Astaxanthin Market Value to Hit $880 Million by 2026: Global Market Insights, Inc.
SELBYVILLE, Del., Nov. 12, 2019 /PRNewswire/ -- The global Astaxanthin Market is projected to cross USD $880 million by 2026, according to a new research report by Global Market Insights, Inc., due to the upsurge in the demand towards natural products in anti-aging creams for their antioxidant and aesthetic appeal.
Consumers spending on various personal care and cosmetic products, coupled with a growing consciousness regarding nutraceuticals, will drive the astaxanthin industry's growth. The ingredient is gaining approval and suitability by numerous wellness spa service providers and cosmetics producers, owing to its skin-friendly and antioxidant properties.
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Some major findings of the astaxanthin market growth report include:
- The rising organic cosmetic products in North America, owing to skin nourishment, may expand new opportunities for astaxanthin and its products and is expected to drive the market's growth.
- The increasing demand for healthy bakery and snack products in Latin American countries, including Brazil and Argentina, is expected to provide profitable opportunities to the pulse flour industry's expansion.
- Some of the major manufacturers in the global market are Cardax, BASF, BGG, ALGA Technologies, Lycored, Algix and DSM.
- Companies are delivering gluten-free bakery products to gain a competitive edge over rivals.
- The service providers in North America and Europe are replacing wheat flour in extruded snacks, which offers a blend of nutrients.
The market has a high potential for medical applications, owing to its health benefits functionality. A limited number of suppliers and the development in emerging economies, owing to high cost, may hinder the market's growth.
Browse key industry insights spread across 275 pages, with 417 market data tables and 18 figures and charts from the report, "Astaxanthin Market Size by Source (Synthetic, Natural), By Application (Dietary Supplements, Personal Care, Pharmaceuticals, Food & Beverages, Animal Feed {Aquaculture, Livestock, Pets}), Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025," in detail, along with the table of contents:
https://www.gminsights.com/industry-analysis/astaxanthin-market
Astaxanthin is incorporated in animal feed, owing to its aptness, which will mainly contribute towards revenue generation. It is used as a feed additive for chickens, egg production, shrimp and salmon and as a feed supplement. Its acceptance in aquaculture for offering pigmentation to fishes and its cost-efficacy will further support the industry's dominance.
The growing awareness regarding natural products in Europe among working professionals is likely to adopt these products. In 2017, Algae Health Science Inc. announced its flagship brand AstaZine, a natural supercritical CO2 oleoresin now produced in Germany. It has become the first company to provide two Novel Food Approvals in the EU regarding different astaxanthin extraction methods.
The manufacturers are engaged in joint ventures, which, in turn, offer a variety of products and expand their product portfolio. The producers are concentrating to offer new products and expand their market. The manufacturers are trying to produce new functional ingredients through encapsulation technology to aid the development of innovative delivery formats in the global astaxanthin market.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
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Astaxanthin Industry Forecasts 2026
Astaxanthin Market revenue is expected to register more than a 3.5% CAGR up to 2026, propelled by the growing acceptance of nutritional supplements in animal feed to increase the production of breeding.
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SOURCE Global Market Insights, Inc.
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