Global Astaxanthin Market Research Report Forecast to 2028

Astaxanthin Market Forecast till 2028

Market Overview
The global market for astaxanthin is likely to grow at a substantial rate during the forecast period of 2022-2028. A keto carotenoid pigment called astaxanthin is found in microalgae, yeast, trout, shrimp, and other marine life. It gives salmon fish their rosy colour and is most frequently found in salmon. It is primarily employed as an antioxidant and food colourant in a variety of application industries, including food and beverage, animal feed, medicines, nutraceuticals, and personal care.

The primary driver fostering market expansion is astaxanthin's diverse array of applications. Additionally, a growing global emphasis on preventative healthcare is driving astaxanthin sales in the pharmaceutical and nutraceutical sectors. Additionally, there are lucrative potential for producers of natural astaxanthin due to the increased demand for natural components across a variety of application industries. Additionally, the expansion of the aquaculture sector has created opportunities for the market for astaxanthin to increase in the years to come. The Astaxanthin Market, nevertheless, is being constrained by the high cost of astaxanthin production.

Segment Overview
The source, form, application, and regional segments have been used to divide the market for global astaxanthin market. The global market has been divided into natural and synthetic based on the source of astaxanthin. The synthetic segment will comprise the maximum share presently and likely to grow substantially.

The form segment has been divided into liquid and dry. Also, the application segment is segregated into pharmaceutical & nutraceuticals, animal feed, food & beverages, and personal care.

Regional Analysis
The astaxanthin market is segregated into Americas (North and South), Europe, Asia-Pacific, and the rest of the world. North America is expected to overcome the other regional players in terms of market share. The rising production and use of nutraceuticals can be linked to the expansion of the astaxanthin market in the Asia-Pacific region. Drugs are more expensive than nutritional supplements. Additionally, it is anticipated that an increase in the consumption of nutraceuticals would be brought on by an ageing population in a number of Asia-Pacific nations, which will hasten the expansion of astaxanthin. Additionally, astaxanthin is a component of a number of functional foods. The rising per capita disposable income, urbanisation, and increased worries about nutrition insufficiency are all contributing to an increase in the consumption of functional foods across the emerging nations of the Asia-Pacific region. Additionally, many producers of functional foods have begun to increase their output, which is anticipated to further support the expansion of the astaxanthin market in the Asia-Pacific region.

Major Players
Fiskars Group, Ribe Energy Machinery SL, ILAGA Supplies, Husqvarna AB, Falcon Garden Tools Pvt Ltd. and Stanley Black & Decker, Inc. are some of the affluent contenders holding sizeable astaxanthin market share.

COVID 19 Impacts
People's life have been entirely turned upside down by the COVID-19 outbreak, which is growing quickly in cases every day. Different industries are affected by COVID-19 differently. In the midst of the pandemic's pervasive fear and panic, customers are very anxious about monitoring their health. Despite the fact that vaccination rates are continuously rising worldwide, it is now crucial to increase immunity to combat the coronavirus in addition to keeping good hygiene and according to all established medical advice.

Companies Mentioned
Fiskars Group
Ribe Energy Machinery SL
ILAGA Supplies
Husqvarna AB
Falcon Garden Tools Pvt Ltd. and Stanley Black & Decker
Inc.

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