Market Leader - Astaxanthin Market
The global astaxanthin market size is estimated to be valued at USD 647 million in 2021. It is projected to reach USD 965 million by 2026, recording a CAGR of 8.3% during the forecast period. The increase in awareness toward preventive healthcare & nutraceuticals and the rising demand for cosmetic products have gained the attention of the key players in the astaxanthin market to develop new and effective products. Astaxanthin also has anti-inflammatory properties. Other health benefits associated with astaxanthin are cardiovascular disease prevention, boosting immunity and bioactivity against Helicobacter pylori, and cataract prevention.
Key players in this market include BASF SE, Otsuka Holdings Co. Ltd., Koninklijke DSM N.V., Divi’s Laboratories Ltd., and Cyanotech Corporation.
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Koninklijke DSM N.V., also called Royal DSM, is a global science-based company engaged in the health, nutrition, and materials business. The company operates through four segments: nutrition, materials, innovation center, and corporate activities. Its nutrition segment includes DSM Nutritional Products and DSM Food Specialties. The company’s nutrition and food ingredients segment caters to different end-use application industries such as food, feed, and pharmaceuticals. It offers nutraceutical ingredient products for dietary supplements and the food & beverages industry. Being one of the global leaders in vitamins, carotenoids, nutraceuticals, and premixes, DSM has entered the astaxanthin industry with innovative products for both human and animal nutrition. These products are developed under its DSM Nutritional Products business segment. Royal DSM acquired Erber Group’s Biomin, a specialty animal nutrition and health business. This acquisition will further strengthen company’s expertise and reputation as one of the leading providers of animal health and nutrition solutions for farm productivity and sustainability, with an emphasis on emissions reduction, feed consumption efficiency, and better use of water and land.
BASF SE is one of the leading chemical companies and is listed on stock exchanges in Frankfurt (Germany), London (UK), and Zurich (Switzerland). The company has 11 divisions grouped into six segments: chemicals, materials, industrial solutions, surface technologies, nutrition & care, and agricultural solutions. For financial reporting, it has organized its regional divisions into four regions: Europe, North America, Asia Pacific, and South America/Africa/Middle East. The nutrition & care segment offers a comprehensive range of products across human nutrition, animal nutrition, pharma solutions, and aroma ingredients. BASF is one of the strongest suppliers of vitamins, antioxidants, and carotenoids for the human nutrition business supplying to all major companies in the pharma, nutraceutical, beverage, and dietary supplement industries. The company has a broad range of functional ingredients, ranging from conjugated linoleic acid, peptides, plant-based sterols, colorants, Omega 3, algae-based docosahexaenoic acid, and a wide range of food performance ingredients. BASF partnered with Adifo Software to launch a digital solution for the animal agriculture value chain by integrating sustainability analytics. This partnership significantly helped BASF advance in feed formulation.
Otsuka Holdings Co. Ltd. is a manufacturer of pharmaceuticals; clinical testing equipment; and medical devices and equipment, food, and cosmetic products. The company operates through four segments: pharmaceuticals, nutraceuticals, consumer products, and other businesses. The pharmaceutical business entails prescription drugs, while the nutraceutical business encompasses nutritional food & beverages and cosmetics. It offers astaxanthin through its nutraceutical business segment. Otsuka Pharmaceutical Co., Ltd. is a subsidiary of Otsuka Holdings Co. Ltd.
Related Reports:
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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