Astaxanthin Market

Astaxanthin Market by Source (Natural, Synthetic), Form (Dry, Liquid), Method of Production (Microalgae Cultivation, Chemical Synthesis, Fermentation), Application (Dietary Supplements, Food & Beverages, Cosmetics), and Region - Global Forecast to 2026

Report Code: FB 5254 Aug, 2021, by marketsandmarkets.com

[230 Pages Report] The astaxanthin market was valued at USD 598.9 million in 2020 and is expected to grow from an USD 647.1 million in 2021 to USD 965.8 million by 2026, at a CAGR of 8.3% during the forecast period. Astaxanthin can be produced naturally or synthetically. Regardless of its abundant presence in natural sources, the traditional method of producing astaxanthin comprises chemical synthesis from petrochemicals. However, due to the recent shift in the global market toward “all-natural ingredients,” natural sources such as algae, yeast, and marine animals are increasingly utilized for the production of astaxanthin. Synthetic astaxanthin dominates the market as the product is economical as compared to naturally derived astaxanthin. However, despite its high cost, the natural astaxanthin market is growing at an exponential rate and is expected to overtake the market of its synthetic counterpart.

Astaxanthin Market

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Astaxanthin Market Dynamics

Drivers: Increasing demand for cosmetics products

There has been a significant increase in the global cosmetic industry as a result of the rising spending power of consumers across the globe. This growth is majorly seen in developing countries such as China, India, and Brazil. The demand for skin whitening products and the growing consumption of cosmetics in the rural and semi-urban areas are the major driving factors for the cosmetic industry in these countries. The trend of nutricosmetics and cosmeceuticals is gaining popularity, specifically in developed countries such as the US Canada.

Additionally, consumers across the globe are becoming more aware of nutritional products that contribute to skin health and disease prevention.

Restraints: Lack of R&D activities in under developed countries

The lack of research and development in African countries such as South Africa, Egypt, and Nigeria has led to low adoption of astaxanthin in these regions. European countries such as UK and Spain witness the highest carotenoid consumption. There is an increase in product innovation and exploration of new applications of carotenoids in the region. However, the penetration is significantly low, and no R&D activities are carried out to improvise the techniques for extracting astaxanthin in the underdeveloped countries in Africa. Hence, most key players associated with the astaxanthin market do not have production facilities in the region.

The standard of living of the people is low in underdeveloped countries such as Bangladesh and Cambodia, which does not enable the people to spend more on healthcare and supplements to improve their health, and the awareness levels regarding the benefits of using astaxanthin are also low in these regions.

Opportunities: Government initiatives to support aquaculture

The aquaculture industry is growing due to various initiatives undertaken by the governments of distinguished countries worldwide. For instance, in India, the Ministry of Agriculture is responsible for the planning, monitoring, and funding of centrally sponsored developmental schemes related to fisheries and aquaculture in all Indian states. It provides an opportunity for the Indian aquaculture industry to focus on enhancing the country’s aquaculture sector. For instance, Pradhan Mantri Matsya Smapada Yojana (PMMSY) aims to upkeep the aquaculture industry and augment production; it also includes an export approach to help double farmers' income. This kind of initiatives provide support and flexibility to manufacturers in the aquafeed industry and provide them the opportunity to further expand globally. Aquaculture is the largest market for astaxanthin, wherein the growth of aquafeed is expected to directly result in the growth of the astaxanthin market.

Challenges: Risks associated with adulteration and clean label requirements

The concern about adulteration in astaxanthin has become a major challenge for the astaxanthin market. Adulterated astaxanthin is extremely dangerous for animals, humans, and the environment. Unlike plants, animals cannot independently synthesize astaxanthin and depend on food for its intake. Not adding proper nutrients to the feed and food products can prove fatal to animals and humans, respectively. The rate of adulteration of astaxanthin, specifically in North America, is increasing. Synthetic astaxanthin sold in the US is made from petrochemicals or genetically mutated yeast, and it is dangerous for human consumption. Additionally, natural astaxanthin might be very challenging to grow as it is labor-intensive and has a rather expensive process of production from microalgae. Astaxanthin is a high-valued product whose demand is increasing significantly in the region. Due to this, adulterated products are being sold in the market to gain profits. Thus, adulteration poses a significant challenge to the growth of the astaxanthin market. Clean-label requirements are essential in food-grade products, and as astaxanthin is used in combination with other ingredients, it cannot get the clean label, which acts as a setback to its growth in the food and supplements market.

The delevopment in retail industry is driving the astaxanthin market.

The retail food industry witnessed significant growth among consumers over the past few years globally. The growth in the Asian market is attributed to foreign direct investment, domestic conglomerates, and government investments. According to the India Brand Equity Foundation (IBEF), the Indian retail industry is one of the fastest-growing industries in the world. This market was valued at USD 672 billion in 2017 and is projected to reach USD 1,200 billion in 2021. The relationships between the retail, food processing, and logistics sectors have witnessed significant growth, facilitating the easy availability of a wide range of products to rural towns.

The development of retail channels in the form of supermarkets, hypermarkets, and convenience stores, has encouraged the growth of the astaxanthin market globally. These large food chains are the major outlets for functional food products, which are generally rich in astaxanthin due to the increase in on-the-go consumption. With this, supermarkets are also able to capture their share in the astaxanthin market. This trend is projected to drive the market demand for astaxanthin over the next few years.

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Scope of the Report

Report Metric

Details

Market size estimation

2016–2026

Base year considered

2020

Forecast period considered

2021–2026

Market size value in 2021

USD 647.1 million

Revenue forecast in 2026

USD 965.8 million

Growth rate

CAGR of 8.3% from 2021 to 2026

Units considered

Value (USD) & Volume (Tons)

Segments covered

Sources, forms, methods of production, applications, and regions.

Regions covered

North America, Asia Pacific, Europe, and RoW

Companies studied

  • Koninklijke DSM N.V. (the Netherlands)
  • BASF SE (Germany)
  • Cyanotech Corporation (US)
  • Otsuka Holdings Co. Ltd. (Japan)
  • Divi’s Laboratories Ltd. (India)
  • Valensa International (US)
  • Fuji Chemical Industries Co. Ltd. (Japan)
  • Beijing Gingko Group (China)
  • Cardax, Inc. (Denmark)
  • Piveg, Inc. (US)
  • Fenchem Biotek Ltd. (China)
  • Algatech Ltd. (Israel)
  • Supreme Biotechnologies (New Zealand)
  • Igene Biotechnology Inc. (US)
  • Algamo (Czech Republic)
  • Biogenic Co., Ltd. (Japan)
  • Astamaz NZ Ltd. (New Zealand)
  • Algalif (Iceland)
  • Algae to Omega (US)
  • Algae Health Sciences, Inc. (US)

Chemically synthesized astaxanthin dominated the market, accounting for a share of 44.0% in 2020

Astaxanthin synthesized chemically as hydroxyl-astaxanthin from petrochemicals. Various strategies are used for synthetic production. However, the oldest and most widely used is the Wittig reaction of two C15-phosphonium salts with a C10-dialdehyde. Synthetic astaxanthin contains the 3S,3S, 3R,3S, and 3R,3R isomers. It is not esterified, while natural astaxanthin mostly occurs in esterified form or a complex with proteins or lipids. Astaxanthin produced by chemical synthesis is the most economical but is not considered fit for human consumption as it liberates toxic greenhouse gases and harmful byproducts, despite the high demand for synthetic astaxanthin for aquaculture and animal consumption.

The fermentation segment, by method of production, is projected to witness a significant CAGR of 8.1% during the forecast period.

The production of astaxanthin on an industrial scale through Phaffia rhodozyma/Xanthophyllomyces dendrorhous (yeast) using the microbial fermentation process is one of the important methods to produce astaxanthin, after microalgae cultivation. A major advantage of this organism is its quick growth and high cell density, which makes the production process fast and economical. Natural astaxanthin produced from the yeast, Phaffia rhodozyma is widely used in the aquaculture of fish and shellfish.

