New York, Jan. 18, 2023 (GLOBE NEWSWIRE) -- Astaxanthin Market revenues were valued at US$ 1.5 Bn in 2021 and are projected to grow at a CAGR of 21.6% from 2022-2032, according to a recently published Persistence Market Research report. The market through Dried Algae Meal is anticipated to grow with a CAGR of 25.3% over the next 10 years. By the end of 2032, the market for Astaxanthin is expected to cross the valuation of US$ 12 Bn.
Astaxanthin Market through Dried Algae Meal to Grow at over 25% CAGR in Next 10 Years, Forecasts Persistence Market Research
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The market for Dried Algae Meal is expected to grow due to the development of new bio-based products, the requirement for less downstream processing, the widespread use of biomass to feed livestock, and bulk manufacturing. Virtually all forms of biomass contain astaxanthin from 1% - 5%, which is not only leading to improvements in the use of biomass products but also enhancing their end-use criteria.
For better nutritional benefits for animals, the aquaculture and animal feed sectors rely heavily on feed additives. Astaxanthin is a pigment that gives nutritional value and color to animal feed. In response to this, the market for astaxanthin has been pushed by the industrialization of poultry and aquaculture enterprises, as these end-user industries place a high emphasis on animal health. Increased consumption of various nutritious food products has come from a significant expansion in fisheries and aquaculture production.
Aquaculture is raising the demand for astaxanthin, which improves aquatic species' survival and promotes productivity. The inability to synthesize astaxanthin by marine species and crustaceans resulting in the hunt for alternative sources thereof is anticipated to fuel growth for natural astaxanthin. Natural astaxanthin, which is mostly derived from yeast, bacteria, and algae, is in high demand, particularly in the industrial sector.
the global astaxanthin market is expected to grow at a significant rate during the forecast period, owing to the increasing demand for astaxanthin-based supplements and the growing awareness about the health benefits of astaxanthin.
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Competitive Landscape
Key players in the astaxanthin market are
- Algatech Ltd
- Cyanotech Corp
- AstaReal Group
- CO2 GRO Inc
- Beijing Gingko Group
- ENEOS Corporation
- Algalif Iceland
- NextFerm
Some of the recent market developments are as follows:
- In October 2021, the Beijing Gingko Group (BGG) and its subsidiary Algae Health Sciences (AHS) announced that Astaxanthin supercritical CO2 oleoresin has received NOP Organic Certification.
- In August 2021, ENEOS announced that it has signed a memorandum of understanding with Neoen Australia Pty Ltd to perform a feasibility study on a prospective business collaboration between Japan and Australia to build a CO2-free hydrogen supply chain.
- In October 2020, Cyanotech Corp launched BioAstin Hawaiian Astaxanthin, a unique delivery platform for a water-dispersible powder.
More Insights Available
Persistence Market Research, in its new offering, presents an unbiased analysis of the Astaxanthin Market market, presenting historical market data (2015-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of product type (Dried Algae Meal, Oil, Softgel, Liquid, and Other Product Types), Source Type (Natural and Synthetic), and Application (Nutraceuticals, Cosmetics, Aquaculture and Animal Feed, Food, and Other Applications) across five regions (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa).
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