Newark, March 14, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the astaxanthin market will grow from USD 864.22 million in 2022 and reach USD 2133.92 million by 2032. Astaxanthin is essential to feed additives that help livestock maintain their gut health, improving their overall health and well-being. In many world regions, the aquaculture industry continues to expand and industrialize. A growing population, increased purchasing power, and urbanization have fuelled growth.
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Key Insight of the Astaxanthin Market
North America region to account for the largest market size during the forecast period.
North America is expected to have the largest market share in the astaxanthin market. Key factors favouring the growth of the astaxanthin market in North America include the development of the pharmaceutical and nutraceutical industry. The end-user enterprises are investing in astaxanthin production to develop products such as cosmetics, nutraceuticals, food and animal feed. The countries such as USA and Canada have approved the usage of astaxanthin in feeds. Further, the increasing number of regional players will lead to deeper penetration of the astaxanthin market.
The liquid segment is expected to augment the market during the forecast period.
The form segment is divided into liquid and dry. The liquid segment is expected to augment the market during the forecast period. Liquid astaxanthin can be easily dissolved in the end product. Liquid astaxanthin is readily available and is used in multiple industries.
The synthetic segment is expected to augment the market during the forecast period.
The source segment includes natural and synthetic. The synthetic segment is expected to augment the market during the forecast period. Synthetic astaxanthin is usually used in the manufacturing of animal feed. Moreover, many players are involved in the production of synthetic astaxanthin.
The fermentation segment will likely grow at the highest CAGR during the forecast period.
The production method segment includes fermentation, chemical synthesis, extraction and microalgae cultivation. The fermentation segment will likely grow at the highest CAGR during the forecast period. Industrial production of astaxanthin is majorly done through fermentation. The fermentation process helps in increasing the high cell destiny and rapid growth.
The nutraceuticals segment will likely grow at the highest CAGR during the forecast period.
The application segment includes food and beverages, cosmetics, nutraceuticals and feed. The nutraceuticals segment will likely grow at the highest CAGR during the forecast period. Astaxanthins are now increasingly used in nutraceuticals. Astaxanthins have high antioxidant properties, so they are preferred in nutraceuticals.
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Advancement in market
In May 2022, two significant players, Algalif and Divi’s Nutraceuticals, announced a collaboration to introduce high concentration astaxanthin.
Market Dynamics
Driver: Increasing use of astaxanthin in aquaculture
Commercial application of astaxanthin is primarily found in the feed sector. Both aquarium fish and large ornamental fish require astaxanthin as part of their diet. According to scientific studies, the pigment influences the colour of egg yolks and the skin and flesh of broiler chicken carcasses in a good way. Astaxanthin is employed in the nutraceutical and cosmetic sectors due to its potent antioxidant capabilities and other health advantages. In some nations, it is also occasionally used to fortify foods and beverages. The addition of astaxanthin as a supplement to animal feed has been expanded to livestock due to its significant impact on animal nutrition and health. The primary type of astaxanthin currently utilized in animal feeds is synthetic astaxanthin.
Restraint: Fluctuating cost of the astaxanthin
The cost of astaxanthin is fluctuating, which is an obstacle to market growth. Research and development, as well as the manufacturing costs connected to the production of astaxanthin, play a role in the total cost. In addition, the prices of raw materials, manufacturing and testing expenses, and other miscellaneous costs, all raise the total cost of manufacturing. Therefore, the fluctuating cost of raw materials has a negative effect on the market growth of astaxanthins.
Opportunity: Growth of the nutraceutical industry
The nutraceutical industry can promote the growth of astaxanthin by using it as an ingredient in various products. Nutraceuticals include dietary supplements, functional foods, and medical foods with a health-promoting or disease-preventing effect. Astaxanthin is a powerful antioxidant that can help protect the body from oxidative damage, reduce inflammation, and promote heart health. Adding astaxanthin to various nutraceutical products can increase its visibility and availability and encourage consumers to incorporate it into their diets. Additionally, nutraceutical companies can work to educate consumers on the benefits of astaxanthin and how it can be used to improve their overall health and wellness. Finally, nutraceutical companies can support research into the effects of astaxanthin and work to ensure that their products are of the highest quality and safety.
Challenge: Lack of research and development in underdeveloped countries
In under-developed regions such as Asia-Pacific, the Middle East, and Latin America, the lack of research and development limits the potential usage of astaxanthins. This factor has led to low adoption of astaxanthin in underdeveloped and developing countries. This factor leads to the underutilization of astaxanthins, which limits the ROI of its investment. Thus, this factor hinders the market's growth in such countries.
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Some of the major players operating in the Astaxanthin market are:
• Cyanotech Corporation
• Algatech Ltd
• Beijing Gingko Group
• MicroA
• Algalíf Iceland EHF
• PIVEG, Inc.
• Fuji Chemical Industries Co. Ltd
• ENEOS Corporation
• Atacama Bio Natural Products S.A
• BASF SE
• Parry Nutraceuticals
• Fenchem Biotech Ltd.
• KDI Ingredients
• Baxter
Key Segments Cover in the Market:
By Form:
• Liquid
• Dry
By Source:
• Natural
o Microalgae
o Shrimp
o Yeast
o Others
• Synthetic
By Production Method:
• Fermentation
• Chemical Synthesis
• Extraction
• Microalgae Cultivation
By Application:
• Food and Beverages
• Cosmetics
• Nutraceuticals
• Feed
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Million). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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