The Global Astaxanthin Market was worth USD 588 million in 2016 and estimated to be growing at a CAGR of 7.67%, to reach USD 850 million by 2021.
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Astaxanthin is a keto-carotenoid which is colourful, liquid soluble pigment.
It is found in many natural sources such as salmon, trout, microalgae, yeast, krill, shrimp, crayfish and crustaceans among others.
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While Astaxanthin is a naturally available component of diet, it is also used as a food supplement.
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It is generally used for animal, human and aquaculture consumption. It is widely available in red-coloured aquatic foods.
The primary source of Astaxanthin in aquatic food sources is algae. In species like shell fish, it is concentrated in the shells while it is also available in flesh at lower concentrations.
However, most of the commercially available Astaxanthin is produced synthetically.
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The driving factors of global Astaxanthin market are adoption of advanced technologies during various stages of the production of Astaxanthin such as cultivation, extraction, microalgae harvesting, extraction and drying, growing geriatric population and rising demand for cosmetic products like antioxidant creams and anti-ageing creams among others. Astaxanthin has been found in many studies to be skin-friendly as it offers various advantages.
Because of this, it is being used extensively by cosmeceutical manufacturers and wellness spa owners.
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The global Astaxanthin market is segmented
- yeast and microbes
- animal feed
By method of production
- microalgae cultivation
- chemical synthesis
In the Astaxanthin market, petroleum segment has the largest market by share and microalgae is expected to be the fastest growing segment.
The Global Astaxanthin market is divided based on geography into North America, Latin America, Asia-Pacific, Middle East and Africa and Europe. North America has the largest market for Astaxanthin in the world, which is followed by Asia Pacific and Europe regions.
Asia Pacific region is expected to have the fastest growth rate during the forecast period owing to rising production in developing countries like China.
Some of the major players in the market are Koninklijke DSM N.V. (Netherlands), BASF SE (Germany), Cyanotech Corporation (U.S.), Otsuka Pharmaceutical Co., Ltd.
(Japan), Valensa International (U.S.), Fuji Chemical Industries Co., Ltd. (Japan), Divis Laboratories (India), Beijing Ginko Group (China), Igene Biotechnology, Inc.
(U.S.), Piveg, Inc. (U.S.), Fenchem Biotek Ltd. (U.S.), Algatechnologies (Israel), Cardax, Inc.
(U.S.), and Supreme Biotechnologies (U.S.).
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