Global Astaxanthin Market Report 2022: Market to Reach $787.5 Million by 2026 - Increasing Expenditure on Personal Care and Cosmetic Products Propels Market Growth

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Jul 18, 2022, 11:30 ET

DUBLIN, July 18, 2022 /PRNewswire/ -- The "Astaxanthin - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Global Astaxanthin Market to Reach $787.5 Million by 2026

Amid the COVID-19 crisis, the global market for Astaxanthin estimated at US$565.3 Million in the year 2020, is projected to reach a revised size of US$787.5 Million by 2026, growing at a CAGR of 5.8% over the analysis period.

Demand in the market is being driven by rising use in various industries such as dietary supplements, animal feed and aquaculture, food and beverages, cosmetics, and pharmaceuticals, among others. In the recent years, the publication of study results offering support for the capabilities of astaxanthin in protecting heart health, improving workout endurance, and reducing wrinkles has contributed significantly to the growth.

Astaxanthin is growing in popularity as an immune booster and is expected to witness growth given the present COVID-19 pandemic and the need for immune supplements to fight against the virus. Astaxanthin is used even in treating difficult conditions such as Parkinson`s and Alzheimer`s disease. Research is also in progress to study the benefits of using Astaxanthin in cancer treatment. Astaxanthin is also expected to aid in improving physical endurance during exercise, opening up a potentially new application.

Synthetic, one of the segments analyzed in the report, is projected to grow at a 5.6% CAGR to reach US$492.7 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Natural segment is readjusted to a revised 6.2% CAGR for the next 7-year period.

This segment currently accounts for a 40.5% share of the global Astaxanthin market. Astaxanthin is naturally present in red-colored aquatic species. Natural astaxanthin has been found to more than 500 times more powerful than vitamin E and relatively more potent as compared to other carotenoids such as carotene, lycopene, and lutein.

Natural astaxanthin is increasingly used in food and beverage products. Synthetic astaxanthin is generally used in the production of animal feeds, particularly in the fish farming sector. Most of the commercial astaxanthin used in aquaculture is made synthetically.

The U.S. Market is estimated at $115.2 Million in 2021, While China is Forecast to Reach $183.8 Million by 2026

The Astaxanthin market in the U.S. is estimated at US$111.4 Million in the year 2020. The country currently accounts for a 19.71% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$183.8 Million in the year 2026 trailing a CAGR of 7.1% through the analysis period.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.6% and 4.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.4% CAGR while Rest of European market (as defined in the study) will reach US$198.9 Million by the end of the analysis period.

North America and Europe are the largest markets for Astaxanthin owing to the wide range of products fortified with the pigment. North America is a key astaxanthin market, supported by significant health consciousness among people, and growing awareness of the benefits of astaxanthin, among other factors.

Moreover, the benefits of antioxidants are gaining popularity among consumers in these markets owing to various organizations elucidating on the benefits of the pigment. Accounting for a substantial share of global aquaculture exports, the South Asian region is one of the major consumers of Astaxanthin for aquaculture. Moreover, increasing consumption of seafood in the region is also expected to aid in demand growth.

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

Influencer Market Insights
World Market Trajectories
Impact of COVID-19 Pandemic and a Looming Global Recession
Focus on Nutrition and Immunity Presents Opportunity for Functional Foods & Supplements
An Introduction to Astaxanthin
Natural & Synthetic Sources
Uses and Benefits of Astaxanthin
Nutraceuticals, Dietary Supplements and Feed Additives Demand to Provide the Foundation for Growth in the Astaxanthin Market
Feed Emerges as the Major Application Segment
Rising Demand for Astaxanthin from Developing Countries
Competition
World Brands
Recent Market Activity
Astaxanthin - Global Key Competitors Percentage Market Share in 2022 (E)
Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)

2. FOCUS ON SELECT PLAYERS (Total 56 Featured)

Algaecan Biotech Ltd
Algatechnologies Ltd
AstaReal, Inc
AstaSupreme
BASF SE
Beijing Gingko Group Co Ltd
Cardax, Inc
Cyanotech Corporation
Divi's Laboratories Limited
Fenchem Biotek Ltd
Fuji Chemical Industries Co., Ltd
Koninklijke DSM N.V
Otsuka Pharmaceutical
Parry Nutraceuticals
Piveg, Inc.
Valensa International

3. MARKET TRENDS & DRIVERS

Significant Benefits of Astaxanthin in Varied End-Use Industries to Boost Market Prospects
Natural Astaxanthin Demand Grows Led by Rising Consumer Preference for Natural Products
Extensive Usage of Astaxanthin as a Prominent Ingredient in Aquafeed Market Forms a Strong Basis for Growth
With Fish Color Becoming a Critical Factor for Customers, Astaxanthin Emerges as a Vital Ingredient for Aquaculture Industry
Growing Relevance of Live Feeds in Aquaculture for Fish Pigmentation & Development Fuels Astaxanthin Market
COVID-19 Pandemic's Devastating Impact on Aquaculture Industry Affects Fish Food Market, Impacting Demand for Astaxanthin
Government Support for Aquaculture Industry Provides Growth Impetus
Growing Demand for Natural Food Coloring Agents Offers Immense Growth Opportunities for Natural Astaxanthin in F&B Industry
Growing Demand for Nutraceuticals & Supplements Creates a Strong Foundation for the Growth of Astaxanthin
Innovations and Advancements to Boost Market Prospects
Increasing Preference for Natural Ingredients in Healthcare Drives Demand for Astaxanthin
Astaxanthin Holds Potential in Improving Cardiovascular Functioning
Astaxanthin-Tocotrienols Combination Provides Greater Cognitive Benefits
Increasing Expenditure on Personal Care and Cosmetic Products Propels Market Growth
Growing Sales of Natural and Organic Cosmetic Products: Potential for Growth
Anti-Aging Benefits of Astaxanthin Propels Market Growth in the Cosmetics Industry
Expanding Anti-Aging Products Market Drives Demand for Natural Astaxanthin
Study Finds Astaxanthin to Protect Skin from UV-Related Damage
Demographic & Socio-Economic Factors Influence Market Prospects
Urbanization Phenomenon
Middle Class Population