Chicago, May 26, 2022 (GLOBE NEWSWIRE) -- According to MarketsandMarkets™, the "Astaxanthin Market by Source (Natural, Synthetic), Form (Dry, Liquid), Method of Production (Microalgae Cultivation, Chemical Synthesis, Fermentation), Application (Dietary Supplements, Food & Beverages, Cosmetics), and Region - Global Forecast to 2026". is expected to reach USD 965.8 million by 2026, recording a CAGR of 8.3% during the forecast period. The global astaxanthin market has been influenced by some of the macroeconomic and microeconomic factors seen in some key countries.
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Asia Pacific accounted for the largest share, during the forecast period, in terms of value. The overall economic growth in the Asia Pacific region has led to an increase in urbanization and rapid industrialization. The increasing preference among consumers for healthy food and the high demand for meat and seafood are some of the major factors for the growth of animal feed applications of astaxanthin in the region. The Asia Pacific offers great opportunities to manufacturers and suppliers of astaxanthin, owing to the cost advantage and high demand in this region.
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The natural segment by source is projected to achieve the fastest growth in the astaxanthin market.
The natural is the fastest-growing segment source type during the forecast period. Astaxanthin derived from plant sources is mostly used for human consumption. The high growth rate of this source can be attributed to the numerous benefits offered by astaxanthin in these sources. Some of these include anti-inflammatory properties; preventing diabetes, cardiovascular diseases, and neurodegenerative disorders; and stimulating immunization. Owing to this, the growth rate of the natural sources of astaxanthin is higher than that of the synthetic source.
By method of production, the chemical synthesis segment is projected to account for the largest market share in the astaxanthin market.
Astaxanthin produced by chemical synthesis is the most economical but is not considered fit for human consumption as it liberates toxic greenhouse gases and harmful byproducts, despite the high demand for synthetic astaxanthin for aquaculture and animal consumption.
The feed segment by application is projected to account for the largest market share of the astaxanthin market over the forecast period.
The feed segment is projected to account for the largest share is driven by the changing behavior of livestock and pet owners toward their pets & other animals and increasing awareness about nutritious & healthy diets for animals. In addition to this, there has been a significant increase in the consumption of meat, meat products, and fish over the past few years. Increasing health awareness among people and a surge in the spending ability in emerging countries have contributed to the growth of the astaxanthin market in animal feed.
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North America is projected to be the fastest growing market.
The North American market is projected to grow at the highest CAGR during forecast period. This market is projected to be driven by several factors, such as growth in the industrial application of astaxanthin in the nutraceutical industry to produce various drugs that help in the treatment of chronic diseases. The use of astaxanthin in medical applications is also gaining popularity in the region on account of rising health benefits offered by the product, such as high protein and calcium and the antioxidant properties present in astaxanthin.
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