Dublin, Nov. 02, 2021 (GLOBE NEWSWIRE) -- The "Global Astaxanthin Market by Source (Natural, Synthetic), Form (Dry, Liquid), Method of Production (Microalgae Cultivation, Chemical Synthesis, Fermentation), Application (Dietary Supplements, Food & Beverages, Cosmetics), and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The astaxanthin market is estimated at USD 647 million in 2021 and is projected to grow at a CAGR of 8.3% to reach USD 965 million by 2026.
The growth in the astaxanthin market is attributed to the growing health awareness among consumers, leading to an increase in the adoption of healthier diets. Food safety concerns & adherence to stringent international quality standards and regulations restrain the growth of the astaxanthin market.
The market for food & beverages, by application, is projected to witness the fastest growth in the market during the forecast period.
The food & beverages segment is expected to record the highest growth rate during the forecast period, which is mainly attributed to the increasing use of natural colorants in food and beverages products. In the food industry, astaxanthin is also used for product storage and for standardizing the color of food products, such as margarine, cheeses, sausages, pasta, and other beverages.
The synthetic source segment dominated the astaxanthin market in 2020.
The synthetic segment is projected to dominate the astaxanthin market, as they are easy to extract and have low manufacturing costs. This can be attributed to its low cost of production and high usage in the aquafeed industry. Consumers and manufacturers prefer opting for low-priced synthetic astaxanthin. Developing regions, such as South America and Asia Pacific, are the major contributors to the growth of this market, as affordability and price sensitivity are important aspects for consumers opting for synthetic astaxanthin.
The dry form segment dominated the astaxanthin market in 2020.
Growing awareness about storage and handling problems of liquid astaxanthin among food and beverage manufacturers are some of the key factors driving the demand for dry ingredients, subsequently augmenting the growth of the dry astaxanthin market over the next few years. The process with the dry format is a little easier, especially in high-volume manufacturing. The dry form is widely consumed for manufacturing astaxanthin products, such as dietary supplement tablets, capsules, owing to the easy application and various other benefits. For instance, enclosed supplement capsules retain all desired product properties. They eliminate flavor and color variability while providing easy handling and storage, which is difficult with liquid products
European market is driven by consumer demand for a wide range of food products with functional benefits such as gut health, bone health, immunity, and heart health.
Europe accounted for a second-largest share of about 32.6% in the global astaxanthin market in 2020 in terms of value. The presence of key synthetic astaxanthin manufacturers and health consciousness among consumers lead Europe's astaxanthin market. Key market players include Koninklijke DSM N.V. (Netherlands), BASF SE (Germany), and BioReal (Sweden). An increase in livestock production in the region, especially poultry and fisheries, has resulted in an increased demand for astaxanthin in animal feed applications
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Astaxanthin Market
4.2 Astaxanthin Market, by Key Country
4.3 Asia-Pacific: Astaxanthin Market, by Source & Key Country
4.4 Astaxanthin Market, by Application & Region
4.5 Astaxanthin Market, by Form & Region
4.6 COVID-19 Impact on the Astaxanthin Market
5 Market Overview
5.2 Macroeconomic Indicators
5.2.1 Development in the Retail Industry
5.2.2 Rise in the Number of Dual-Income Households
5.3 Market Dynamics
184.108.40.206 Rising Consumer Inclination Toward Preventive Healthcare & Nutraceuticals
220.127.116.11 Rapid Industrialization of the Feed Industry
18.104.22.168 Increasing Demand for Cosmetic Products
22.214.171.124 High Cost of Production of Natural Astaxanthin
126.96.36.199 Lack of R&D Activities in the Underdeveloped Countries
188.8.131.52 Government Initiatives to Support Aquaculture
184.108.40.206 Growing Demand for Natural Antioxidants
220.127.116.11 Growing Demand for Astaxanthin in the Pharmaceutical Industry
