, and algae is increasingly, particularly from the industrial sector.
Astaxanthin sourced form algae, synthetic and bacterial sources is generally recognized safe by GRAS. The FDA has issued consent for an increase in the daily serving for astaxanthin form 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.
High production cost with extraction process are the prime factors for product high price trends. Stringent guidelines regarding the product usage in straight human consumption products is another issue negatively impacting the astaxanthin market growth.
Key players in the astaxanthin market include Koninklijke DSM N.V. (Netherlands), BASF SE (Germany), Cyanotech Corporation (US), Otsuka Pharmaceutical Co., Ltd. (Japan), Valensa International (US), Fuji Chemical Industries Co. (Japan), Divis Laboratories Ltd. (India). BASF offers astaxanthin products under its brand, Lucantin, wherein variants of different concentrations are developed to cater to the aquaculture feed application.
North America dominated the overall market in 2020 due to the presence of awareness programs by non-profit organizations, and the existence of the key market players. For instance, Natural Algae Astaxanthin Association (NAXA) is focused on increasing awareness about astaxanthin usage. Hence, such organizations are estimated to rise the regional market share.
Asia Pacific, on the other hand, is estimated to witness significant growth over the forecast period. The presence of key manufacturers in China with technologically advanced operating facilities including InnoBio and BGG is estimated to drive the market in this region. In addition, growing awareness about astaxanthin among healthcare professionals, the existence of a large population suffering from nutritional deficiency, and a flourishing cosmeceutical industry that uses organic resources are some other key factors propelling the market growth.
Report : Astaxanthin Market - By Source (Natural Source, Petroleum (Synthetic)), By Application (Feed, Supplements, Food, Cosmetics), By Method of production (Microalgae Cultivation, Fermentation, Extraction, Chemical Synthesis) and By Region (North America, Asia Pacific, Europe, Middle East & Africa and Latin America) - Industry Analysis, opportunity and Forecast 2020 To 2027