Astaxanthin produced through the fermentation of yeast can be produced efficiently using low-cost raw materials from industrial and agricultural origins, such as sugarcane juice and diluted urea. The use of inexpensive raw materials reduces the cost of production. These raw materials are adopted to get maximum astaxanthin productivity from an industrial perspective.

Astaxanthin Market by Region

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The North America is projected to register a fastest growth of CAGR of 9.7% by 2026.

The North American astaxanthin market is largely driven by the US industry, which accounted for a regional share of nearly 72.9% in terms of value in 2020. The North American astaxanthin market is driven by several factors, such as growth in the industrial application of astaxanthin in the nutraceutical industry for the production of various drugs that help in the treatment of chronic diseases. The use of astaxanthin in medical applications is also gaining popularity in the region on account of rising health benefits offered by the product, such as high protein and calcium and the antioxidant properties present in astaxanthin.

Key Market Players

The key service providers in this market include Koninklijke DSM N.V. (the Netherlands), BASF SE (Germany), Cyanotech Corporation (US), Otsuka Holdings Co. Ltd. (Japan), Divi’s Laboratories Ltd. (India), Valensa International (US), Fuji Chemical Industries Co. Ltd. (Japan), Beijing Gingko Group (China), Cardax, Inc. (Denmark), Piveg, Inc (US), Fenchem Biotek Ltd. (China), Algatech Ltd. (Israel), Supreme Biotechnologies (New Zealand), Igene Biotechnology Inc. (US), Algamo (Czech Republic), Biogenic Co. Ltd. (Japan), Astamaz NZ Ltd. (New Zealand), Algalif (Iceland), Algae to Omega (US), and Algae Health Sciences (US).

The astaxanthin market report categorizes into the following segments: sources, forms, methods of production, applications, and regions.

Target Audience

  • Astaxanthin manufacturers
  • Food ingredient manufacturers
  • Astaxanthin importers and exporters
  • Raw material suppliers
  • Astaxanthin processors
  • Regulatory bodies
    • Organizations such as the US Food and Drug Administration (FDA)
    • United States Department of Agriculture (USDA)
    • European Food Safety Agency (EFSA)
    • EUROPA
    • Natural Algae Astaxanthin Association
    • Codex Alimentarius
    • Food Safety Australia and New Zealand (FSANZ)
    • Government agencies
  • Intermediary suppliers, such as traders, distributors, and suppliers of astaxanthin and end products
  • End users
By Source
  • Natural
  • Plants
  • Yeast & microbes
  • Marine animals
  • Synthetic (Petroleum)
By Form:
  • Dry
  • Liquid
By Method of Production
  • Microalgae cultivation
  • Fermentation
  • Extraction
  • Chemical synthesis
By Application
  • Feed
  • Dietary supplements
  • Food & beverages
  • Cosmetics
By Region
  • North America
  • Europe
  • Asia Pacific
  • Rest of the World (RoW) (South America, Middle East & Africa)

Recent Developments

  • In October 2020, Cyanotech Corporation launched a water-dispersible powder form of BioAstin, available in both 1% and 2% concentrations. It is free-flowing and dispersible in either hot or cold water. It is ready to be incorporated into drink powder mixes and ready-to-drink beverages, teas, fruit juices, and carbonated beverages.
  • In May 2019, Algatech Ltd. launched a micro-encapsulated natural astaxanthin powder that is formulated for vision and brain health. This would help the company cater to new segments, strengthening its market presence..
  • In May 2018, Algatech Ltd. partnered with Sphera to develop innovative functional ingredient formats. This partnership will focus first on the development of new delivery forms of ingredients derived from microalgae.
  • In August 2018, BASF Animal Nutrition launched its Lucantin NXT product line in the EU 28 market. This product delivers high homogeneity, outstanding stability, and long-shelf-life while maintaining egg yolk and broiler skin coloring efficacy.

Frequently Asked Questions (FAQ):

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TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 28)
    1.1 OBJECTIVES OF THE ASTAXANTHIN MARKET STUDY
    1.2 ASTAXANTHIN MARKET DEFINITION
    1.3 STUDY SCOPE
           FIGURE 1 ASTAXANTHIN MARKET SEGMENTATION
           1.3.1 INCLUSIONS AND EXCLUSIONS
    1.4 REGIONS COVERED
    1.5 PERIODIZATION CONSIDERED
    1.6 CURRENCY CONSIDERED
           TABLE 1 USD EXCHANGE RATES, 2016–2020
    1.7 VOLUME UNIT CONSIDERED
    1.8 STAKEHOLDERS
    1.9 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY (Page No. - 34)
    2.1 RESEARCH DATA
           FIGURE 2 ASTAXANTHIN MARKET: RESEARCH DESIGN
           2.1.1 SECONDARY DATA
                    2.1.1.1 Key data from secondary sources
           2.1.2 PRIMARY DATA
                    2.1.2.1 Key industry insights
                    2.1.2.2 Breakdown of primary interviews
                               FIGURE 3 BREAKDOWN OF PRIMARY INTERVIEWS BY COMPANY TYPE, DESIGNATION, AND REGION
    2.2 ASTAXANTHIN MARKET SIZE ESTIMATION
           FIGURE 4 ASTAXANTHIN MARKET SIZE ESTIMATION – SUPPLY SIDE (1/2)
           FIGURE 5 ASTAXANTHIN MARKET SIZE ESTIMATION – SUPPLY SIDE (2/2)
           FIGURE 6 ASTAXANTHIN MARKET SIZE ESTIMATION – DEMAND SIDE
           2.2.1 ASTAXANTHIN MARKET SIZE ESTIMATION: BOTTOM-UP APPROACH
                    FIGURE 7 ASTAXANTHIN MARKET SIZE ESTIMATION: BOTTOM-UP APPROACH
           2.2.2 ASTAXANTHIN MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH
                    FIGURE 8 ASTAXANTHIN MARKET SIZE ESTIMATION: TOP-DOWN APPROACH
    2.3 DATA TRIANGULATION
           FIGURE 9 DATA TRIANGULATION
    2.4 ASSUMPTIONS FOR THE STUDY
    2.5 RESEARCH LIMITATIONS & ASSOCIATED RISKS
    2.6 ASTAXANTHIN MARKET SCENARIOS CONSIDERED FOR THE IMPACT OF COVID-19
           2.6.1 SCENARIO-BASED MODELING
    2.7 COVID-19 HEALTH ASSESSMENT
           FIGURE 10 COVID-19: GLOBAL PROPAGATION
           FIGURE 11 COVID-19 PROPAGATION: SELECT COUNTRIES
    2.8 COVID-19 ECONOMIC ASSESSMENT
           FIGURE 12 REVISED GROSS DOMESTIC PRODUCT FORECASTS FOR SELECT G20 COUNTRIES IN 2020
           2.8.1 COVID-19 ECONOMIC IMPACT—SCENARIO ASSESSMENT
                    FIGURE 13 CRITERIA IMPACTING GLOBAL ECONOMY
                    FIGURE 14 SCENARIOS IN TERMS OF RECOVERY OF GLOBAL ECONOMY

3 EXECUTIVE SUMMARY (Page No. - 51)
    TABLE 2 ASTAXANTHIN MARKET SNAPSHOT, 2021 VS. 2026
    FIGURE 15 IMPACT OF COVID-19 ON THE ASTAXANTHIN MARKET SIZE, BY SCENARIO, 2020 VS. 2021 (USD MILLION)
    FIGURE 16 ASTAXANTHIN MARKET SIZE, BY APPLICATION, 2021 VS. 2026 (USD MILLION)
    FIGURE 17 ASTAXANTHIN MARKET SHARE (VALUE), BY FORM, 2021 VS. 2026
    FIGURE 18 ASTAXANTHIN MARKET SIZE, BY SOURCE, 2021 VS. 2026 (USD MILLION)
    FIGURE 19 ASTAXANTHIN MARKET SIZE, BY METHOD OF PRODUCTION, 2021 VS. 2026 (USD MILLION)
    FIGURE 20 ASTAXANTHIN MARKET SHARE (VALUE), BY REGION, 2020

