Astaxanthin market is directly influenced by the increase in geriatric population which in turn impacts the preventive healthcare market changing consumer preferences toward healthy & wholesome diets, and increasing prevalence of nutritional deficiency, which drives the dietary supplements market.
The astaxanthin market is projected to grow at a CAGR of 8.02% from 2017, to reach a projected value of USD 814.1 million by 2022. The demand for astaxanthin is increasing due to various functions and end-use applications.
Drivers
- Growing Awareness Toward Preventive Healthcare & Nutraceuticals
- Industrialization of the Feed Market
- Increasing Demand for Cosmetic Products
Opportunities
- Government Initiatives to Support Aquaculture
- Growing Demand for Natural Antioxidants
- Growing Demand from Emerging Countries
Challenges
- Adulteration and Clean Label Requirements
- Government Regulations in Different Countries
Based on source, the petroleum source dominated the market. Petroleum astaxanthin is preferred over natural astaxanthin due to the high production cost of natural astaxanthin, which translates to a high cost of the end product.
Based on application, the feed segment dominated the astaxanthin market, accounting for the largest share in 2016. The market is driven by growing health awareness among consumers. Thus, companies are focusing on offering astaxanthin products for various applications, such as functional food, beverages, dietary supplements, animal nutrition, and personal care due to their health and skin benefits.
Based on form, the liquid segment is projected to grow at the highest CAGR. This form of astaxanthin is used in various applications, such as syrups and texturing agents that are used in food, beverage, and pharmaceutical industries.
Based on method of production, the chemical synthesis segment dominated the astaxanthin market, accounting for the largest share in 2016. Astaxanthin produced by chemical synthesis is economical but can adversely impact human health on consumption. However, the demand for synthetic astaxanthin remains high in aquaculture and feed application.
Key players in the astaxanthin market include Koninklijke DSM N.V. (Netherlands), BASF SE (Germany), Cyanotech Corporation (US), Otsuka Pharmaceutical Co., Ltd. (Japan), Valensa International (US), Fuji Chemical Industries Co. (Japan), Divis Laboratories Ltd. (India).
