According to a report,“Astaxanthin Market Analysis By Source (Natural [Yeast, Krill/Shrimp, Microalgae] And Synthetic), By Product (Dried Biomass/Powder, Oil, Soft gels, Liquid), By Application, And Segment Forecasts, 2018 – 2025″,published by Grand View Research, Inc.,The global astaxanthin market is expected to reach USD 2.57 billion by 2025. Adoption of advanced technologies in various stages of natural astaxanthin production, such as microalgae harvesting, cultivation, extraction, and drying, have been major factors driving market growth. Moreover, awareness about health benefits, safety, and potential uses of astaxanthin is another driving force.
Rising geriatric population is estimated to result in an increase in the demand for cosmetics such as antiageing creams and antioxidant products for improving aesthetic appeal. Astaxanthin has been reported in many studies for its high antioxidant and skin-friendly properties. Due to this, many cosmeceutical manufacturers and wellness spa owners are using it in new products and associated therapies, which is also estimated to drive demand.
Key Takeaways from the report:
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Naturally produced astaxanthin dominated the production technology segment with a market share of 52.4% in 2016, owing to increasing awareness about its health benefits, safety, and multifunctionality.
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Microalgae is estimated to be one of the largest and fastest growing natural source, owing to increasing use of H. pluvialis for production of high-grade astaxanthin
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Adoption of technologically advanced procedures for manufacturing natural astaxanthin with less contamination and maximum yield is expected to fuel market growth
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Dried algae meal or biomass held the largest market share by type of product in 2016 due to low production cost and high use in aquaculture and as animal food
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Softgel capsules containing astaxanthin oil or powder are rapidly gaining acceptance as oral nutraceutical, and this is expected to fuel demand.
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Based on application, aquaculture and animal feed dominated the market in 2016 with revenue of USD 220.0 million, owing to its increased usage in coloring fish and trout for quality enhancement
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On the other hand, nutraceuticals are expected to witness lucrative growth over the forecast period due to factors such as high nutritional value, antioxidant properties, and low adverse effects
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North America held the largest market share by region in 2016. Key factors for that can be attributed to its dominance are local presence of key manufacturers, increasing base of health-conscious population, and flourishing nutraceutical industry
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Supportive government regulations, growth in population with nutritional deficiencies, and increasing liquidity in developing countries are key drivers anticipated to provide high growth opportunities to the Asia Pacific region.
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Some of the major players of the astaxanthin market are Alga Technologies; Cyanotech Corporation; Fuji Chemicals Industry Co., Ltd.; BlueOcean NutraSciences, Inc.; MicroA AS; Fenchem; EID Parry (India) Ltd.; Beijing Gingko Group (BGG); Heliae Development, LLC; IGENE Biotechnology, Inc.; and JX Nippon Oil and Energy Corporation.
U.S. astaxanthin market by product, 2014 – 2025 (USD Million)
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Competitive Insights
Astaxanthin market is oligopolistic in nature and is dominated by several key players. Some major players of this market are Algatechnologies; Cyanotech Corporation; Fuji Chemical Industry Co., Ltd.; BlueOcean NutraSciences, Inc.; MicroA AS; Fenchem; EID-Parry (India) Ltd.; Beijing Gingko Group (BGG); Heliae Development, LLC; IGENE Biotechnology, Inc.; and JX Nippon Oil and Energy Corporation. They are highly focused on new product development, mergers & acquisitions, and expansion to untargeted geographies in order to enhance their market position.
Many players involved in manufacturing natural astaxanthin are implementing strategies such as use of novel production technologies for increasing yield with low contaminants. Many organizations are focused on developing advanced technology for microalgae harvesting, cultivation, downstream processing, and drying. For instance, BGG uses a closed tube system spread over 80 acres for growing microalgae with high yield.
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Regional Insights
North America held a substantial market share of 46.5% in 2016. Key factors for the dominance of this region are existence of an established nutraceutical industry, presence of health-conscious population, and growing awareness about the use of astaxanthin. Moreover, presence of organizations such as Natural Algae Astaxanthin Association (NAXA), an organization actively involved in building awareness about health benefits of astaxanthin, is estimated to increase the regional market share
Asia Pacific, on the other hand, is estimated to witness significant growth over the forecast period. Presence of key manufacturers such as BGG and InnoBio in China, with a technologically advanced operating facilities, is an important factor for the lucrative growth potential of this region. In addition, increasing awareness about astaxanthin among healthcare professionals, a large population with nutritional deficiency, and a flourishing cosmeceutical industry using natural products are some other key factors affirming growth.
Countries such as India, Singapore, and Malaysia are key regions in Asia Pacific for active wellness tourism and leisure activities. Demand is increasing for the use of natural oils and cosmetics in spa and wellness centres owing to low side effects, improved results, and high nutritional values as compared to chemical products. These factors are estimated to provide a potential growth platform for this market.
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