4 PREMIUM INSIGHTS (Page No. - 57)
    4.1 ATTRACTIVE OPPORTUNITIES IN THE GLOBAL ASTAXANTHIN MARKET
           FIGURE 21 GROWING HEALTH AWARENESS REGARDING ANTIOXIDANT PROPERTIES AMONG CONSUMERS TO DRIVE THE DEMAND FOR ASTAXANTHIN
    4.2 ASTAXANTHIN MARKET, BY KEY COUNTRY
           FIGURE 22 US TO BE THE FASTEST-GROWING MARKET DURING THE FORECAST PERIOD
    4.3 ASIA PACIFIC: ASTAXANTHIN MARKET, BY SOURCE & KEY COUNTRY
           FIGURE 23 SYNTHETIC SEGMENT AND CHINA TO ACCOUNT FOR THE LARGEST SHARES OF THE ASIA PACIFIC MARKET IN 2020
    4.4 ASTAXANTHIN MARKET, BY APPLICATION & REGION
           FIGURE 24 FEED APPLICATIONTO DOMINATE THE MARKET ACROSS ASIA PACIFIC IN 2020
    4.5 ASTAXANTHIN MARKET, BY FORM & REGION
           FIGURE 25 LIQUID FORM TO BE THE FASTER-GROWING SEGMENT DURING THE FORECAST PERIOD
    4.6 COVID-19 IMPACT ON THE ASTAXANTHIN MARKET
           FIGURE 26 CHART OF PRE & POST-COVID SCENARIOS IN THE ASTAXANTHIN MARKET

5 MARKET OVERVIEW (Page No. - 61)
    5.1 INTRODUCTION
    5.2 MACROECONOMIC INDICATORS
           5.2.1 DEVELOPMENT IN THE RETAIL INDUSTRY
                    FIGURE 27 RETAIL MARKET SIZE IN INDIA, 2021 (USD BILLION)
                    FIGURE 28 AUSTRALIA: RETAIL SALES OF FUNCTIONAL AND FORTIFIED FOOD PRODUCTS, 2018–2022 (USD MILLION)
                    FIGURE 29 ONLINE RETAIL MARKET SIZE IN INDIA, 2021 (USD BILLION)
           5.2.2 RISE IN THE NUMBER OF DUAL-INCOME HOUSEHOLDS
           FIGURE 30 US: EMPLOYMENT STATUS OF PARENTS WITH CHILDREN UNDER 18 YEARS, 2020
    5.3 MARKET DYNAMICS
           FIGURE 31 ASTAXANTHIN MARKET DYNAMICS
           5.3.1 DRIVERS
                    5.3.1.1 Rising consumer inclination toward preventive healthcare & nutraceuticals
                               FIGURE 32 WORLD HEALTH PER CAPITA EXPENDITURE, 2006-2018 (USD THOUSAND)
                               FIGURE 33 HEALTH EXPENDITURE: US VS. OTHER COUNTRIES, 2006-2018, (AS PERCENTAGE OF GDP)
                    5.3.1.2 Rapid industrialization of the feed industry
                               FIGURE 34 FEED CONSUMPTION SHARE (VOLUME), BY LIVESTOCK TYPE, 2018
                    5.3.1.3 Increasing demand for cosmetic products
                               FIGURE 35 ANNUAL GROWTH OF THE GLOBAL COSMETIC MARKET (PERCENTAGE), 2010-2019
           5.3.2 RESTRAINTS
                    5.3.2.1 High cost of production of natural astaxanthin
                    5.3.2.2 Lack of R&D activities in the underdeveloped countries
           5.3.3 OPPORTUNITIES
                    5.3.3.1 Government initiatives to support aquaculture
                               FIGURE 36 WORLD FISHERIES AND AQUACULTURE PRODUCTION (MILLION TONNES), 2010-2018
                    5.3.3.2 Growing demand for natural antioxidants
                    5.3.3.3 Growing demand for astaxanthin in the pharmaceutical industry
           5.3.4 CHALLENGES
                    5.3.4.1 Risks associated with adulteration and clean label requirements
                    5.3.4.2 Stringent government regulations in developed countries
    5.4 IMPACT OF COVID-19 ON THE ASTAXANTHIN MARKET DYNAMICS
           5.4.1 COVID-19 BOOSTS THE DEMAND FOR HIGH-QUALITY AND PREMIUM FOOD & BEVERAGES PRODUCTS
           5.4.2 COVID-19 IMPACT ON RAW MATERIAL AVAILABILITY AND SUPPLY CHAIN DISRUPTION
           5.4.3 COVID-19 TO SHIFT THE DEMAND TOWARD PLANT-SOURCED INGREDIENTS

6 INDUSTRY TRENDS (Page No. - 75)
    6.1 INTRODUCTION
    6.2 SUPPLY CHAIN ANALYSIS
           FIGURE 37 ASTAXANTHIN MARKET: SUPPLY CHAIN ANALYSIS
    6.3 ECOSYSTEM
           FIGURE 38 ASTAXANTHIN: MARKET MAP
           TABLE 3 ASTAXANTHIN MARKET: ECOSYSTEM
           6.3.1 UPSTREAM
           6.3.2 INGREDIENT MANUFACTURERS
           6.3.3 TECHNOLOGY PROVIDERS
           6.3.4 END USERS
                    6.3.4.1 Downstream
           6.3.5 REGULATORY BODIES
           6.3.6 STARTUPS/EMERGING COMPANIES
    6.4 VALUE CHAIN ANALYSIS
           FIGURE 39 ASTAXANTHIN MARKET: VALUE CHAIN ANALYSIS
    6.5 TECHNOLOGY ANALYSIS
           6.5.1 ASTAXANTHIN AND MICROENCAPSULATION
           6.5.2 ASTAXANTHIN AND ROBOTS
    6.6 PRICING ANALYSIS: ASTAXANTHIN MARKET, BY SOURCE
           FIGURE 40 PRICING TREND OF THE ASTAXANTHIN, 2016–2020 (USD/TON)
    6.7 TRENDS/DISRUPTIONS IMPACTING THE CUSTOMER’S BUSINESS
           FIGURE 41 YC-YCC: REVENUE SHIFT FOR THE ASTAXANTHIN MARKET
    6.8 PORTER’S FIVE FORCES ANALYSIS
           TABLE 4 ASTAXANTHIN MARKET: PORTER’S FIVE FORCES ANALYSIS
           6.8.1 INTENSITY OF COMPETITIVE RIVALRY
           6.8.2 BARGAINING POWER OF SUPPLIERS
           6.8.3 BARGAINING POWER OF BUYERS
           6.8.4 THREAT OF NEW ENTRANTS
           6.8.5 THREAT OF SUBSTITUTES
    6.9 PATENT ANALYSIS
           FIGURE 42 PATENT INSIGHTS (2020)
           FIGURE 43 LIST OF TOP PATENTS IN THE MARKET FOR THE LAST TEN YEARS
           TABLE 5 KEY PATENTS PERTAINING TO ASTAXANTHIN, 2020
    6.10 TRADE ANALYSIS
           TABLE 6 KEY EXPORTING COUNTRIES WITH EXPORT VALUE OF DIETARY SUPPLEMENTS, 2019 (USD MILLION)
                    FIGURE 44 IMPORT TARIFF OF KEY COUNTRIES ON DIETARY SUPPLEMENTS, 2019 (%)
    6.11 CASE STUDY ANALYSIS
           6.11.1 USE CASE 1: TATSEWISE’S AI AND MACHINE LEARNING SOLUTION HELPED MEET THE INCREASING DEMAND
           6.11.2 USE CASE 2: MINDRIGHT’S BARS HELPED COMBAT MENTAL HEALTH ISSUES
    6.12 REGULATIONS
           6.12.1 NORTH AMERICA
                    6.12.1.1 Canada
                    6.12.1.2 US
           6.12.2 EUROPEAN UNION (EU)

