Astaxanthin Market Size, Trends, Key Companies, Revenue Share Analysis, 2018–2028
According to the current analysis of Reports and Data, the global Astaxanthin market was valued at USD 597.2 million in 2019 and is expected to reach USD 1,058.6 million by the year 2028, at a CAGR of 6.5% . Astaxanthin popularly taken as a supplement. It has been used safely in combination with other carotenoids, vitamins, and minerals at a considerable amount. Astaxanthin is a reddish pigment that belongs to a group of chemicals called carotenoids. It occurs naturally in certain algae and causes the pink or red color in salmon, trout, lobster, shrimp, and other seafood. Astaxanthin is consumed for treating Alzheimer’s disease, Parkinson’s disease, stroke, high cholesterol, liver diseases, age-related vision loss, and preventing tumors. It is also utilized in treating metabolic syndrome, which results in an increase in the risk of stroke and diabetes. It is also used for enhancing the overall workout performance, minimizing muscle damage after exercise, and diminishing muscle soreness after exercise. Moreover, astaxanthin is used to prevent sunburn, to improve sleep, and many other medical conditions.
Astaxanthin is applied directly to the skin to protect against sunburn, to reduce wrinkles, and for other cosmetic benefits. In food, it is used as a coloring for salmon, crabs, shrimp, chicken, and egg production. In agriculture, astaxanthin is used as a food supplement for egg-producing chickens. Though, side effects of astaxanthin include stomach pain which is expected to alter consumer’s preference. There are two main markets, at the present time, for Haematoccocus astaxanthin: as a feed additive and as a human nutraceutical. Astaxanthin has applications in feeds for animals for which color appearance is essential for consumer acceptability.
The largest consumer of astaxanthin today is the salmon feed industry. However, the largest producers of astaxanthin in the world market today produce astaxanthin via chemical synthesis at significantly lower costs than is possible using Haematococcus at present. In some applications (koi, chickens, sea bream), Haematococcus astaxanthin commands a premium price over synthetic astaxanthin because of enhanced pigment deposition or regulatory requirements. It can be expected that as the public at large becomes educated to the fact that most salmon available today is fed an artificial pigment, desire for a naturally pigmented product will increase the demand, and price.
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Some Key Factors Contributing to the Global Pharma & Healthcare Market Growth
Unprecedented revenue growth of the global pharma & healthcare industry is attributed to factors such as rising prevalence of chronic and acute diseases worldwide, increasing geriatric population, rising awareness of health & wellness among consumers, and growing demand for more advanced healthcare services. Increasing demand for advanced drugs and therapeutics, growing availability of next-generation diagnostics and treatment options – especially in developing countries like India and China – rise in R&D activities and clinical trials in the pharmaceutical and biotechnology sectors, increasing public and private investments in healthcare research projects, and rising consumer expenditure on healthcare are among the other significant factors contributing to the industry revenue growth.
Further key findings from the report suggest
- Astaxanthin has great demand in food, feed, nutraceutical and pharmaceutical applications. This has promoted major efforts to improve astaxanthin production from biological sources instead of synthetic ones
- Production of astaxanthin from natural sources has become one of the most successful activities in biotechnology
- Astaxanthin is used in various commercial applications in the market. Astaxanthin products are available in the form of capsule, soft gel, tablet, powder, biomass, cream, energy drink, oil and extract in the market
- Patent applications are available on astaxanthin for preventing bacterial infection, inflammation, vascular failure, cancer, cardiovascular diseases, inhibiting lipid peroxidation, reducing cell damage and body fat, and improving brain function and skin thickness
- The Asia-Pacific segment is expected to reach USD 202.98 million by 2027 in this market. This has significant implications for astaxanthin product manufacturers
- The Feed application sub-segment is expected to register a CAGR of 7.2% during 2019-2027
Top Players in the Global Astaxanthin Market:
Koninklijke DSM N.V. (Netherlands), BASF SE (Germany), Cyanotech Corporation (US), Otsuka Pharmaceutical Co., Ltd. (Japan), Valensa International (US), Fuji Chemical Industries Co. (Japan), Divis Laboratories Ltd. (India), Beijing Ginko Group (China), Igene Biotechnology, Inc. (US), Piveg, Inc. (US), Fenchem Biotek Ltd. (US), Algatechnologies (Israel), Cardax, Inc. (US), and Supreme Biotechnologies (US)
The coronavirus pandemic has had a drastic impact on the global healthcare industry, with rising cases of COVID-19 worldwide, substantially growing hospital admission and readmission rates, and rising demand for telehealth and telemedicine services for remote patient monitoring. Furthermore, rising focus on development of rapid COVID-19 diagnostics such as the RT-PCR test kits, increased government funding for vaccine development, stringent regulatory norms and protocols for COVID-19 safety, and increasing sales of COVID-19 safety equipment, such as N-95 masks, face shields, PPE kits, and hand sanitizers, have driven the global pharma & healthcare industry revenue growth over the recent past.
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On the basis of source, the astaxanthin market has been segmented as follows:
- Natural Source
- Petroleum (Synthetic)
On the basis of Application, the astaxanthin market has been segmented as follows:
On the basis of Form, the astaxanthin market has been segmented as follows:
- Dry Form
- Liquid Form
On the basis of Method of Production, the astaxanthin market has been segmented as follows:
- Microalgae Cultivation
- Chemical Synthesis
Global Astaxanthin Market Report: Regional Segmentation
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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Global Astaxanthin Market: Table of Contents
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.4. Research Sources
1.4.1. Primary Sources
1.4.2. Secondary Sources
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
Chapter 3. Key Insights
Chapter 4. Global Pharma & Healthcare Market Segmentation
4.1. Global Pharma & Healthcare Market COVID-19 Impact Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers’ analysis
4.2.3. Market restraints analysis
4.3. Technological Insights
4.4. Porter’s Five Forces Analysis
4.5. Regulatory Framework
4.6. Price trend Analysis
4.7. Competitive Metric Space Analysis
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Frequently Asked Questions Answered in the Report:
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- What are the key outcomes of SWOT analysis and Porter’s Five Forces analysis of the market?
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