(MENAFN- iCrowdNewsWire) According to IMARC Group latest report titled” Astaxanthin Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026 ”, the market exhibited moderate growth during 2015-2020. The global astaxanthin market to grow at a CAGR of around 6% during 2021-2026 . Astaxanthin is a reddish-brown pigment that belongs to the xanthophyll category of carotenoids. It is manufactured using isopentenyl diphosphate and dimethylallyl diphosphate and is also naturally synthesized by various bacteria, microalgae and yeast. It is widely used as a coloring agent in the feed for shrimp, salmon and chicken and added to various nutritional supplements. Astaxanthin aids in enhancing immunity and preventing cardiovascular diseases (CVDs) and is applied on the skin to reduce the visibility of wrinkles and block ultraviolet (UV) rays. It is widely used for the manufacturing of cosmetics, nutraceuticals, animal feed and food and beverages.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
The global astaxanthin market is primarily being driven by rising health consciousness among the masses. Moreover, the increasing prevalence of chronic diseases, such as diabetes, high cholesterol, cancer and osteoporosis, is favoring the market growth. Regular consumption of astaxanthin can assist in controlling blood sugar levels and reducing pain in joints, muscles and tendons. In line with this, various technological advancements, such as the adoption of nanoencapsulation and microencapsulation technologies to improve the stability and functionality of the product as a food ingredient, are providing a thrust to the market growth. Other factors, including rising product demand as a coloring agent and additive in the food and beverage (F & B) industry, along with the increasing consumer preference for dietary supplements, are anticipated to drive the market toward growth further.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Algatech LTD
- BASF SE
- Beijing Gingko Group
- Cardax Inc
- Cyanotech Corporation
- Divi’s Laboratories Limited
- I.D. – Parry (India) Limited
- Fenchem Biotek Ltd
- Fuji Chemical Industries Co. Ltd.
- Koninklijke DSM N.V.
- Piveg Inc
Astaxanthin Market Segmentation:
Our report has categorized the market based on region, source, product and application.
Breakup by Source:
Breakup by Product:
- Dried Algae Meal or Biomass
Breakup by Application:
- Aquaculture and Animal Feed
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Porter's Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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