The global astaxanthin
market is foreseen to grow at 8.1%, from USD 623.8 Million in 2021 to USD 1163.2
Million in 2029. Rising consumer inclination toward preventive healthcare &
nutraceuticals, rapid industrialization of the feed industry, increasing demand
for cosmetic products are the factors driving the growth of the global astaxanthin
market. However, high cost of production of natural astaxanthin, lack of R&D
activities in the underdeveloped countries has seen restraint in the market
growth for the estimated period.
Market Definition
What is Astaxanthin?
Astaxanthin is
a red pigment that belongs to a group of chemicals called carotenoids. It
occurs in certain algae and causes the pink-red color in salmon.
Market Overview
The astaxanthin
market research study helps to thoroughly understand the current trend in the
market, competitive analysis of the players in the emerging market. Moreover,
the DRO in the astaxanthin market offers valuable perspicuity and a current
scenario for making the right decision. The research study covers the eminent
players in the market with a detailed analysis of the company and a financial
overview containing their net sales, business mix and geographical reach. It
mainly focuses on the key developments of the products/services offered by the
company in recent years. Besides, we at Zettabyte have the expertise to analyse
the global astaxanthin market player's competitive landscape, helping the
client comprehend their specific strategic growth approaches.
Astaxanthin
Market study by "Zettabyte Analytics" offers details about the market
scope, market segmentation, technological advancement in the Astaxanthin market
and highlights the optimistic, competitive landscape and trends enduring over
the years.
Major players in
the astaxanthin market include Koninklijke Dsm N.V., Basf SE, Cyanotech
Corporation, Otsuka Holdings Co., Ltd., Divi’S Laboratories Ltd., Valensa
International, Fuji Chemical Industries Co., Ltd., Beijing Gingko Group,
Cardax, Inc., Piveg, Inc., Fenchem Biotek Ltd., Algatech Ltd., Supreme
Biotechnologies, Igene Biotechnology Inc., Algamo, Biogenic Co., Ltd., Astamaz
Nz Ltd., Algalif, Algae To Omega, Algae Health Sciences, Inc.
COVID-19 Impact on Global Astaxanthin
Market
The global impact
of COVID-19 has lost millions of lives with a massive cost to the healthcare
system. Moreover, the treatment cost for patients with COVID-19 has also had a
financial impact globally. The impact of COVID-19 on the Astaxanthin Market has
forced the companies to change their sourcing, pricing, and promotion
strategies. The Astaxanthin Market players are seen focusing more on optimizing
the E-commerce networks with the rising innovations in the digital sector,
which are creating new business models for the food and beverage industry
player.
Research Scope
The report
provides market value for the base year 2021 and a yearly forecast from 2022 to
2029 in revenue (USD Million/ Billion). The market for each segment is present
in North America, Europe, Asia Pacific, Latin America, Middle East &
Africa, and the regional basis for the forecast mentioned above.
Key industry
dynamics, regulatory scenarios, major material dynamics and Astaxanthin' future
markets are analyzed to understand their impact on demand for the forecast
period. Growth rates have been estimated using correlation, regression and
time-series analysis.
Market Segmentation
For the purpose
of this report, the global astaxanthin market is segmented on the basis of source,
product type, grade, form, application and region:
Source
|
Natural
|
|
Yeast
|
|
Krill/Shrimp
|
|
Microalgae
|
|
Others
|
Synthetic
|
|
|
Product Type
|
Dried Algae Meal or Biomass
|
Oil
|
Softgel
|
Liquid
|
Others
|
|
|
Grade
|
> 98%
|
95-97%
|
< 94%
|
|
|
Form
|
Powder
|
Liquid
|
|
|
Application
|
Nutraceuticals
|
Cosmetics
|
Aquaculture and AnimalFeed
|
Food
|
Source Outlook:
On the basis of
source, the market is segmented into natural, synthetic.
Figure 1 - Astaxanthin Market, By Source (Market
Size And Forecast By Value - USD Million, 2021 & 2029)