The report "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" The global astaxanthin market is estimated to be valued at USD 647.1 million in 2021. It is projected to reach USD 965.8 million by 2026, recording a CAGR of 8.3% during the forecast period. The global astaxanthin market has been influenced by some of the macroeconomic and microeconomic factors witnessed in some key countries. This would prove strong enough to drive the market significantly in terms of value sales during the forecast period. With the rise in demand and preference for an organic food product, astaxanthin ingredient manufacturers have been strategizing on coming up with innovative solutions for the market at a reasonable price. The growth in the astaxanthin market is attributed to the growing health awareness among consumers, leading to an increase in the adoption of healthier diets. The ever-rising demand from emerging nations such as India, China, the growing usage of cosmetic & feed products, and rising government initiatives to support aquaculture are some of the factors boosting the market demand for astaxanthin across the globe.
Browse 203 market data Tables and 59 Figures spread through 230 Pages and in-depth TOC on "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"
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Ease of handling and storage to propel the demand for Dry Astaxanthin
The astaxanthin market by form was dominated by the dry segment in 2020. The growing awareness about storage and handling problems of liquid astaxanthin among end-use manufacturers, such as feed, food & beverages, are some of the key factors driving the demand for dry ingredients, subsequently augmenting the growth of the dry astaxanthin market over the next few years. The process with the dry form is easier, especially in high-volume manufacturing. The dry form is widely consumed for manufacturing astaxanthin products, such as dietary supplement tablets, capsules, owing to the easy application and various other benefits.
Feed application dominates the industry, while human use application to provide future growth opportunities
Natural source astaxanthin finds major applications in nutraceutical ingredient and dietary supplements
By source, the synthetic segment is projected to dominate the astaxanthin market, as they are easy to extract and have low manufacturing costs. However, astaxanthin derived from natural source is projected to grow at the highest CAGR during the forecast period. Astaxanthin derived from natural sources is majorly utilized for human consumption as a nutraceutical ingredient and dietary supplements, while astaxanthin derived from synthetic (petroleum) is majorly used for animal feed.
As the demand for natural astaxanthin is increasing, manufacturers are focusing on extracting astaxanthin from micro-algal sources, which is a cheaper process as compared to the traditional extraction from botanical materials
At around one-fifth of the market share, North America is projected to grow strongly at CAGR 9.7% during the forecast period.
The Asia Pacific market accounted for the largest share, given the overall economic growth led by increased urbanization and rapid industrialization. The increasing preference among consumers for healthy food and high demand for meat and seafood are some of the major factors for the growth of animal feed applications of astaxanthin. The region also offers great opportunities to manufacturers and suppliers of astaxanthin, owing to the cost advantage and high demand in this region.
The North American market is projected to grow at the highest CAGR from 2021 to 2026. The market is projected to be driven by the increase in consumer demand for healthy convenience food due to their busy lifestyles. Further, increasing occurrences of obesity and cardiac diseases have led consumers to demand functional food products rich in astaxanthin, thereby driving the market for astaxanthin.
The key players in this market include large-scale players, such as BASF SE (Germany), Koninklijke DSM N.V. (The Netherlands), Otsuka Holdings Co. Ltd. (Japan), Divi’s Laboratories Ltd. (India), and Cyanotech Corporation (US). Other players include Fuji Chemical Industries Co., Ltd. (Japan), Valensa International (U.S.), and Algatech Ltd. (Israel).
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