Dublin, March 19, 2021 (GLOBE NEWSWIRE) -- The "Astaxanthin - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
With Demand Linkages to the Meat & Aquatic Food Supply Chain, Astaxanthin Witnesses Demand Slump by -4.5%
The global market for Astaxanthin is expected to plummet by -4.5% in the year 2020 and thereafter recover and grow to reach US$ 841.3 million by the year 2027, trailing a post COVID-19 CAGR of 5.8% over the analysis period 2020 through 2027.
Astaxanthin is naturally present in red-colored aquatic species. The content of astaxanthin changes from species to species and from individual to individual as it is mostly dependent on living and diet conditions. In the aquatic food chain, the major natural source of astaxanthin is algae. Haematococcus pluvialis accumulates the maximum levels of natural astaxanthin.
Most of the astaxanthin used for aquaculture is commercially available and is synthetically produced. Synthetic astaxanthin is not suitable for use by humans due to the petrochemicals employed in the synthesis process and 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.
It is also used as a coloring agent in food for crabs, chicken, salmon, and shrimp, and additionally acts as a food supplement in agriculture, especially for chickens that produce eggs. By application, animal feed and aquaculture represents the largest category for astaxanthin.
COVID-19 in the 1Half of 2020 brought global meat and dairy production to a screeching halt. At the peak of the first wave of infections, meat processing giants worldwide such as JBS USA, Tyson Foods, Smithfield Foods & Cargill shutdown slaughterhouses and packing facilities across North America.
The sudden decline in production and demand resulted in livestock farmers culling millions of farm animals. In addition to food supply chain disruptions, sudden fears over animal borne diseases & shift to non-animal based protein sources additionally impacted consumer demand for meat products. Approximately 2.5 million animals have been killed on U.S. farms alone.
With border closures, lockdowns and social distancing norms in place to contain virus from spreading, the fisheries and seafood production activity and trade has also come to a virtual halt in several nations. The shutdown of food service sectors in most pandemic affected nations including US, China and EU in particular has affected demand for seafood and fish products, and also impacted aquaculture operations.
In North America, seafood and aquaculture industries are affected due to falling demand from food service industry. Trade restrictions have also affected exports and imports of vital seafood products. Another cause of concern for seafood and aquaculture industries is the likely change in consumer behavior towards live and frozen seafood in the long term.
COVID-19 has affected seafood producing nations, with farm and factory work being stopped amidst government lockdown measures and subsequent shortage of workforce. Most of these nations are witnessing stock build up in cold storage facilities, and forcing farms to cease operations temporarily.
In China, the largest aquaculture producer, the Coronavirus pandemic has halted production activity and affected financial wellbeing of farmers. The inability to harvest due to restrictions has affected producers of freshwater species. Seafood processing plants have also been affected due to labor shortage and supplies of seafood getting stalled from farmers.
With the livestock and aquaculture industries reeling, consumption of animal feed additives has taken a direct blow sending knock-on impact into the global Astaxanthin market.
In the post COVID-19 period, growth will be led by the use of astaxanthin in the aquaculture sector which is expected to make a quick recovery.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Impact of COVID-19 Pandemic and a Looming Global Recession
Focus on Nutrition and Immunity Presents Opportunity for Functional Foods & Supplements
Pandemic Crisis Weakens Economic Environment, Triggering Negative Tide in GDP
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
Recent Market Activity
2. FOCUS ON SELECT PLAYERS (Total 56 Featured):
Algaecan Biotech Ltd
Beijing Gingko Group Co Ltd
Divi's Laboratories Limited
Fenchem Biotek Ltd
Fuji Chemical Industries Co., Ltd
Koninklijke DSM N.V
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
Health & Wellness Trend Catalyzes Growth of Functional Foods & Drinks, Presenting Opportunities for Astaxanthin Market
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
Market for the Years 2018, 2020, 2022 and 2024
Study Finds Astaxanthin to Protect Skin from UV-Related Damage
Demographic & Socio-Economic Factors Influence Market Prospects
Middle Class Population
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
GEOGRAPHIC MARKET ANALYSIS
Rising Importance in Animal Nutrition Boosts Market
Rising Demand for Nutraceuticals Fuels Growth in Astaxanthin Market
Growing Demand for Eye Health Products Augurs Well for the Market
REST OF EUROPE
Asia-Pacific: A High Growth Market
REST OF ASIA-PACIFIC
REST OF LATIN AMERICA
UNITED ARAB EMIRATES
REST OF MIDDLE EAST
Total Companies Profiled: 101
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