7 ASTAXANTHIN MARKET, BY SOURCE (Page No. - 94)
    7.1 INTRODUCTION
           FIGURE 45 ASTAXANTHIN MARKET SHARE (VALUE), BY SOURCE, 2021 VS. 2026
           TABLE 7 ASTAXANTHIN MARKET SIZE, BY SOURCE, 2016–2020 (USD MILLION)
           TABLE 8 ASTAXANTHIN MARKET SIZE, BY SOURCE, 2021–2026(USD MILLION)
           TABLE 9 ASTAXANTHIN MARKET SIZE, BY SOURCE, 2016–2020 (TON)
           TABLE 10 ASTAXANTHIN MARKET SIZE, BY SOURCE, 2021–2026(TON)
    7.2 NATURAL SOURCE
           7.2.1 INCREASED PREFERENCE FOR NATURAL PRODUCTS
                    TABLE 11 NATURAL: ASTAXANTHIN MARKET SIZE, BY REGION, 2016–2020 (USD MILLION)
                    TABLE 12 NATURAL: ASTAXANTHIN MARKET SIZE, BY REGION, 2021–2026(USD MILLION)
                    TABLE 13 NATURAL: ASTAXANTHIN MARKET SIZE, BY REGION, 2016–2020 (TON)
                    TABLE 14 NATURAL: ASTAXANTHIN MARKET SIZE, BY REGION, 2021–2026(TON)
                    TABLE 15 NATURAL: ASTAXANTHIN MARKET SIZE, BY TYPE, 2016–2020 (USD MILLION)
                    TABLE 16 NATURAL: ASTAXANTHIN MARKET SIZE, BY TYPE, 2021–2026(USD MILLION)
           7.2.2 PLANTS
                    7.2.2.1 Microalgae is a non-conventional source of protein due to its high protein content
           7.2.3 YEAST & MICROBES
                    7.2.3.1 Use of yeast-produced astaxanthin in poultry, fishery, cosmetic, pharmaceutical, and food
           7.2.4 MARINE ANIMALS
                    7.2.4.1 Shrimp, krill, salmon, and crustaceans are the major sources of astaxanthin
    7.3 SYNTHETIC (PETROLEUM)
           7.3.1 LOWER MANUFACTURING COST OF SYNTHETIC ASTAXANTHIN TO DRIVE THE MARKET GROWTH
                    TABLE 17 SYNTHETIC: ASTAXANTHIN MARKET SIZE, BY REGION, 2016–2020 (USD MILLION)
                    TABLE 18 SYNTHETIC: ASTAXANTHIN MARKET SIZE, BY REGION, 2021–2026(USD MILLION)
                    TABLE 19 SYNTHETIC: ASTAXANTHIN MARKET SIZE, BY REGION, 2016–2020 (TON)
                    TABLE 20 SYNTHETIC: ASTAXANTHIN MARKET SIZE, BY REGION, 2021–2026(TON)

8 ASTAXANTHIN MARKET, BY FORM (Page No. - 103)
    8.1 INTRODUCTION
           FIGURE 46 ASTAXANTHIN MARKET SHARE (VALUE), BY FORM, 2021 VS. 2026
           TABLE 21 ASTAXANTHIN MARKET SIZE, BY FORM, 2016–2020 (USD MILLION)
           TABLE 22 ASTAXANTHIN MARKET SIZE, BY FORM, 2021–2026(USD MILLION)
           TABLE 23 ASTAXANTHIN MARKET SIZE, BY FORM, 2016–2020 (TON)
           TABLE 24 ASTAXANTHIN MARKET SIZE, BY FORM, 2021–2026(TON)
    8.2 DRY FORM
           8.2.1 DRY FORMS ARE MAJORLY USED IN FEED FOOD & BEVERAGES AND COSMETICS
                    TABLE 25 DRY: ASTAXANTHIN MARKET SIZE, BY REGION, 2016–2020 (USD MILLION)
                    TABLE 26 DRY: ASTAXANTHIN MARKET SIZE, BY REGION, 2021–2026(USD MILLION)
                    TABLE 27 DRY: ASTAXANTHIN MARKET SIZE, BY REGION, 2016–2020 (TON)
                    TABLE 28 DRY: ASTAXANTHIN MARKET SIZE, BY REGION, 2021–2026(TON)
    8.3 LIQUID FORM
           8.3.1 APPLICATION OF LIQUID ASTAXANTHIN IN SYRUPS AND TEXTURING AGENTS
                    TABLE 29 LIQUID: ASTAXANTHIN MARKET SIZE, BY REGION, 2016–2020 (USD MILLION)
                    TABLE 30 LIQUID: ASTAXANTHIN MARKET SIZE, BY REGION, 2021–2026(USD MILLION)
                    TABLE 31 LIQUID: ASTAXANTHIN MARKET SIZE, BY REGION, 2016–2020 (TON)
                    TABLE 32 LIQUID: ASTAXANTHIN MARKET SIZE, BY REGION, 2021–2026(TON)

9 ASTAXANTHIN MARKET, BY METHOD OF PRODUCTION (Page No. - 109)
    9.1 INTRODUCTION
           TABLE 33 ASTAXANTHIN MARKET SIZE, BY METHOD OF PRODUCTION, 2016–2020 (USD MILLION)
           TABLE 34 ASTAXANTHIN MARKET SIZE, BY METHOD OF PRODUCTION, 2021–2026(USD MILLION)
           FIGURE 47 ASTAXANTHIN MARKET SIZE, BY METHOD OF PRODUCTION, 2021 VS. 2026 (USD MILLION)
    9.2 CHEMICAL SYNTHESIS
           9.2.1 CHEMICAL SYNTHESIS OF ASTAXANTHIN MORE ECONOMICAL THAN NATURAL PRODUCTION
                    TABLE 35 CHEMICAL SYNTHESIS: ASTAXANTHIN MARKET SIZE, BY REGION, 2016–2020 (USD MILLION)
                    TABLE 36 CHEMICAL SYNTHESIS: MARKET SIZE, BY REGION, 2021–2026(USD MILLION)
    9.3 MICROALGAE CULTIVATION
           9.3.1 NATURAL ASTAXANTHIN FROM MICROALGAE IS IN HIGH DEMAND FOR DIETARY SUPPLEMENTS AND FOOD & BEVERAGES
                    TABLE 37 MICROALGAE CULTIVATION: ASTAXANTHIN MARKET SIZE, BY REGION, 2016–2020 (USD MILLION)
                    TABLE 38 MICROALGAE CULTIVATION: MARKET SIZE, BY REGION, 2021–2026(USD MILLION)
    9.4 FERMENTATION
           9.4.1 ASTAXANTHIN PRODUCED THROUGH FERMENTATION IS WIDELY USED IN AQUACULTURE
                    TABLE 39 FERMENTATION: ASTAXANTHIN MARKET SIZE, BY REGION, 2016–2020 (USD MILLION)
                    TABLE 40 FERMENTATION: ASTAXANTHIN MARKET SIZE, BY REGION, 2021–2026(USD MILLION)
    9.5 EXTRACTION
           9.5.1 EXTRACTION OF ASTAXANTHIN FROM SHRIMP WASTE IS HIGHLY ENERGY CONSUMING AND PRODUCE TOXIC BYPRODUCTS
                    TABLE 41 EXTRACTION: ASTAXANTHIN MARKET SIZE, BY REGION, 2016–2020 (USD MILLION)
                    TABLE 42 EXTRACTION: MARKET SIZE, BY REGION, 2021–2026(USD MILLION)

