Astaxanthin Market by Source (Natural and Synthetic), Form (Dry Form and Liquid Form), Application (Nutraceuticals, Animal Feed, and Cosmetics) - Analysis & Forecast 2019-2030
Report ID : 177 | Published Date : May 2020 | Pages : 160 | Region : Global | Report Code : FB-20
Astaxanthin Market Overview and Introduction
Astaxanthin is a red pigment carotenoid that is obtained from natural sources such as microalgae, yeast, salmon, trout, krill, shrimp, crayfish, and crustaceans and from synthetic source like petroleum. This pigment produces an antioxidant effect which is 550 times stronger than vitamin E, and 6,000 times stronger than vitamin C. Astaxanthin offers benefits for various health conditions including inflammation, diabetics, cardiovascular, vision, and CNS conditions. Astaxanthin is also used for cosmetic purposes, owing to its skincare & anti-aging properties and it is also used for the fortification of foods & beverage products.
The global astaxanthin market is mainly driven by growing awareness regarding preventive healthcare & nutraceuticals and the increasing demand for cosmetic products. Moreover, the growing demand for natural antioxidants also plays a pivotal role in contributing to market growth globally. However, the high cost of production is likely to restrain market growth to a certain extent.
The global astaxanthin market can be segmented into source, form, application, and regions.
Astaxanthin Market by Source
Based on source, the market is segmented into natural and synthetic. The natural segment is expected to dominate the astaxanthin market during the forecast period. The growth of this segment can be attributed to the increasing demand for natural food supplements and growing awareness among consumers about the adverse effects of chemical products.
Astaxanthin Market by Form
Based on form, the market can be segmented into dry form and liquid form. The dry form segment is expected to dominate the astaxanthin market during the forecast period owing to its high usage in animal feed, low production cost, and reduced need for downstream processing.
Astaxanthin Market by Application
Based on the application, the market can be segmented into nutraceuticals, animal feeds, cosmetics and others. The cosmetics segment is expected to dominate the astaxanthin market during the forecast period owing to its prominent antioxidant nature. Moreover, a flourishing cosmetic industry, increasing demand for anti-aging creams & skincare products and the rising adoption of natural cosmeceuticals proves to be a crucial factor for the growth of this segment.
Astaxanthin Market by Region
Based on region, the global astaxanthin market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). North America dominated the astaxanthin market, followed by Asia Pacific. The growth in North America can be attributed to the presence of a large population of health-consciousness people and well-established nutraceutical industry in this region.
Astaxanthin Market Prominent Players
Some of the prominent players in the astaxanthin market include Cyanotech Corporation., PIVEG, INC., Beijing Gingko Group, Divi's Nutraceuticals, DSM, Fuji Chemical Industries Co., Valensa International, Otsuka Pharmaceutical Co., Ltd., AstaSupreme, and Algatech LTD, among others.