The global Astaxanthin Market is expected to reach USD 2.57 billion by 2025, according to a new report by Grand View Research, Inc. Adoption of advanced technologies in various stages of natural astaxanthin production, such as microalgae harvesting, cultivation, extraction, and drying, have been major factors driving market growth. Moreover, awareness about health benefits, safety, and potential uses of astaxanthin is another driving force.
Rising geriatric population is estimated to result in an increase in the demand for cosmetics such as antiageing creams and antioxidant products for improving aesthetic appeal. Astaxanthin has been reported in many studies for its high antioxidant and skin-friendly properties. Due to this, many cosmeceutical manufacturers and wellness spa owners are using it in new products and associated therapies, which is also estimated to drive demand.
Naturally produced astaxanthin dominated the production technology segment with a market share of 52.4% in 2016, owing to increasing awareness about its health benefits, safety, and multifunctionality.
Microalgae is estimated to be one of the largest and fastest growing natural source, owing to increasing use of H. pluvialis for production of high-grade astaxanthin
Adoption of technologically advanced procedures for manufacturing natural astaxanthin with less contamination and maximum yield is expected to fuel market growth
Dried algae meal or biomass held the largest market share by type of product in 2016 due to low production cost and high use in aquaculture and as animal food
Softgel capsules containing astaxanthin oil or powder are rapidly gaining acceptance as oral nutraceutical, and this is expected to fuel demand.
Based on application, aquaculture and animal feed dominated the market in 2016 with revenue of USD 220.0 million, owing to its increased usage in coloring fish and trout for quality enhancement
On the other hand, nutraceuticals are expected to witness lucrative growth over the forecast period due to factors such as high nutritional value, antioxidant properties, and low adverse effects
North America held the largest market share by region in 2016. Key factors for that can be attributed to its dominance are local presence of key manufacturers, increasing base of health-conscious population, and flourishing nutraceutical industry
Supportive government regulations, growth in population with nutritional deficiencies, and increasing liquidity in developing countries are key drivers anticipated to provide high growth opportunities to the Asia Pacific region.
Some of the major players of the astaxanthin market are Alga Technologies; Cyanotech Corporation; Fuji Chemicals Industry Co., Ltd.; BlueOcean NutraSciences, Inc.; MicroA AS; Fenchem; EID Parry (India) Ltd.; Beijing Gingko Group (BGG); Heliae Development, LLC; IGENE Biotechnology, Inc.; and JX Nippon Oil and Energy Corporation.