According to IMARC Group latest report titled “Astaxanthin Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on astaxanthin industry size. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global astaxanthin market reached a value of US$ 696.4 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 1,122.1 Million by 2027, exhibiting a CAGR of 8.39% during 2022-2027.
Astaxanthin (C40H52O4) represents a red fat and soluble carotenoid pigment found in several microorganisms and marine animals. It belongs to chemical compounds called as terpenes that are produced from dimethylallyl diphosphate, five-carbon precursors, isopentenyl diphosphate, etc. Astaxanthin has antioxidants and anti-inflammatory as well as antineoplastic properties. In addition to this, it aids in enhancing the immune system, protecting against chemically induced cancer, preventing damage caused by ultraviolet (UV) rays, increasing blood flow, minimizing blood sugar levels, reducing pain in muscles, joints, and tendons, etc. Consequently, astaxanthin is extensively utilized as a functional food ingredient and feed additive across countries.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Market Trends:
The growing prevalence of cognitive health problems, diabetes, cardiovascular diseases (CVDs), etc., is primarily driving the astaxanthin market. Additionally, the widespread product adoption as a food-additive and food-coloring agent, owing to its ability to preserve the taste, color, freshness, and quality of food items, is further catalyzing the market growth. Besides this, the rising utilization of astaxanthin for skin tightening, decreasing fine lines and wrinkles, retaining moisture and elasticity, etc., is acting as another significant growth-inducing factor. Moreover, the escalating demand for dietary supplements and the elevating nutritional deficiency among individuals are also positively influencing the global market. Apart from this, the leading manufacturers are using numerous advanced technologies to reduce water wastage and save electricity, which is anticipated to fuel the astaxanthin market over the forecasted period.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Algatech LTD
- BASF SE
- Beijing Gingko Group
- Cardax Inc
- Cyanotech Corporation
- Divi's Laboratories Limited
- I.D. - Parry (India) Limited
- Fenchem Biotek Ltd
- Fuji Chemical Industries Co. Ltd.
- Koninklijke DSM N.V.
- Piveg Inc
Astaxanthin Market Segmentation:
Our report has categorized the market based on region, source, product and application.
Breakup by Source:
- Natural
- Yeast
- Krill/Shrimp
- Microalgae
- Others
- Synthetic
Breakup by Product:
- Dried Algae Meal or Biomass
- Oil
- Softgel
- Liquid
- Others
Breakup by Application:
- Nutraceuticals
- Cosmetics
- Aquaculture and Animal Feed
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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