Global Astaxanthin Market Size to Reach USD 980 Million By 2028

28-Apr-2022 | Facts and Factors

According to the Facts & Factors report, the global astaxanthin market was worth about 650 (USD million) in 2021 and is predicted to grow to around 980 (USD million) by 2028, with a compound annual growth rate (CAGR) of around 8.2%.

The aquaculture and animal feed industries rely heavily on feed additives to provide better nutrition to animals. Astaxanthin, in essence, brings nutritional content and pigmentation to animal feed. As a result, the industrialization of aquaculture and poultry businesses has increased the demand for astaxanthin because these end-user businesses place a premium on animal health. Increased consumption of diverse, nutritious food products has resulted from substantial growth in aquaculture and fishing production. Global seafood consumption has increased as consumer awareness of the health benefits of eating fish and other aquaculture species has grown.

Browse the full “Astaxanthin Market By Source (Natural and Synthetic), By Application (Animal Feed, Food & Beverage, Pharmaceuticals, Personal Care, Dietary Supplement, and Others), and By Region-Global and Regional Industry Trends, Competitive Intelligence, Analysis of Data, Statistical Data, and Forecast 2022–2028" report at https://www.fnfresearch.com/astaxanthin-market

One of the major factors driving the global astaxanthin market growth is the rising prevalence of diseases such as cancer, diabetes, cognitive health issues, and cardiovascular disease. Astaxanthin promotes blood flow, lowers blood sugar levels, and alleviates pain in joints, muscles, and tendons. It also helps to prevent photoaging, enhances sleep cycles, fights depression, and boosts sperm motility. Furthermore, due to its ability to preserve the freshness, color, taste, and quality of food items, there is a substantial increase in the demand for astaxanthin as a food-coloring agent and food additive in the food & beverage industry worldwide.

Furthermore, astaxanthin is broadly used for skin tightening, fine line & wrinkle reduction, and moisture & elasticity retention. However, astaxanthin can be synthesized both naturally and synthetically. Synthetic astaxanthin is produced from various chemical formulations derived from petroleum products and is more affordable for consumers. Natural astaxanthin, on the other hand, is extracted and fermented using a variety of fungi, bacteria, yeast, algae, and marine animals. Natural astaxanthin is more difficult to produce and more expensive than synthetic astaxanthin. 

The global astaxanthin market is segmented on the basis of source, application, and region. By source, the market is divided into natural and synthetic. Synthetic astaxanthin is most commonly used in poultry, aquaculture, and pet food applications, and its market value is expected to exceed USD 350 million by 2028. By application, the market is divided into animal feed, food & beverage, pharmaceutical, personal care, dietary supplement, and others. Rising consumer preference for chemical-free organic skincare products derived from naturally derived raw materials may drive product growth.

Asia Pacific region's overall economic growth has resulted in increased growth and industrialization. As a result, astaxanthin consumption differs from country to country and region to region. The growing consumer preference for healthy foods, as well as the limited supply of meat and seafood, are some of the key factors driving the growth of astaxanthin animal feed applications in the region. Because of the price advantage and growing preference in this region, Asia Pacific provides excellent opportunities for astaxanthin manufacturers and suppliers, thereby leading the global astaxanthin market.

Report Scope

Some of the global astaxanthin market players are Divis Laboratories Ltd., Algaecan Biotech Ltd., Igene BioProduction Technology, Inc., Valensa International Global, PIVEG, Inc., BGG (Beijing Gingko Group), Kunming biogenic, ATACAMA BIONATURAL, Fenchem Biotek Ltd, Supreme Biotechnologies NZ Ltd, Archer Daniels Midland Co. (ADM), JXTG Nippon Oil & Energy Corporation, INNOBIO Limited, Fuji Chemical Industries Co., Ltd., AstaReal Inc, Algatechnologies Ltd., Cyanotech Corporation (BioAstin), Parry Nutraceuticals, BASF SE, Otsuka Pharmaceutica, Cardax, Inc., and Koninklijke DSM N.V.

Recent Development

• December 2020: BASF collaborated with Adifo Software to introduce a digital platform for the animal agriculture supply chain that included sustainability analytics. This collaboration significantly aided BASF's advancement in feed formulation.
• October 2020: Biomin, a specialized animal health and nutrition business owned by the Erber Group, was acquired by Koninklijke DSM N.V. This acquisition will add to Koninklijke DSM N.V.'s knowledge, experience, and reputation as a leading source of animal health and nutrition options for farm sustainability and productivity, with a focus on reducing emissions, feed consumption efficiency, and improving the use of land & water.

 The global astaxanthin market is segmented as follows:

By Source

• Natural
• Synthetic

By Application

• Animal Feed
• Food & Beverage
• Pharmaceuticals
• Personal Care
• Dietary Supplement
• Others

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic countries
    • Denmark
    • Finland
    • Iceland
    • Sweden
    • Norway
  • Benelux Reunion
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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