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(Health-NewsWire.Net, June 24, 2020 ) Market Overview
The Global Astaxanthin Market is expected to grow at a CAGR of 3.5% during the forecasting period (2020-2027).
Astaxanthin is a naturally occurring dark red carotenoid that is majorly found in aquatic animals such as krill, salmon, trout, shrimp, crustaceans, and crayfish. Astaxanthin has highly powerful lipophilic antioxidants, has no pro-oxidant property and it is approximately 500 times stronger than vitamin E. Consumption of astaxanthin provides several benefits such as improved ability to reduce oxidative stress, supports healthy cardiovascular activity, improves muscle strength & performance, and prevents premature skin aging and joint health. The astaxanthin in capsule form is consumed as a dietary supplement majorly in Japan, The U.S and EU. In agriculture, it is used as a food supplement for egg-producing chickens. Astaxanthin is considered as a super-oxidant and it is approximately 10-20 times more powerful than other commercially available carotenoids such as beta-carotene, lutein, and zeaxanthin.
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Market Dynamics
Increasing demand for high quality natural dietary supplements as a precautionary measure for various health diseases such as osteoarthritis, Type 2 Diabetes, Thrombosis and others is the primary factor driving the global astaxanthin market. Growing consumer awareness regarding product availability and its health-related benefits associated with the consumption of astaxanthin products is further expected to boost the market for astaxanthin globally during the forecast period. Increasing production of salmon, shrimp, and trout and increased utilization of astaxanthin as a feed additive for respective species is additionally driving the global astaxanthin market. According to the data published in Food and Agriculture Organization, the annual production of Shrimp increased from 3.5 million tons in 2017 to approximately 4 million tons in 2018 providing significant market growth for astaxanthin globally in the respective industry. Over the years, astaxanthin evolved as a pigment source and vitamin for cultured prawns. Moreover, increasing awareness regarding aging associated with increased preventive care approach towards aging are increasing demand for astaxanthin globally during the forecast period.
However, the presence of health-related side effects through oral consumption of astaxanthin and high cost of the respective products are primary factors hindering the growth of astaxanthin market globally during forecast period. The major astaxanthin side effects associated with oral consumption include bowel movements, red stool color and stomach pain.
Market Segment Analysis
Global astaxanthin market is segmented on the basis of product type into food synthetic and natural.
Natural segment is expected to dominate the global astaxanthin market during the forecast period owing to technical and biological advantages over its compatriots. Natural astaxanthin is produced from microalgae which is present in carotenoid cocktail and it is connected to one or two fatty acids diesters and monoesters whereas synthetic astaxanthin is produced from petrochemicals and it is free from astaxanthin. The natural astaxanthin is approved for human consumption as a dietary supplements whereas synthetic astaxanthin is approved only for its usage in salmon feed.
Market Geographical Analysis
By region, the global astaxanthin market is segmented into North America, South America, Europe, Asia-Pacific, Middle-east and America.
Europe is expected to dominate the global astaxanthin market during forecast period owing to increased awareness among the communities towards astaxanthin and its advantages over the precautionary consumption. Increased consumer interests towards anti-aging cosmetic products and presence of similar medical properties is further expected to boost the demand for astaxanthin in Europe during forecast period.
Asia-Pacific astaxanthin market is expected to grow at a higher pace during forecast period owing to increased production of shrimp and other aquatic products associated with increased consumption of astaxanthin as feed additive in production of shrimp, salmon, Strout and other egg-producing animals. Increased adoption of advanced feed additives to improve the health and productivity of aquatic species by farmers is further expected to boost the consumption of astaxanthin in Asia-Pacific during forecast period.
Market Competitive Trends
Global astaxanthin market is currently experiencing new product launches with innovative formulation methods to attract the consumer located across the major developing countries. The global players in the astaxanthin market are focused on improving their regional and global presence in respective market through merger and acquisition with the regional/developing companies in astaxanthin market.
In July 2019, Chile based Atacama Bio Natural Products launched NatAxtin branded Alge Astaxanthin as a biomass, oleoresin oil and power for usage in food and dietary supplement.
In May 2018, BCG and Algredients have merged into a company to increase its market presence and share in natural ingredients sector. It includes Algae, fruits and plants, natural astaxanthin, DHA Omega-3 fatty acids, and oethr natural ingredients.
In November 2017, NowFoods launched Astaxanthin capsules consisting AstaZine Natural Astaxanthin derived from organic Heamatococcus Pluvialis microalgae.
Some of the key players in the global astaxanthins market includes AlgaTechnologies Ltd., BioAstin, Fujifilm Corporation, Algae Health Sciences, and many others.
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