Astaxanthin Market is anticipated to grow at a CAGR of 6.5% from 2019 to 2030

Market Industry Reports (MIR) has published a new report titled “Astaxanthin Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the Global Astaxanthin Market is estimated to account for over US$ 610 million by 2019. The market is anticipated to grow at a CAGR of 6.5% from 2019 to 2030. 

The market growth can be attributed to several factors, which has led to its wide-scale adoption. The increasing adoption & use of natural ingredients and rising geriatric population are anticipated to further contribute to this substantial market growth between 2019 and 2030. However, the high cost of production is likely to restrain market growth to a certain extent.

To obtain better insights regarding the market scenario, prominent players are increasingly focusing on collaborative initiatives with several institutes, research centers, and companies. For instance, In March 2019, Algatech, an Israeli astaxanthin supplier announced its partnership with a nascent topical product producer, For the Biome.

Various manufacturers are gradually adopting cosmetic products with natural ingredients, owing to its advantages. Additionally, improving lifestyles and awareness regarding the adverse effects of chemical products have led to the increasing demand for natural & organic cosmetic products among customers, which will lead to the overall market growth across the world.

Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, in detail along with the table of contents:

Rising geriatric population is anticipated to propel the demand for the anti-aging creams & antioxidants products. The high antioxidant activity of astaxanthin is another factor that will further propel its adoption in the coming years.

However, the high production cost of astaxanthin along due to the highly complex extraction process involved is one of the major factors hampering market growth. For instance, the need for natural resources and advanced technologies significantly raises the production cost of astaxanthin. Asia Pacific is the fastest-growing market for astaxanthin and is anticipated to contribute significantly to the global market share. The growth in this region can be attributed to the increasing demand for fortified, healthy, & nutritious products and rising awareness regarding astaxanthin products among healthcare professionals. Countries in the APAC, such as India, China, and Japan, are anticipated to provide significant growth opportunities for the global astaxanthin market due to a large population suffering from nutritional deficiencies and a flourishing cosmeceutical industry.

Some of the prominent players in the astaxanthin market include Cyanotech Corporation., PIVEG, INC., Beijing Gingko Group, Divis Nutraceuticals, DSM, Fuji Chemical Industries Co., Valensa International, Otsuka Pharmaceutical Co., Ltd., AstaSupreme, and Algatech LTD, among others.

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