Astaxanthin Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Astaxanthin Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global astaxanthin market is projected to register a CAGR of 7.8% during the forecast period (2020 - 2025).

Key Highlights

• The demand for astaxanthin is expected to increase, due to its multiple applications in pharmaceutical, nutraceuticals, and feed industries, among others. Also, the unique color and properties associated with astaxanthin have led to its increased use in commercial aquacultures, food coloring, and others.
• Astaxanthin is primarily derived from Haematococcus Pluvialis microalgae, as it carries the highest level of the astaxanthin and is relatively more sustainable than other sources.

Key Market TrendsExtensive Use of Astaxathin in Animal Feed and Aquaculture

The demand for astaxanthin, as a pigment coloring medium for aquafeed, is augmented by the support provided by governments for aquaculture, along with the consent given by international food and feed regulation bodies, like the European Food Safety Agency, Canadian Food Inspection Agency, and the US Food and Drug Administration. The demand for astaxanthin, as a pigment coloring medium for aquafeed, is augmented by the support provided by governments for aquaculture, along with the consent given by international food and feed regulation bodies, like the European Food Safety Agency, Canadian Food Inspection Agency, and the US Food and Drug Administration. The demand for astaxanthin, as a pigment coloring medium for aqua feed, is augmented by the support provided by governments for aquaculture, along with the consent given by international food and feed regulation bodies, like the European Food Safety Agency, Canadian Food Inspection Agency, and the US Food and Drug Administration.

Asia Pacific Holds A Significant Share

The Asia Pacific is observed to provide great opportunities for astaxanthin players, due to its following attributes- the presence of highly proactive consumers, with respect to personal wellness, large aging population, leading to several opportunities for healthy-aging ingredients, rapidly changing market conditions, particularly the sales growth through online channels in Southeast Asia, presenting inexpensive entry into this market. The investments made by several global astaxanthin companies to increase their presence and reach in the region. For instance, the Icelandic-based astaxanthin ingredient and supplements producer Algalif (Reykjanesbaer), introduced its new IceCaps astaxanthin softgels and its current Icelandic Harvest brand of finished astaxanthin dietary supplements in the Asia-Pacific countries, in June 2018.

Competitive Landscape

The global astaxanthin market has many players and is highly competitive. The market is dominated by key global players; however, there is a significant presence of the regional players.. Leading manufacturers in the astaxanthin market focus to leverage opportunities posed by emerging markets of Asia-Pacific, like China and India, to expand their revenue base. The key brands are embarking on expansions, mergers and acquisitions, and new product development as some of their key strategies to enhance growth through investing, consolidating, and optimizing their offerings, respectively. Major players in the market are AstaReal Holdings Co. Ltd, KeyNatura, and BGG (Beijing Ginko Group), among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

BGG (Beijing Ginko Group)
Fuji Chemical Industries Co. Ltd
Cyanotech Corporation
Koninklijke DSM NV
BASF SE
Murugappa Group (Valensa International)
JXTG Group

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.