The astaxanthin market is projected to grow at a CAGR of 8.02% from 2017, to reach USD 814.1 Million by 2022. Astaxanthin has been gaining significance due to its health benefits and a wide range of end-use applications. It finds usage in animal and human applications, wherein it is mainly used to combat the human immune health and skin-related problems, while as a coloring additive in animal feed. The increasing prevalence of nutrient deficiency and changing consumer preferences for preventive healthcare have led to an increase in the demand for astaxanthin in the global market.
Petroleum-derived astaxanthin dominated the market in 2016; however, astaxanthin derived from plants is projected to grow at a higher rate, due to the safety issues associated with petroleum-based astaxanthin for human consumption. Microalgae cultivation is expected to be the fastest-growing method of production by 2022, due to the increased adoption of microalgae as a source of astaxanthin owing to the high concentration of astaxanthin present in them. Petroleum being the dominant source for beta-glucan, chemical synthesis of these petroleum products dominated the market based on the method of production.
Animal feed dominated the astaxanthin market, by application, in 2016, due to the extensive use of astaxanthin as a coloring agent, especially for livestock and aquatic animals to enhance the color of meat and eggs. The dietary supplements segment is projected to be the fastest-growing application during the forecast period due to the increasing adoption of astaxanthin as a nutraceutical or dietary supplement owing to its potent antioxidant property. Since astaxanthin is mainly used as a dietary supplement or animal feed, the dry form is the most preferred form by the consumers. Hence, dry form dominates the market, while liquid astaxanthin extracts find usage in cosmetics and food.