10 ASTAXANTHIN MARKET, BY APPLICATION (Page No. - 116)
     10.1 INTRODUCTION
               FIGURE 48 ASTAXANTHIN MARKET, BY APPLICATION, 2021 VS. 2026 (USD MILLION)
               TABLE 43 ASTAXANTHIN MARKET SIZE, BY APPLICATION, 2016–2020 (USD MILLION)
               TABLE 44 ASTAXANTHIN MARKET SIZE, BY APPLICATION, 2021–2026(USD MILLION)
     10.2 COVID-19 IMPACT ON THE ASTAXANTHIN MARKET, BY APPLICATION
             10.2.1 OPTIMISTIC SCENARIO
                       TABLE 45 ASTAXANTHIN MARKET SIZE, BY-APPLICATION, 2018–2021 (USD MILLION)
             10.2.2 REALISTIC SCENARIO
                       TABLE 46 ASTAXANTHIN MARKET-SIZE, BY APPLICATION, 2018–2021 (USD MILLION)
             10.2.3 PESSIMISTIC SCENARIO
                       TABLE 47 ASTAXANTHIN MARKET SIZE, BY APPLICATION, 2018–2021 (USD MILLION)
     10.3 FEED
             10.3.1 ASTAXANTHIN MARKET FOR ANIMAL FEED FOCUSING MAINLY ON THE SYNTHETIC FORM
                       TABLE 48 FEED: ASTAXANTHIN MARKET SIZE, BY REGION, 2016–2020 (USD MILLION)
                       TABLE 49 FEED: ASTAXANTHIN MARKET SIZE, BY REGION, 2021–2026(USD MILLION)
     10.4 DIETARY SUPPLEMENTS
             10.4.1 RISING AWARENESS AMONG CONSUMERS FOR NATURAL HEALTH SUPPLEMENTS FUELING THE MARKET GROWTH
                       TABLE 50 DIETARY SUPPLEMENTS: ASTAXANTHIN MARKET SIZE, BY REGION, 2016–2020 (USD MILLION)
                       TABLE 51 DIETARY SUPPLEMENTS: ASTAXANTHIN MARKET SIZE, BY REGION, 2021–2026(USD MILLION)
     10.5 FOOD & BEVERAGES
             10.5.1 ASTAXANTHIN AIDS IN REDUCING THE RISK OF HEART ATTACK BY INCREASING THE GOOD HDL CHOLESTEROL
                       TABLE 52 FOOD & BEVERAGES: ASTAXANTHIN MARKET SIZE, BY REGION, 2016–2020 (USD MILLION)
                       TABLE 53 FOOD & BEVERAGES: ASTAXANTHIN MARKET SIZE, BY REGION, 2021–2026(USD MILLION)
     10.6 COSMETICS
             10.6.1 ASTAXANTHIN - A POTENT SOURCE OF ANTIOXIDANTS AND VITAMIN A
                       TABLE 54 COSMETICS: ASTAXANTHIN MARKET SIZE, BY REGION, 2016–2020 (USD MILLION)
                       TABLE 55 COSMETICS: MARKET SIZE, BY REGION, 2021–2026(USD MILLION)

