Expert Market Research’s new report titled “Global Astaxanthin Market Report and Forecast 2022-2027”, gives an in-depth analysis of the global astaxanthin market, assessing the market based on its segments such as products, sources, applications and major regions. . The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.
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Key highlights of the report include:
Market Overview (2017-2027)
• Forecast CAGR (2022-2027): 16.2%
Astaxanthin is increasingly used as a nutritional supplement in foods, animal feeds, pharmaceuticals and nutraceuticals. These applications are expected to contribute to the growth of the market. High demand for nutraceuticals owing to their antioxidant properties and increased demand in the aquaculture and animal feed industry are the major factors propelling the growth of the market. An increasing number of health conscious individuals are more inclined to use natural food colorings with less adverse effects than other chemical products, which is an estimated major driver for driving the growth of the market. Rising awareness of nutritional products among people and their preference for dietary supplements due to high hospitalization costs are expected to fuel the demand for nutraceuticals and natural antioxidants. Additionally, the COVID-19 outbreak has increased the demand for nutraceuticals which is expected to drive the market growth throughout the forecast period.
Industry definition and major segments
Astaxanthin, a xanthophyll carotenoid, is a dark red, fat-soluble pigment that has no pro-vitamin A activity in humans; it is the most abundant carotenoid found in algae and aquatic animals. Astaxanthin can be found in a variety of seafood, including salmon, trout, red sea bream, shrimp, and lobster, and in birds, such as flamingos and quail.
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By product, the market is categorized into:
• Dried seaweed meal or biomass
On the basis of source, the market is segmented into:
By Application, the market is split into:
• Aquaculture and animal feed
On the basis of region, the market is segmented into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
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During the forecast period, increased adoption of new technologies to expand astaxanthin production is expected to propel the market growth. ALGAMO, for example, uses photo-bioreactors and micro-modules to create astaxanthin while minimizing water waste and saving electricity. To meet growing demand without sacrificing quality or production, companies are implementing technologically advanced systems. The market is expected to grow owing to an increase in the number of activities conducted by key companies to raise awareness about astaxanthin. For example, the Natural Algae Astaxanthin Association (NAXA) was created by Algatech Ltd. and Cyanotech Corp. to create awareness and educate customers about the benefits of natural astaxanthin. Additionally, rapid urbanization, high levels of consumer disposable income, and growing awareness of natural products are expected to propel the market growth globally.
Main market players
Major market players include Algatech Ltd., Cyanotech Corporation, Fuji Chemical Industries Co., Ltd., CO2 GRO Inc., MicroA, EID – Parry (India) Limited, and Beijing Gingko Group, among others. The report covers market shares, capacities, plant rotations, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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