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(MoneyNewsWire.Net, May 17, 2018 ) The astaxanthin market is projected to grow at a CAGR of 8.02% from 2017, to reach USD 814.1 Million by 2022. Astaxanthin has been gaining significance due to its health benefits and a wide range of end-use applications. It finds usage in animal and human applications, wherein it is mainly used to combat the human immune health and skin-related problems, while as a coloring additive in animal feed. The increasing prevalence of nutrient deficiency and changing consumer preferences for preventive healthcare have led to an increase in the demand for astaxanthin in the global market.
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Petroleum-derived astaxanthin dominated the market in 2016; however, astaxanthin derived from plants is projected to grow at a higher rate, due to the safety issues associated with petroleum-based astaxanthin for human consumption. Microalgae cultivation is expected to be the fastest-growing method of production by 2022, due to the increased adoption of microalgae as a source of astaxanthin owing to the high concentration of astaxanthin present in them. Petroleum being the dominant source for beta-glucan, chemical synthesis of these petroleum products dominated the market based on the method of production. Animal feed dominated the astaxanthin market, by application, in 2016, due to the extensive use of astaxanthin as a coloring agent, especially for livestock and aquatic animals to enhance the color of meat and eggs. The dietary supplements segment is projected to be the fastest-growing application during the forecast period due to the increasing adoption of astaxanthin as a nutraceutical or dietary supplement owing to its potent antioxidant property. Since astaxanthin is mainly used as a dietary supplement or animal feed, the dry form is the most preferred form by the consumers. Hence, dry form dominates the market, while liquid astaxanthin extracts find usage in cosmetics and food.
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The Asia-Pacific region accounted for the largest regional market share in 2016, while North America is projected to grow at the highest CAGR for the next five years. The growing aquaculture market in the Asia-Pacific region and the increased consumption of antioxidants contribute as the major factors for Asia-Pacific’s dominant share in the global market. The increasing demand for astaxanthin, especially “natural astaxanthin” from food & beverage and supplements industries, is the major factor contributing to the high-growth potential of the North American astaxanthin market.
Regulatory control on the usage of astaxanthin in animal feed as a coloring agent in different countries limits the use of astaxanthin in animal feed. Approval from government bodies is required for the application of astaxanthin in food & beverage products to ascertain that its concentration is well within the permitted levels to avoid any side effects.
The astaxanthin market is fragmented with a large number of domestic manufacturers, formulators, and suppliers. Easy availability of inexpensive raw materials allows the entry of many small-scale manufacturers and to compete for the market position. BASF SE (Germany) and Koninklijke DSM N.V. (Netherlands) are two of the key players in the astaxanthin market. The major strategies adopted by the companies include new product launches and expansions for increasing their presence in high-demand markets of the U.S., Europe, and the Asia-Pacific. These expansions & investments have helped companies strengthen their portfolio in both, established and emerging markets.
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