11 ASTAXANTHIN MARKET, BY REGION (Page No. - 126)
     11.1 INTRODUCTION
               TABLE 56 ASTAXANTHIN MARKET SIZE, BY REGION, 2016–2020 (USD MILLION)
               TABLE 57 ASTAXANTHIN MARKET SIZE, BY REGION, 2021–2026 (USD MILLION)
     11.2 COVID-19 IMPACT ON THE ASTAXANTHIN MARKET, BY REGION
             11.2.1 OPTIMISTIC SCENARIO
                       TABLE 58 OPTIMISTIC SCENARIO: COVID-19 IMPACT ON THE ASTAXANTHIN MARKET SIZE, BY REGION, 2018–2021 (USD MILLION)
             11.2.2 REALISTIC SCENARIO
                       TABLE 59 REALISTIC SCENARIO: COVID-19 IMPACT ON THE ASTAXANTHIN MARKET SIZE, BY REGION, 2018–2021 (USD MILLION)
             11.2.3 PESSIMISTIC SCENARIO
                       TABLE 60 PESSIMISTIC SCENARIO: COVID-19 IMPACT ON THE ASTAXANTHIN MARKET, BY REGION, 2018–2021 (USD MILLION)
     11.3 NORTH AMERICA
               FIGURE 49 NORTH AMERICAN ASTAXANTHIN MARKET: A SNAPSHOT
               TABLE 61 NORTH AMERICA: ASTAXANTHIN MARKET SIZE, BY COUNTRY, 2016–2020 (USD MILLION)
               TABLE 62 NORTH AMERICA: ASTAXANTHIN MARKET SIZE, BY COUNTRY, 2021–2026 (USD MILLION)
               TABLE 63 NORTH AMERICA: ASTAXANTHIN MARKET SIZE, BY SOURCE, 2016–2020 (USD MILLION)
               TABLE 64 NORTH AMERICA: ASTAXANTHIN MARKET SIZE, BY SOURCE, 2021–2026 (USD MILLION)
               TABLE 65 NORTH AMERICA: ASTAXANTHIN MARKET SIZE, BY SOURCE, 2016–2020 (TONS)
               TABLE 66 NORTH AMERICA: ASTAXANTHIN MARKET SIZE, BY SOURCE, 2021–2026 (TONS)
               TABLE 67 NORTH AMERICA: ASTAXANTHIN MARKET SIZE, BY FORM, 2016–2020 (USD MILLION)
               TABLE 68 NORTH AMERICA: ASTAXANTHIN MARKET SIZE, BY FORM, 2021–2026 (USD MILLION)
               TABLE 69 NORTH AMERICA: ASTAXANTHIN MARKET SIZE, BY FORM, 2016–2020 (TON)
               TABLE 70 NORTH AMERICA: ASTAXANTHIN MARKET SIZE, BY FORM, 2021–2026 (TON)
               TABLE 71 NORTH AMERICA: ASTAXANTHIN MARKET SIZE, BY APPLICATION, 2016–2020 (USD MILLION)
               TABLE 72 NORTH AMERICA: ASTAXANTHIN MARKET SIZE, BY APPLICATION, 2021–2026 (USD MILLION)
               TABLE 73 NORTH AMERICA: ASTAXANTHIN MARKET SIZE, BY METHOD OF PRODUCTION, 2016–2020 (USD MILLION)
               TABLE 74 NORTH AMERICA: ASTAXANTHIN MARKET SIZE, BY METHOD OF PRODUCTION, 2021–2026 (USD MILLION)
               11.3.1 US
                       11.3.1.1 Astaxanthin is majorly used for pigmenting salmon, owing to which demand for astaxanthin is high in the US
                                   TABLE 75 US: ASTAXANTHIN MARKET SIZE, BY APPLICATION, 2016–2020 (USD MILLION)
                                   TABLE 76 US: ASTAXANTHIN MARKET SIZE, BY APPLICATION, 2021–2026 (USD MILLION)
             11.3.2 CANADA
                       11.3.2.1 The Canadian market has increased the natural color market for food applications in the country
                                   TABLE 77 CANADA: ASTAXANTHIN MARKET SIZE, BY APPLICATION, 2016–2020 (USD MILLION)
                                   TABLE 78 CANADA: ASTAXANTHIN MARKET SIZE, BY APPLICATION, 2021–2026 (USD MILLION)
             11.3.3 MEXICO
                       11.3.3.1 Strong presence of the food & beverage industry has driven the nutraceutical market growth
                                   TABLE 79 MEXICO: ASTAXANTHIN MARKET SIZE, BY APPLICATION, 2016–2020 (USD MILLION)
                                   TABLE 80 MEXICO: ASTAXANTHIN MARKET SIZE, BY APPLICATION, 2021–2026 (USD MILLION)
     11.4 ASIA PACIFIC
               FIGURE 50 ASIA PACIFIC: ASTAXANTHIN MARKET SNAPSHOT
               TABLE 81 ASIA PACIFIC: ASTAXANTHIN MARKET SIZE, BY COUNTRY/REGION, 2016–2020 (USD MILLION)
               TABLE 82 ASIA PACIFIC: ASTAXANTHIN MARKET SIZE, BY COUNTRY/REGION, 2021–2026 (USD MILLION)
               TABLE 83 AISA PACIFIC: ASTAXANTHIN MARKET SIZE, BY SOURCE, 2016–2020 (USD MILLION)
               TABLE 84 ASIA PACIFIC: ASTAXANTHIN MARKET SIZE, BY SOURCE, 2021–2026 (USD MILLION)
               TABLE 85 AISA PACIFIC: ASTAXANTHIN MARKET SIZE, BY SOURCE, 2016–2020 (TON)
               TABLE 86 ASIA PACIFIC: ASTAXANTHIN MARKET SIZE, BY SOURCE, 2021–2026 (TON)
               TABLE 87 ASIA PACIFIC: ASTAXANTHIN MARKET SIZE, BY FORM, 2016–2020 (USD MILLION)
               TABLE 88 ASIA PACIFIC: ASTAXANTHIN MARKET SIZE, BY FORM, 2021–2026 (USD MILLION)
               TABLE 89 ASIA PACIFIC: ASTAXANTHIN MARKET SIZE, BY FORM, 2016–2020 (TON)
               TABLE 90 ASIA PACIFIC: ASTAXANTHIN MARKET SIZE, BY FORM, 2021–2026 (TON)
               TABLE 91 ASIA PACIFIC: ASTAXANTHIN MARKET SIZE, BY APPLICATION, 2016–2020 (USD MILLION)
               TABLE 92 ASIA PACIFIC: ASTAXANTHIN MARKET SIZE, BY APPLICATION, 2021–2026 (USD MILLION)
               TABLE 93 ASIA PACIFIC: ASTAXANTHIN MARKET SIZE, BY METHOD OF PRODUCTION, 2016–2020 (USD MILLION)
               TABLE 94 ASIA PACIFIC: ASTAXANTHIN MARKET SIZE, BY METHOD OF PRODUCTION, 2021–2026 (USD MILLION)
             11.4.1 CHINA
                       11.4.1.1 Increasing purchasing power of consumers led to a rise in demand for high-quality processed foods
                                   TABLE 95 CHINA: ASTAXANTHIN MARKET SIZE, BY APPLICATION, 2016–2020 (USD MILLION)
                                   TABLE 96 CHINA: ASTAXANTHIN MARKET SIZE, BY APPLICATION, 2021–2026 (USD MILLION)
             11.4.2 INDIA
                       11.4.2.1 Increasing consumption of poultry meat is leading to a rise in the demand for astaxanthin
                                   TABLE 97 INDIA: ASTAXANTHIN MARKET SIZE, BY APPLICATION, 2016–2020 (USD MILLION)
                                   TABLE 98 INDIA: ASTAXANTHIN MARKET SIZE, BY APPLICATION, 2021–2026 (USD MILLION)
             11.4.3 AUSTRALIA & NEW ZEALAND
                       11.4.3.1 As the aquaculture industry is growing, synthetic astaxanthin demand as a feed additive is also increasing
                                   TABLE 99 AUSTRALIA & NEW ZEALAND: ASTAXANTHIN MARKET SIZE, BY APPLICATION, 2016–2020 (USD MILLION)
                                   TABLE 100 AUSTRALIA & NEW ZEALAND: ASTAXANTHIN MARKET SIZE, BY APPLICATION, 2021–2026 (USD MILLION)
             11.4.4 REST OF ASIA PACIFIC
                       11.4.4.1 The emerging market for astaxanthin in the Asia Pacific is due to an increase in consumption of functional foods
                                   TABLE 101 REST OF ASIA PACIFIC: ASTAXANTHIN MARKET SIZE, BY APPLICATION, 2016–2020 (USD MILLION)
                                   TABLE 102 REST OF ASIA PACIFIC: ASTAXANTHIN MARKET SIZE, BY APPLICATION, 2021–2026 (USD MILLION)
     11.5 EUROPE
               TABLE 103 EUROPE: ASTAXANTHIN MARKET SIZE, BY COUNTRY, 2016–2020 (USD MILLION)
               TABLE 104 EUROPE: ASTAXANTHIN MARKET SIZE, BY COUNTRY, 2021–2026 (USD MILLION)
               TABLE 105 EUROPE: ASTAXANTHIN MARKET SIZE, BY SOURCE, 2016–2020 (USD MILLION)
               TABLE 106 EUROPE: ASTAXANTHIN MARKET SIZE, BY SOURCE, 2021–2026 (USD MILLION)
               TABLE 107 EUROPE: ASTAXANTHIN MARKET SIZE, BY SOURCE, 2016–2020 (TON)
               TABLE 108 EUROPE: ASTAXANTHIN MARKET SIZE, BY SOURCE, 2021–2026 (TON)
               TABLE 109 EUROPE: ASTAXANTHIN MARKET SIZE, BY FORM, 2016–2020 (USD MILLION)
               TABLE 110 EUROPE: ASTAXANTHIN MARKET SIZE, BY FORM, 2021–2026 (USD MILLION)
               TABLE 111 EUROPE: ASTAXANTHIN MARKET SIZE, BY FORM, 2016–2020 (TON)
               TABLE 112 EUROPE: ASTAXANTHIN MARKET SIZE, BY FORM, 2021–2026 (TON)
               TABLE 113 EUROPE: ASTAXANTHIN MARKET SIZE, BY APPLICATION, 2016–2020 (USD MILLION)
               TABLE 114 EUROPE: ASTAXANTHIN MARKET SIZE, BY APPLICATION, 2021–2026 (USD MILLION)
               TABLE 115 EUROPE: ASTAXANTHIN MARKET SIZE, BY METHOD OF PRODUCTION, 2016–2020 (USD MILLION)
               TABLE 116 EUROPE: ASTAXANTHIN MARKET SIZE, BY METHOD OF PRODUCTION, 2021–2026 (USD MILLION)
             11.5.1 GERMANY
                       11.5.1.1 Dairy and pork feed consumption driving the demand for astaxanthin
                                   TABLE 117 GERMANY: ASTAXANTHIN MARKET SIZE, BY APPLICATION, 2016–2020 (USD MILLION)
                                   TABLE 118 GERMANY: ASTAXANTHIN MARKET SIZE, BY APPLICATION, 2021–2026 (USD MILLION)
             11.5.2 UK
                       11.5.2.1 Increased focus on the food & beverage industry boosts the market growth
                                   TABLE 119 UK: ASTAXANTHIN MARKET SIZE, BY APPLICATION, 2016–2020 (USD MILLION)
                                   TABLE 120 UK: ASTAXANTHIN MARKET SIZE, BY APPLICATION, 2021–2026 (USD MILLION)
             11.5.3 FRANCE
                       11.5.3.1 France exports high-quality shellfish to US and shrimp to Japan
                                   TABLE 121 FRANCE: ASTAXANTHIN MARKET SIZE, BY APPLICATION, 2016–2020 (USD MILLION)
                                   TABLE 122 FRANCE: ASTAXANTHIN MARKET SIZE, BY APPLICATION, 2021–2026 (USD MILLION)
             11.5.4 ITALY
                       11.5.4.1 High industrial applications in the feed and cosmetic industries
                                   TABLE 123 ITALY: ASTAXANTHIN MARKET SIZE, BY APPLICATION, 2016–2020 (USD MILLION)
                                   TABLE 124 ITALY: ASTAXANTHIN MARKET SIZE, BY APPLICATION, 2021–2026 (USD MILLION)
             11.5.5 SPAIN
                       11.5.5.1 Astaxanthin is majorly used as a natural colorant in Spain
                                   TABLE 125 SPAIN: ASTAXANTHIN MARKET SIZE, BY APPLICATION, 2016–2020 (USD MILLION)
                                   TABLE 126 SPAIN: ASTAXANTHIN MARKET SIZE, BY APPLICATION, 2021–2026 (USD MILLION)
             11.5.6 REST OF EUROPE
                       TABLE 127 REST OF EUROPE: ASTAXANTHIN MARKET SIZE, BY APPLICATION, 2016–2020 (USD MILLION)
                       TABLE 128 REST OF EUROPE: ASTAXANTHIN MARKET SIZE, BY APPLICATION, 2021–2026 (USD MILLION)
     11.6 REST OF THE WORLD (ROW)
               TABLE 129 ROW: ASTAXANTHIN MARKET SIZE, BY REGION, 2016–2020 (USD MILLION)
               TABLE 130 ROW: ASTAXANTHIN MARKET SIZE, BY REGION, 2021–2026 (USD MILLION)
               TABLE 131 ROW: ASTAXANTHIN MARKET SIZE, BY SOURCE, 2016–2020 (USD MILLION)
               TABLE 132 ROW: ASTAXANTHIN MARKET SIZE, BY SOURCE, 2021–2026 (USD MILLION)
               TABLE 133 ROW: ASTAXANTHIN MARKET SIZE, BY SOURCE, 2016–2020 (TON)
               TABLE 134 ROW: ASTAXANTHIN MARKET SIZE, BY SOURCE, 2021–2026 (TON)
               TABLE 135 ROW: ASTAXANTHIN MARKET SIZE, BY FORM, 2016–2020 (USD MILLION)
               TABLE 136 ROW: ASTAXANTHIN MARKET SIZE, BY FORM, 2021–2026 (USD MILLION)
               TABLE 137 ROW: ASTAXANTHIN MARKET SIZE, BY FORM, 2016–2020 (TON)
               TABLE 138 ROW: ASTAXANTHIN MARKET SIZE, BY FORM, 2021–2026 (TON)
               TABLE 139 ROW: ASTAXANTHIN MARKET SIZE, BY APPLICATION, 2016–2020 (USD MILLION)
               TABLE 140 ROW: ASTAXANTHIN MARKET SIZE, BY APPLICATION, 2021–2026 (USD MILLION)
               TABLE 141 ROW: ASTAXANTHIN MARKET SIZE, BY METHOD OF PRODUCTION, 2016–2020 (USD MILLION)
               TABLE 142 ROW: ASTAXANTHIN MARKET SIZE, BY METHOD OF PRODUCTION, 2021–2026 (USD MILLION)
             11.6.1 SOUTH AMERICA
                       11.6.1.1 Increasing industrialization of the aquafeed industry
                                   TABLE 143 SOUTH AMERICA: ASTAXANTHIN MARKET SIZE, BY APPLICATION, 2016–2020 (USD MILLION)
                                   TABLE 144 SOUTH AMERICA: ASTAXANTHIN MARKET SIZE, BY APPLICATION, 2021–2026 (USD MILLION)
             11.6.2 MIDDLE EAST
                       11.6.2.1 Growth in the natural astaxanthin production due to the presence of key players in the region
                                   TABLE 145 MIDDLE EAST: ASTAXANTHIN MARKET SIZE, BY APPLICATION, 2016–2020 (USD MILLION)
                                   TABLE 146 MIDDLE EAST: ASTAXANTHIN MARKET SIZE, BY APPLICATION, 2021–2026 (USD MILLION)
             11.6.3 AFRICA
                       11.6.3.1 Large livestock population is driving the market for astaxanthin
                                   TABLE 147 AFRICA: ASTAXANTHIN MARKET SIZE, BY APPLICATION, 2016–2020 (USD MILLION)
                                   TABLE 148 AFRICA: ASTAXANTHIN MARKET SIZE, BY APPLICATION, 2021–2026 (USD MILLION)

