Global Astaxanthin Market To Reach $787.5 Million By 2026

FACTS AT A GLANCE
Edition: 9; Released: January 2021
Executive Engagements: 4308
Companies: 56 – Players covered include Algaecan Biotech Ltd; Algatechnologies Ltd; AstaReal, Inc; AstaSupreme; BASF SE; Beijing Gingko Group Co Ltd; Cardax, Inc; Cyanotech Corporation; Diviâ€™s Laboratories Limited; Fenchem Biotek Ltd; Fuji Chemical Industries Co., Ltd; Koninklijke DSM N.V; Otsuka Pharmaceutical; Parry Nutraceuticals; Piveg, Inc.; Valensa International and Others.
Coverage: All major geographies and key segments
Segments: Source (Synthetic, Natural); Application (Feed, Supplements, Food, Other Applications)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.

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ABSTRACT-

Global Astaxanthin Market to Reach $787.5 Million by 2026
Astaxanthin is a naturally-occurring reddish pigment with a variety of applications including antioxidants for humans, healthcare ingredients, and animal feed ingredients among others. Astaxanthin is among the most widely used carotenoids for pigmenting trout and salmon. Demand in the market is being driven by rising use in various industries such as dietary supplements, animal feed and aquaculture, food and beverages, cosmetics, and pharmaceuticals, among others. In the recent years, the publication of study results offering support for the capabilities of astaxanthin in protecting heart health, improving workout endurance, and reducing wrinkles has contributed significantly to the growth. Astaxanthin is growing in popularity as an immune booster and is expected to witness growth given the present COVID-19 pandemic and the need for immune supplements to fight against the virus. Astaxanthin is used even in treating difficult conditions such as Parkinson’s and Alzheimer’s disease. Research is also in progress to study the benefits of using Astaxanthin in cancer treatment. Astaxanthin is also expected to aid in improving physical endurance during exercise, opening up a potentially new application.

Amid the COVID-19 crisis, the global market for Astaxanthin estimated at US$565.3 Million in the year 2020, is projected to reach a revised size of US$787.5 Million by 2026, growing at a CAGR of 5.8% over the analysis period. Synthetic, one of the segments analyzed in the report, is projected to grow at a 5.6% CAGR to reach US$492.7 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Natural segment is readjusted to a revised 6.2% CAGR for the next 7-year period. This segment currently accounts for a 40.5% share of the global Astaxanthin market. Astaxanthin is naturally present in red-colored aquatic species. Natural astaxanthin has been found to more than 500 times more powerful than vitamin E and relatively more potent as compared to other carotenoids such as β-carotene, lycopene, and lutein. Natural astaxanthin is increasingly used in food and beverage products. Synthetic astaxanthin is generally used in the production of animal feeds, particularly in the fish farming sector. Most of the commercial astaxanthin used in aquaculture is made synthetically.

The U.S. Market is estimated at $115.2 Million in 2021, While China is Forecast to Reach $183.8 Million by 2026
The Astaxanthin market in the U.S. is estimated at US$111.4 Million in the year 2020. The country currently accounts for a 19.71% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$183.8 Million in the year 2026 trailing a CAGR of 7.1% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.6% and 4.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.4% CAGR while Rest of European market (as defined in the study) will reach US$198.9 Million by the end of the analysis period. North America and Europe are the largest markets for Astaxanthin owing to the wide range of products fortified with the pigment. North America is a key astaxanthin market, supported by significant health consciousness among people, and growing awareness of the benefits of astaxanthin, among other factors. Moreover, the benefits of antioxidants are gaining popularity among consumers in these markets owing to various organizations elucidating on the benefits of the pigment. Accounting for a substantial share of global aquaculture exports, the South Asian region is one of the major consumers of Astaxanthin for aquaculture. Moreover, increasing consumption of seafood in the region is also expected to aid in demand growth. More

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