Astaxanthin Market Growth Trend & Forecast with latest research study released by Delvens evaluating the market risk side analysis, highlighting opportunities, and leveraging strategic and tactical decision-making support. The report provides information on market trends and development, growth drivers, technologies, and the changing investment structure of the Global market.
The global astaxanthin market size was valued at USD 1,371.24 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 16.8% to 2028.
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Astaxanthin is a powerful antioxidant with health benefits and is considered to be 550 times stronger than antioxidants, such as vitamin E. Nutraceuticals provide the required dietary supplements with fewer adverse effects and are widely used in the prevention of diseases, such as cardiovascular diseases (CVDs), diabetes, and cancer.
Regional Analysis
North America held a market share of over 36% in 2020 and is expected to maintain its dominance over the forecast period. This dominance can be attributed to the existence of an established nutraceutical industry, growing awareness about the use of astaxanthin, and the presence of a health-conscious population.
Key Players of Astaxanthin Market
· AlgatechLtd.
· CyanotechCorp.
· AstaReal Group, CO2 GRO Inc.
· Beijing Gingko Group
· E.I.D. – Parry (India) Limited
· ENEOS Corporation
· FENCHEM
· MicroA
· NextFerm
· Algalif Iceland ehf and More
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Recent Developments
October 2020, Cyanotech Corp. launched BioAstin Hawaiian Astaxanthin, a novel delivery platform of a water-dispersible powder.
May 2018, Algalíf Iceland ehf expanded its presence in the Asia Pacific market with Astalífastaxanthin oleoresins and launched IceCaps soft gelatin capsules & Icelandic Harvest.
Astaxanthin Market is segmented into source, product, application and region.
On the basis of Source
· Natural
· Synthetic
On the basis of Product
· Dried algae meal or biomass
· Oil
· Softgel
· Liquid
· Others
On the basis of Application
· Nutraceuticals
· Cosmetics
· Aquaculture and animal feed
· Food
· Others
On the basis of Region
· Asia Pacific
· North America
· Europe
· South America
· Middle East & Africa
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