12 COMPETITIVE LANDSCAPE (Page No. - 165)
     12.1 OVERVIEW
     12.2 ASTAXANTHIN MARKET SHARE ANALYSIS
               TABLE 149 ASTAXANTHIN MARKET: DEGREE OF COMPETITION
     12.3 KEY PLAYER STRATEGIES
     12.4 HISTORICAL REVENUE ANALYSIS OF KEY PLAYERS
               FIGURE 51 FIVE-YEAR SEGMENTAL REVENUE ANALYSIS OF KEY PLAYERS IN THE MARKET, 2016–2020 (USD BILLION)
     12.5 COVID-19-SPECIFIC COMPANY RESPONSE
             12.5.1 BASF SE
             12.5.2 CYANOTECH CORPORATION
             12.5.3 DIVI’S LABORATORIES LTD.
             12.5.4 COMPANY EVALUATION QUADRANT (KEY PLAYERS)
                       12.5.4.1 Stars
                       12.5.4.2 Emerging leaders
                       12.5.4.3 Pervasive players
                       12.5.4.4 Participants
                                   FIGURE 52 ASTAXANTHIN MARKET: COMPANY EVALUATION QUADRANT, 2020 (KEY PLAYERS)
             12.5.5 PRODUCT FOOTPRINT
                       TABLE 150 COMPANY SOURCE FOOTPRINT
                       TABLE 151 COMPANY APPLICATION FOOTPRINT
                       TABLE 152 COMPANY REGION FOOTPRINT
                       TABLE 153 COMPANY PRODUCT FOOTPRINT
             12.5.6 COMPETITIVE EVALUATION QUADRANT (OTHER PLAYERS)
                       12.5.6.1 Progressive companies
                       12.5.6.2 Starting blocks
                       12.5.6.3 Responsive companies
                       12.5.6.4 Dynamic companies
                                   FIGURE 53 ASTAXANTHIN MARKET: COMPANY EVALUATION QUADRANT, 2020 (OTHER PLAYERS)
     12.6 PRODUCT LAUNCHES, DEALS, AND OTHER DEVELOPMENTS
             12.6.1 PRODUCT LAUNCHES
                       TABLE 154 PRODUCT LAUNCHES, AUGUST 2018–OCTOBER 2020
             12.6.2 DEALS
                       TABLE 155 DEALS, SEPTEMBER 2017–DECEMBER 2020
             12.6.3 OTHERS
                       TABLE 156 EXPANSIONS, APRIL 2017–NOVEMBER 2018

13 COMPANY PROFILES (Page No. - 180)
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View)*
     13.1 KEY PLAYERS
             13.1.1 KONINKLIJKE DSM N.V.
                       TABLE 157 KONINKLIJKE DSM N.V.: BUSINESS OVERVIEW
                       FIGURE 54 KONINKLIJKE DSM N.V.: COMPANY SNAPSHOT
                       TABLE 158 KONINKLIJKE DSM N.V.: PRODUCTS OFFERED
                       TABLE 159 ASTAXANTHIN MARKET: DEALS, SEPTEMBER 2017–OCTOBER 2020
                       TABLE 160 ASTAXANTHIN MARKET: OTHERS, APRIL 2017
             13.1.2 BASF SE
                       TABLE 161 BASF SE: BUSINESS OVERVIEW
                       FIGURE 55 BASF SE: COMPANY SNAPSHOT
                       TABLE 162 BASF SE: PRODUCTS OFFERED
                       TABLE 163 ASTAXANTHIN MARKET: PRODUCT LAUNCHES, AUGUST 2018
                       TABLE 164 ASTAXANTHIN MARKET: DEALS, DECEMBER 2020
             13.1.3 CYANOTECH CORPORATION
                       TABLE 165 CYANOTECH CORPORATION: BUSINESS OVERVIEW
                       FIGURE 56 CYANOTECH CORPORATION: COMPANY SNAPSHOT
                       TABLE 166 CYANOTECH CORPORATION: PRODUCTS OFFERED
                       TABLE 167 ASTAXANTHIN MARKET: PRODUCT LAUNCHES, OCTOBER 2020
                       TABLE 168 ASTAXANTHIN MARKET: OTHERS, NOVEMBER 2018
             13.1.4 OTSUKA HOLDINGS CO., LTD.
                       TABLE 169 OTSUKA HOLDINGS CO., LTD.: BUSINESS OVERVIEW
                       FIGURE 57 OTSUKA HOLDINGS CO., LTD.: COMPANY SNAPSHOT
                       TABLE 170 OTSUKA HOLDINGS CO., LTD.: PRODUCTS OFFERED
             13.1.5 DIVI’S LABORATORIES LTD.
                       TABLE 171 DIVI’S LABORATORIES LTD.: BUSINESS OVERVIEW
                       FIGURE 58 DIVI’S LABORATORIES LTD.: COMPANY SNAPSHOT
                       TABLE 172 DIVI’S LABORATORIES LTD.: PRODUCTS OFFERED
             13.1.6 VALENSA INTERNATIONAL
                       13.1.6.1 Business overview
                       TABLE 173 VALENSA INTERNATIONAL: BUSINESS OVERVIEW
                       TABLE 174 VALENSA INTERNATIONAL: PRODUCTS OFFERED
             13.1.7 FUJI CHEMICAL INDUSTRIES CO., LTD.
                       TABLE 175 FUJI CHEMICAL INDUSTRIES CO., LTD.: BUSINESS OVERVIEW
                       TABLE 176 FUJI CHEMICAL INDUSTRIES CO., LTD.: PRODUCTS OFFERED
             13.1.8 BEIJING GINGKO GROUP
                       TABLE 177 BEIJING GINGKO GROUP: BUSINESS OVERVIEW
                       TABLE 178 BEIJING GINGKO GROUP: PRODUCTS OFFERED
             13.1.9 CARDAX, INC.
                       TABLE 179 CARDAX, INC.: BUSINESS OVERVIEW
                       FIGURE 59 CARDAX, INC.: COMPANY SNAPSHOT
                       TABLE 180 CARDAX, INC.: PRODUCTS OFFERED
                       TABLE 181 ASTAXANTHIN MARKET: DEALS, FEBRUARY 2018
             13.1.10 PIVEG, INC.
                       TABLE 182 PIVEG, INC.: BUSINESS OVERVIEW
                       TABLE 183 PIVEG, INC.: PRODUCTS OFFERED
     13.2 OTHER PLAYERS
             13.2.1 FENCHEM BIOTEK LTD.
                       TABLE 184 FENCHEM BIOTEK LTD.: BUSINESS OVERVIEW
                       TABLE 185 FENCHEM BIOTEK LTD.: PRODUCTS OFFERED
             13.2.2 ALGATECH LTD.
                       TABLE 186 ALGATECH LTD.: BUSINESS OVERVIEW
                       TABLE 187 ALGATECH LTD.: PRODUCTS OFFERED
                       TABLE 188 ASTAXANTHIN MARKET: PRODUCT LAUNCHES, MAY 2019
                       TABLE 189 ASTAXANTHIN MARKET: DEALS, MAY 2018–MARCH 2019
             13.2.3 SUPREME BIOTECHNOLOGIES
                       TABLE 190 SUPREME BIOTECHNOLOGIES: BUSINESS OVERVIEW
                       TABLE 191 SUPREME BIOTECHNOLOGIES: PRODUCTS OFFERED
             13.2.4 IGENE BIOTECHNOLOGY INC.
                       TABLE 192 IGENE BIOTECHNOLOGY INC.: BUSINESS OVERVIEW
                       TABLE 193 IGENE BIOTECHNOLOGY INC.: PRODUCTS OFFERED
             13.2.5 ALGAMO
                       TABLE 194 ALGAMO: BUSINESS OVERVIEW
                       TABLE 195 ALGAMO: PRODUCTS OFFERED
             13.2.6 BIOGENIC CO., LTD.
             13.2.7 ASTAMAZ NZ LTD.
             13.2.8 ALGALIF
             13.2.9 ALGAE TO OMEGA
             13.2.10 ALGAE HEALTH SCIENCES, INC.

