Astaxanthin Market Size Worth $4.06 Billion By 2028 | CAGR: 15.1%

The global astaxanthin market size is expected to reach USD 4.06 billion by 2028 according to a new study by Polaris Market Research. The report “Astaxanthin Market Share, Size, Trends, Industry Analysis Report, By Source (Natural [Yeast, Krill/Shrimp, Microalgae], Synthetic); By Product (Dried Algae Meal or Biomass, Oil, Softgel, Liquid); By Application (Nutraceuticals, Cosmetics, Aquaculture & Animal Feed); By Regions; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Owing to its inflammatory properties it helps in pain reduction in joints, muscles, and tendons in patients suffering from chronic arthritis. Moreover, the rising prevalence of cognitive health disorders, diabetes, and cardiovascular diseases is also expected to favor market growth for astaxanthin. Astaxanthin helps in continuous blood flow in patients suffering from diabetes and high blood pressure.

In 2020, the natural market segment of the astaxanthin industry held the largest share and is likely to grow at a rapid pace over the assessment period. It is produced from naturally produced algae and yeasts and is largely popular in the biotechnology market, owing to its huge demand in pharmaceutical, feed, and nutraceuticals fields. Moreover, high carotenoid content, low maintenance cost, and rising demand for natural food supplements also boosting the market segment demand over the coming years.

Significant advancements in culture conditions, supported with technical abilities of OMICS, and health benefits offered by astaxanthin and carotenoids also fueled the segment’s growth. The growing demand for natural food supplements and negative perception of chemical products also projected to favor its growth. Most of the key players in the market for astaxanthin, such as BGG and Cyanotech, are strongly focusing on innovative technologies such as microalgae cultivation and concerned harvesting procedures.

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Companies operating in the market for astaxanthin Cyanotech Corporation; Solix Algredients, JX Nippon Oil and Energy Corporation; IGENE Biotechnology, Inc.; Micro AS; Beijing Gingko Group (BGG); BlueOcean NutraSciences, Inc.; Fuji Chemical Industry Co., Ltd.; Algae Health Sciences, Fenchem; EID-Parry (India) Ltd.; and Algatechnologies.

Companies in the market for astaxanthin are focusing on innovation to enter into a promising sector. In this line, the Israel-based company, NextFerm Technologies Ltd., introduced AstaFerm. The product is the natural astaxanthin obtained through an innovative yeast fermentation process. This is a potent, odor, flavor-free, and free-flowing material. This is regarded as an effective antioxidant with proven potential towards immune reactions while maintaining faster recovery.

Polaris Market research has segmented the astaxanthin market report on the basis of source, product, application, and region:

Astaxanthin, Source Outlook (Revenue - USD Million, 2016 - 2028)

• Natural
  • Yeast
  • Krill/Shrimp
  • Microalgae
  • Others
• Synthetic

Astaxanthin, Product Outlook (Revenue - USD Million, 2016 - 2028)

• Dried Algae Meal or Biomass
• Oil
• Softgel
• Liquid
• Others

Astaxanthin, Application Outlook (Revenue - USD Million, 2016 - 2028)

• Nutraceuticals
• Cosmetics
• Aquaculture & Animal Feed
• Others

Astaxanthin, by Regional Outlook (Revenue - USD Million, 2016 - 2028)

• North America
  • U.S.
  • Canada
• Europe
  • France
  • Germany
  • UK
  • Italy
  • Spain
  • Netherlands
  • Austria
• Asia Pacific
  • China
  • India
  • Japan
  • Malaysia
  • South Korea
  • Indonesia
  • Malaysia
• Central & South America
  • Mexico
  • Brazil
  • Argentina
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa