Fort Collins, Colorado, Oct. 16, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the astaxanthin market size was valued at USD 1.8 Billion in 2022 and is expected to reach a market size of USD 8.2 Billion by 2032 with a CAGR of 16.3%.
Astaxanthin is a colorful, lipid-soluble red pigment that belongs to a chemical group called carotenoids whose synthesis occurs in plants derived from lycopene. Astaxanthin is a crucial pigment found in marine animals like crustaceans, salmon, crabs, and some other farmed fish feeds, which live on astaxanthin-containing plankton and microalgae and are responsible for their red color. The primary role of Astaxanthin is to provide red color to organisms that do not have access to natural sources of carotenoids.
Astaxanthin is used in various sectors, such as the aquaculture industry. It is crucial for coloring and consumer attractiveness and is a critical nutrient for healthy development and reproduction. As astaxanthin has antioxidant properties, it has the potential to protect organisms against a broad range of diseases, such as cancer, cardiovascular diseases, and immunological diseases. Furthermore, people use Astaxanthin for many purposes, such as Alzheimer's disease, aging skin, and muscle soreness.
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Segmentation Overview:
The global astaxantin market has been segmented into source, form, method of production, application, and region. Natural sources dominate market growth because they are available, cost-effective, and more efficient and effective than synthetic sources. The rising interest in organic food supplements has also prompted higher utilization of natural astaxanthin. North America accounts for a significant share of the overall astaxanthin market. The crucial factor driving the demand for astaxanthin in food and beverages in this region is the rising prevalence of nutrition and skin-related issues. The growth of industrial applications in the nutraceutical industry for producing various drugs that aid in treating chronic diseases is one of the major growth factors.
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Astaxanthin Market Report Highlights:
- The global astaxanthin market growth is anticipated at a CAGR of 16.3% by 2032.
- The millennial population has a growing need for nutritional supplements to enhance cardio health and internal wellness. Besides, the rise in dependence on nutraceuticals is expected to remain pivotal to the market growth.
- Based on source, the market is divided into natural and synthetic. The natural segment holds a significant share of the overall astaxanthin market.
- Based on form, the market is divided into dry and liquid. The dry segment dominated the overall market. Dry astaxanthin has several applications, such as yield, productivity, and lipid content; chlorophyll carotenoid content can be measured with dry biomass.
- According to the production method, the market is segmented into microalgae cultivation, chemical synthesis, and fermentation. The fermentation segment dominated the global astaxanthin market. Astaxanthin production can be done through Phaffia yeast using microbial fermentation in industries.
- Some prominent players in the astaxanthin market report include Algatech Ltd, MicroA, Beijing Gingko Group, PIVEG, Inc, Cyanotech Corporation, Fenchem Biotech Ltd., Parry Neutraceuticals, Algalif Iceland Ehf., BASF SE, ENEOS Corporation, and KDI Ingredients.
Industry Trends and Insights:
- In 2023, Prodec Global UK Ltd unveiled CORE ASX, a novel supplement for gut enhancement and athletic performance. This product has been designed and manufactured by HEBE LIFE with innovative features to support internal health and wellness.
- In 2022, Algalif used microalgae to manufacture natural astaxanthin. The only notable by-products are leftover biomass and oxygen. The unused biomass is used as a fertilizer.
- In 2022, Divi's Nutraceuticals and Algalif partnered to market high-concentration astaxanthin beadlets.
- In August 2021, the Swedish-Indian company Näck introduced two plant-based products on its health and wellness digital platform: Immunity Boost, made with natural astaxanthin, and a 100% Vegan Plant Protein Powder.
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Astaxanthin Market Segmentation:
- By Source: Natural, synthetic.
- By Form: Dry, liquid.
- By Method of Production: Microalgae cultivation, chemical synthesis, fermentation
- By Application: Dietary supplements, food & beverages, cosmetics.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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