*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View might not be captured in case of unlisted companies.

14 ADJACENT & RELATED MARKETS (Page No. - 215)
     14.1 INTRODUCTION
     14.2 LIMITATIONS
     14.3 CAROTENOIDS MARKET
             14.3.1 MARKET DEFINITION
             14.3.2 MARKET OVERVIEW
             14.3.3 CAROTENOIDS MARKET, BY APPLICATION
                       TABLE 196 CAROTENOIDS MARKET SIZE, BY APPLICATION, 2017–2026 (USD MILLION)
                       TABLE 197 CAROTENOIDS MARKET SIZE, BY APPLICATION, 2017–2026 (TON)
             14.3.4 CAROTENOIDS MARKET, BY REGION
                       TABLE 198 CAROTENOIDS MARKET SIZE, BY REGION, 2017–2026 (USD MILLION)
                       TABLE 199 CAROTENOIDS MARKET SIZE, BY REGION, 2017–2026 (TON)
     14.4 FEED PIGMENTS MARKET
             14.4.1 LIMITATIONS
             14.4.2 MARKET DEFINITION
             14.4.3 MARKET OVERVIEW
             14.4.4 FEED PIGMENTS MARKET, BY TYPE
                       TABLE 200 FEED PIGMENTS MARKET SIZE, BY TYPE, 2013–2020 (USD MILLION)
                       TABLE 201 FEED PIGMENTS MARKET SIZE, BY CAROTENOID TYPE, 2013–2020 (USD MILLION)
             14.4.5 FEED PIGMENTS MARKET, BY REGION
                       14.4.5.1 Introduction
                       TABLE 202 FEED PIGMENTS MARKET SIZE, BY REGION, 2013–2020 (USD MILLION)
                       TABLE 203 FEED PIGMENTS MARKET SIZE, BY REGION, 2013–2020 (KT)

15 APPENDIX (Page No. - 222)
     15.1 DISCUSSION GUIDE
     15.2 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
     15.3 AVAILABLE CUSTOMIZATIONS
     15.4 RELATED REPORTS
     15.5 AUTHOR DETAILS

The study involved four major activities in estimating the market size for astaxanthin. Exhaustive secondary research was conducted to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both the top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.

Secondary Research

In the secondary research process, various sources were referred to, for identifying and collecting information for this study. These sources included annual reports, press releases and investor presentations of companies, white papers, certified publications, articles from recognized authors, gold standard and silver standard websites, regulatory bodies, trade directories, and databases.

Secondary research was mainly used to obtain key information about the industry’s supply chain, the total pool of key players, market classification & segmentation according to industry trends to the bottom-most level, and geographical markets. It was also used to obtain information on the key developments from a market-oriented perspective.

Primary Research

The astaxanthin market comprises several stakeholders, such as raw material suppliers, processors, end-product manufacturers, and regulatory organizations in the supply chain. The demand side of the astaxanthin market has the presence of key feed manufacturers, dietary supplement manufacturers, cosmetic, nutraceutical, and food & beverage manufacturers. The supply side has the presence of astaxanthin manufacturers and key technology providers producing astaxanthin. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative & quantitative information. Primary interviewees from the demand side include key opinion leaders, executives, vice presidents, and CEOs from the feed, nutraceuticals, food & beverage, and cosmetic industries. Primary sources from the supply side include research institutions involved in R&D to introduce technology, key opinion leaders, distributors, and astaxanthin manufacturers.

Astaxanthin Market Primary Respondents

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

Both the top-down and bottom-up approaches have been used to estimate and validate the total size of the astaxanthin market. These approaches have also been used extensively to determine the size of the various sub-segments in the market. The research methodology used to estimate the market size includes the following details:

  • The key players in the industry and market have been identified through extensive secondary research.
  • The astaxanthin value chain and market size in terms of both value and volume have been determined through primary and secondary research.
  • All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources.
  • All macroeconomic and microeconomic factors affecting the growth of the astaxanthin market were considered while estimating the market size.
  • All the possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.

Data Triangulation

After arriving at the overall market size from the estimation process explained above, the total market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the most precise estimations for all segments and sub-segments, the data triangulation and market breakdown procedures were employed wherever applicable. The data was triangulated by studying various factors and trends from the demand and supply sides. Along with this, the market size was validated using the top-down and bottom-up approaches.

Report Objectives

  • To describe and forecast the astaxanthin market based on sources, forms, methods of production, and applications
  • To describe and forecast the astaxanthin market, in terms of value, by regions—Asia Pacific, Europe, North America, and the Rest of the World—along with their respective countries
  • To provide detailed information regarding the major factors influencing the market growth (drivers, restraints, opportunities, and challenges)
  • To strategically analyze micro markets, with respect to individual growth trends, prospects, and contributions to the overall market
  • To study the complete value chain of astaxanthin
  • To analyze opportunities in the market for stakeholders by identifying the high-growth segments of the astaxanthin ecosystem
  • To strategically profile key players and comprehensively analyze their market positions in terms of ranking and core competencies, along with detailing the competitive landscape for market leaders
  • To analyze strategic approaches such as acquisitions and divestments; expansions and investments; product launches and approvals; agreements; and collaborations and partnerships in the astaxanthin market

Available Customizations

With the given market data, MarketsandMarkets offers customizations according to company-specific scientific needs.

The following customization options are available for the report:

Product Analysis

  • Product Matrix, which gives a detailed comparison of the product portfolio of each company

Geographic Analysis

With the given market data, MarketsandMarkets offers customizations according to the company-specific scientific needs.

  • Further breakdown of the Rest of Europe astaxanthin market into Sweden, Poland, Norway, and Greece
  • Further breakdown of the Rest of Asia Pacific astaxanthin market into Malaysia, Indonesia, Japan, and Vietnam

Company Information

  • Detailed analyses and profiling of additional market players (up to five)
Report Code
FB 5254
Published ON
Aug, 2021
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