(MENAFN- Comserve)
Shibuya-ku, Tokyo, Japan, Japan, Aug 23, 2022, 08:21 /Comserve / -- The report predicts the global Astaxanthin Market to grow with a CAGR of 8.3% over the forecast period from 2022-2031.
The astaxanthin market is estimated at USD 647 million in 2022 and is projected to grow at a CAGR of 8.3% to reach USD 965 million by 2031.
The growth in the astaxanthin market is attributed to the growing health awareness among consumers, leading to an increase in the adoption of healthier diets. Food safety concerns & adherence to stringent international quality standards and regulations restrain the growth of the astaxanthin market .
“The market for food & beverages, by application, is projected to witness the fastest growth in the market during the forecast period.'
The food & beverages segment is expected to record the highest growth rate during the forecast period, which is mainly attributed to the increasing use of natural colorants in food and beverages products. In the food industry, astaxanthin is also used for product storage and for standardizing the color of food products, such as margarine, cheeses, sausages, pasta, and other beverages.
“The synthetic source segment dominated the astaxanthin market in 2020.”
The synthetic segment is projected to dominate the astaxanthin market, as they are easy to extract and have low manufacturing costs. This can be attributed to its low cost of production and high usage in the aquafeed industry. Consumers and manufacturers prefer opting for low-priced synthetic astaxanthin. Developing regions, such as South America and Asia Pacific, are the major contributors to the growth of this market, as affordability and price sensitivity are important aspects for consumers opting for synthetic astaxanthin.
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“The dry form segment dominated the astaxanthin market in 2020.”
Growing awareness about storage and handling problems of liquid astaxanthin among food and beverage manufacturers are some of the key factors driving the demand for dry ingredients, subsequently augmenting the growth of the dry astaxanthin market over the next few years. The process with the dry format is a little easier, especially in high-volume manufacturing. The dry form is widely consumed for manufacturing astaxanthin products, such as dietary supplement tablets, capsules, owing to the easy application and various other benefits. For instance, enclosed supplement capsules retain all desired product properties. They eliminate flavor and color variability while providing easy handling and storage, which is difficult with liquid products
“European market is driven by consumer demand for a wide range of food products with functional benefits such as gut health, bone health, immunity, and heart health”.
Europe accounted for a second-largest share of about 32.6% in the global astaxanthin market in 2020 in terms of value. The presence of key synthetic astaxanthin manufacturers and health consciousness among consumers lead Europe's astaxanthin market. Key market players include Koninklijke DSM N.V. (Netherlands), BASF SE (Germany), and BioReal (Sweden). An increase in livestock production in the region, especially poultry and fisheries, has resulted in an increased demand for astaxanthin in animal feed applications
Break-up of Primaries:
- By Company Type: Tier 1 - 40%, Tier 2 - 30%, and Tier 3 - 30%
- By Designation: Managers- 40%, CXOs - 25%, and Executives - 35%
- By Region: Asia Pacific – 30%, North America - 10%, Europe - 50%, RoW – 10%
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Leading players profiled in this report:
- Koninklijke DSM N.V. (the Netherlands)
- BASF SE (Germany)
- Cyanotech Corporation (US)
- Otsuka Holdings Co. Ltd. (Japan)
- Divi's Laboratories Ltd. (India)
- Valensa International (US)
- Fuji Chemical Industries Co. Ltd. (Japan)
- Beijing Gingko Group (China)
- Cardax, Inc. (Denmark)
- Piveg, Inc. (US)
- Fenchem Biotek Ltd. (China)
- Algatech Ltd. (Israel)
- Supreme Biotechnologies (New Zealand)
- Igene Biotechnology Inc. (US)
- Algamo (Czech Republic)
- Biogenic Co., Ltd. (Japan)
- Astamaz NZ Ltd. (New Zealand)
- Algalif (Iceland)
- Algae to Omega (US)
- Algae Health Sciences, Inc. (US)
Research Coverage:
The report segments the astaxanthin market on the basis of sources, forms, methods of production, applications, and regions. In terms of insights, this report has focused on various levels of analyses—the competitive landscape, end-use analysis, and company profiles, which together comprise and discuss views on the emerging & high-growth segments of the global astaxanthin, high-growth regions, countries, government initiatives, drivers, restraints, opportunities, and challenges.
Reasons to buy this report:
- To get a comprehensive overview of the astaxanthin market
- To gain wide-ranging information about the top players in this industry, their product portfolios, and key strategies adopted by them
- To gain insights about the major countries/regions in which the astaxanthin market is flourishing
The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.
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