18.104.22.168 Risks Associated with Adulteration and Clean Label Requirements
22.214.171.124 Stringent Government Regulations in Developed Countries
5.4 Impact of COVID-19 on the Market Dynamics
5.4.1 COVID-19 Boosts the Demand for High-Quality and Premium Food & Beverages Products
5.4.2 COVID-19 Impact on Raw Material Availability and Supply Chain Disruption
5.4.3 COVID-19 to Shift the Demand Toward Plant-Sourced Ingredients
6 Industry Trends
6.2 Supply Chain Analysis
6.3.2 Ingredient Manufacturers
6.3.3 Technology Providers
6.3.5 Regulatory Bodies
6.3.6 Startups/Emerging Companies
6.4 Value Chain Analysis
6.5 Technology Analysis
6.5.1 Astaxanthin and Microencapsulation
6.5.2 Astaxanthin and Robots
6.6 Pricing Analysis: Astaxanthin Market, by Source
6.7 Trends/Disruptions Impacting the Customer's Business
6.8 Porter's Five Forces Analysis
6.8.1 Intensity of Competitive Rivalry
6.8.2 Bargaining Power of Suppliers
6.8.3 Bargaining Power of Buyers
6.8.4 Threat of New Entrants
6.8.5 Threat of Substitutes
6.9 Patent Analysis
6.1 Trade Analysis
6.11 Case Study Analysis
6.11.1 Use Case 1: Tatsewise's Ai and Machine Learning Solution Helped Meet the Increasing Demand
6.11.2 Use Case 2: Mindright's Bars Helped Combat Mental Health Issues
6.12.1 North America
7 Astaxanthin Market, by Source
7.2 Natural Source
7.2.1 Increased Preference for Natural Products
126.96.36.199 Microalgae is a Non-Conventional Source of Protein due to Its High Protein Content
7.2.3 Yeast & Microbes
188.8.131.52 Use of Yeast-Produced Astaxanthin in Poultry, Fishery, Cosmetic, Pharmaceutical, and Food
7.2.4 Marine Animals
184.108.40.206 Shrimp, Krill, Salmon, and Crustaceans are the Major Sources of Astaxanthin
7.3 Synthetic (Petroleum)
7.3.1 Lower Manufacturing Cost of Synthetic Astaxanthin to Drive the Market Growth
8 Astaxanthin Market, by Form
8.2 Dry Form
8.2.1 Dry Forms are Majorly Used in Feed Food & Beverages and Cosmetics
8.3 Liquid Form
8.3.1 Application of Liquid Astaxanthin in Syrups and Texturing Agents
9 Astaxanthin Market, by Method of Production
9.2 Chemical Synthesis
9.2.1 Chemical Synthesis of Astaxanthin More Economical Than Natural Production
9.3 Microalgae Cultivation
9.3.1 Natural Astaxanthin from Microalgae is in High Demand for Dietary Supplements and Food & Beverages
9.4.1 Astaxanthin Produced Through Fermentation is Widely Used in Aquaculture
9.5.1 Extraction of Astaxanthin from Shrimp Waste is Highly Energy Consuming and Produce Toxic Byproducts
10 Astaxanthin Market, by Application
10.2 COVID-19 Impact on the Astaxanthin Market, by Application
10.2.1 Optimistic Scenario
10.2.2 Realistic Scenario
10.2.3 Pessimistic Scenario
10.3.1 Astaxanthin Market for Animal Feed Focusing Mainly on the Synthetic Form
10.4 Dietary Supplements
10.4.1 Rising Awareness Among Consumers for Natural Health Supplements Fueling the Market Growth
10.5 Food & Beverages
10.5.1 Astaxanthin Aids in Reducing the Risk of Heart Attack by Increasing the Good Hdl Cholesterol
10.6.1 Astaxanthin - a Potent Source of Antioxidants and Vitamin A
11 Astaxanthin Market, by Region
12 Competitive Landscape
12.2 Market Share Analysis
12.3 Key Player Strategies
12.4 Historical Revenue Analysis of Key Players
12.5 COVID-19-Specific Company Response
12.5.1 Basf Se
12.5.2 Cyanotech Corporation
12.5.3 Divi's Laboratories Ltd.
12.5.4 Company Evaluation Quadrant (Key Players)
220.127.116.11 Emerging Leaders
18.104.22.168 Pervasive Players
12.5.5 Product Footprint
12.5.6 Competitive Evaluation Quadrant (Other Players)
22.214.171.124 Progressive Companies
126.96.36.199 Starting Blocks
188.8.131.52 Responsive Companies
184.108.40.206 Dynamic Companies
12.6 Product Launches, Deals, and Other Developments
12.6.1 Product Launches
13 Company Profiles
13.1 Key Players
13.1.1 Koninklijke Dsm N.V.
13.1.2 Basf Se
13.1.3 Cyanotech Corporation
13.1.4 Otsuka Holdings Co., Ltd.
13.1.5 Divi's Laboratories Ltd.
13.1.6 Valensa International
220.127.116.11 Business Overview
13.1.7 Fuji Chemical Industries Co., Ltd.
13.1.8 Beijing Gingko Group
13.1.9 Cardax, Inc.
13.1.10 Piveg, Inc.
13.2 Other Players
13.2.1 Fenchem Biotek Ltd.
13.2.2 Algatech Ltd.
13.2.3 Supreme Biotechnologies
13.2.4 Igene Biotechnology Inc.
13.2.6 Biogenic Co., Ltd.
13.2.7 Astamaz Nz Ltd.
13.2.9 Algae to Omega
13.2.10 Algae Health Sciences, Inc.
14 Adjacent & Related Markets
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