Wilmington, Delaware, United States, Feb. 03, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global astaxanthin market is likely to register a CAGR of 10.2% between 2022 and 2032. Astaxanthin falls under the carotenoid family of natural pigments and is utilized in multiple food items. It helps in attaining the vivid red-orange color in food products such as lobster, salmon, krill, and algae. Astaxanthin is also used as a food coloring agent by dietary supplement manufacturers in animal and fish feed products. It is believed to contain high levels of nutrients, which help improve eyesight, and is thus considered a high quality product. The rise in demand for nutritional supplements is anticipated to aid in market expansion during the forecast period.
Rise in demand for astaxanthin from several end-use applications such as animal feed and aquaculture, nutraceuticals, pharmaceuticals, and food and beverages is anticipated to create lucrative business opportunities for the astaxanthin market during the forecast period. Besides this, increase in efforts by organizations that create awareness about the benefits of products containing astaxanthin is also expected to promote market growth.
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According to TMR report, the global astaxanthin market value stood at US$ 758.2 Mn in 2022 and is estimated to reach US$ 2001.5 Mn by the end of 2032. The increase in popularity of worldwide cuisines such as seafood is projected to impact this industry.
Key Findings of Study
- Rise in Demand for Natural Astaxanthin from Food and Beverage Industry: Changes in consumer eating preferences have augmented the demand for naturally derived ingredients in their food charts. Consumers currently prefer natural food additives that offer functional benefits in comparison to artificial additives, and thus, the demand for natural astaxanthin is expected to rise significantly in the food and beverage sector.
- Increase in Use for Food Supplements: Astaxanthin is generally used as an additive in formulated diets for boosting and improving the pigmentation of various marine animal species. This is because astaxanthin offers multiple functional benefits such as growth performance, stress tolerance, reproductive capacity, immune-related gene expression, and disease resistance. Additionally, natural astaxanthin is also used as poultry feed to ensure pigmentation in egg yolks and offer endurance and good eyesight to fish such as salmon. Thus, the increase in use of astaxanthin in feed products and food supplements is anticipated to positively change the market outlook in the near future.
Key Drivers
- Rise in demand for nutritional supplements for immunity, vision, cell division, and growth is projected to aid in expansion of the astaxanthin market
- Change in consumer preference augments demand for nutritional food products, thereby promoting market growth
- Increase in efforts by manufacturers to offer healthier products to meet rising demand from consumers is likely to promote business in the near future
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Regional Growth Dynamics
- Europe held the highest market share in 2022 and generated a revenue of US$ 245 Mn in 2022. It holds 32.35% share and is likely to continue its dominance during the forecast period.
- The U.S. accounts for leading revenue of US$ 151.6 Mn in 2022in the global market
- India leads in South Asia with an estimated valuation of US$ 26 Mn in 2022
Key Players
Prominent players in the global astaxanthin market include Piveg Inc., Valensa International, Otsuka Pharmaceutical Co. Ltd., Koninklijke DSM N.V., INNOBIO Limited, Fenchem, Fuji Chemical Industries Co. Ltd., Divi’s Laboratories Ltd., Cyanotech Corporation, Cardax Inc., BASF SE, Biogenic Co. Ltd., Beijing Gingko Group, Atacama Bio Natural Products S.A., and Archer Daniels Midland Company.
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Astaxanthin Market Segmentation
Grade
- Feed Grade
- Cosmetic Grade
- Food Grade
Source
- Natural (Microalgae-based)
- Haematococcus P.
- Chlorococcum
- Chlorella Zofingiensis
- Yeast/Fungi (Phaffia)
- Schizochytrium Genus
- Synthetic
Form
- Liquid
- Powder
Production Technology
- Algal Production
- Chemical Synthesis
- Yeast Production
Application
- Aquaculture and Animal Feed
- Cosmetics
- Pharmaceuticals
- Food and Beverages
- Dietary Supplements
Regions
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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