Astaxanthin Market Size, Share & Trends Analysis Report By Product (Oil, Softgel, Liquid), By Source (Natural, Synthetic), By Application (Aquaculture & Animal Feed, Nutraceuticals), By Region, And Segment Forecasts, 2021 - 2028

Astaxanthin Market Size, Share & Trends Analysis Report By Product (Oil, Softgel, Liquid), By Source (Natural, Synthetic), By Application (Aquaculture & Animal Feed, Nutraceuticals), By Region, And Segment Forecasts, 2021 - 2028

Astaxanthin Market Growth & Trends

The global astaxanthin market size is expected to reach USD 4.75 billion by 2028, registering a CAGR of 16.8%, according to a new report by Grand View Research, Inc. Increasing adoption of dietary supplements, growing awareness among people regarding healthy lifestyle, and government initiatives to increase the manufacturing capacity are anticipated to boost the market growth. For instance, in May 2019, Algalíf Iceland ehf. received financial aid from EU’s SME Instrument program and Icelandic Centre for Research’s Technology Development Fund to expand its manufacturing capacities by adding spray dryers.

Cost-effective technologies widely used for astaxanthin production include Photo Bioreactor (PBR) and Flat Panel Airlift (FPA) reactors. Furthermore, other technologies used are open pond, closed microalgae, hybrid (a need-based combination of open pond system & flat panel photobioreactor), green technology production system energized by natural sunlight, and supercritical carbon dioxide extraction systems.

Market players are aggressively finding innovative methods to improve production for meeting the growing demand in the nutraceutical and pharmaceutical industry. For instance, an ongoing study conducted by scientists at the University of Pennsylvania has shown a route to optimize the production of astaxanthin by using a strain of E. coli. According to a study, the production rate of biomass via modified E. coli was 16 times higher than the current algae cultivation method. This reflects the industry’s ability to invest in new technologies for meeting the quality standards and demands of consumers.

Increasing research on the usage of astaxanthin products for different applications will create a new opportunity in the market. Many studies have been conducted to evaluate the potential of astaxanthin in different end-use industries. For instance, in April 2021, a study was published in MDPI related to the use of astaxanthin-based feed additives in the poultry industry. The study revealed that a moderate dose could efficiently improve egg yolk color and the general health of laying hens. Moreover, in April 2019, researchers in Japan and China investigated the use of astaxanthin on aging using a mice model and found improved dysregulation of aging-related gene expression.

The nutraceutical industry is a dynamic and evolving end-use industry that offers new opportunities to key players looking to introduce novel products. Key players are continuously conducting R&D to develop a novel product for nutraceutical applications. Companies, such as Algatech Ltd. and Cyanotech Corp., have introduced ready-to-mix and water-dispersible powder for the supplements & beverages industries. Similarly, companies are studying its applications in the pharmaceutical industry.

Companies are adopting strategies, such as new product launches and partnerships with major players in end-use industries, to increase the penetration of natural astaxanthin-based products. For instance, in March 2019, Algatech Ltd. entered into a partnership with a personal care product manufacturer for astaxanthin topical applications in the U.S. market. This initiative was anticipated to drive the commercial reach of the product in North America, thereby fueling the global market.

The market is highly competitive due to the presence of a large pool of players. Key players are adopting new technologies and producing an optimal quality of products to increase sales and gain maximum market share.

Astaxanthin Market Report Highlights

  • In 2020, natural astaxanthin accounted for the largest market share and is anticipated to maintain its dominance over the forecast period
  • Microalgae is the largest natural source, which held more than 70% of the total natural astaxanthin product
  • Ongoing studies to expand the use of astaxanthin products are anticipated to boost the demand in the coming years
  • Based on product, dried algae meal or biomass is the largest segment and is expected to maintain its dominance over the forecast period
  • Asia Pacific region is expected to experience the fastest growth over the forecast period owing to the increasing adoption of nutraceuticals and increasing consumer disposable income in the region
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Chapter 1 Methodology and Scope
1.1 Market Segmentation and Scope
1.1.1 Segment scope
1.1.2 regional scope
1.1.3 Estimates and forecast timeline
1.2 Research Methodology
1.3 Information Procurement
1.3.1 Purchased database:
1.3.2 GVR’s internal database
1.3.3 Secondary sources
1.3.4 Primary research
1.3.5 Details of primary research
1.4 Information or Data Analysis
1.4.1 Data analysis models
1.5 Market Formulation & Validation
1.6 Model Details
1.6.1 Commodity Flow Analysis (Model 1)
1.6.1.1 Approach 1: Commodity Flow Approach
1.7 List of Secondary Sources
1.8 List of Abbreviations
1.9 Objectives
1.9.1 Objective 1
1.9.2 Objective 2
1.9.3 Objective 3
1.9.4 Objective 4
Chapter 2 Executive Summary
2.1 Market Summary
Chapter 3 Market Definitions
Chapter 4 Industry Outlook
4.1 Penetration and Growth Prospect Mapping
4.2 User Perspective Analysis
4.3 Market Driver Analysis
4.3.1 Increasing demand for nutraceuticals and natural antioxidants
4.3.2 Introduction of advanced technologies
4.3.3 Increase in adoption of natural cosmetics, nutraceuticals, and pharmaceuticals
4.3.4 Increased use in aquaculture and coloring of fish
4.4 Market Restraint Analysis
4.4.1 High cost of production
4.4.2 Excess space requirement
4.5 SWOT Analysis, by Factor (Political & Legal, Economic, and Technological)
4.6 Porter’s Five Forces Analysis
4.7 Regulatory Framework
4.7.1 North America
4.7.2 Europe
4.7.3 Asia Pacific
4.7.4 Latin America
4.7.5 Middle East and Africa
4.8 Opportunity Analysis
4.8.1 Organizations Funding, Promoting, and Supporting R&D of Astaxanthin
4.8.2 The COVID-19 Pandemic
Chapter 5 Astaxanthin Market: Segment Analysis, By Source, 2017 - 2028 (USD Million) (Volume in Metric Tons)
5.1 Definition and Scope
5.2 Source Market Share Analysis, 2020 & 2028
5.3 Segment Dashboard
5.4 Global Astaxanthin Market, by Source, 2017 to 2028
5.5 Market Size & Forecasts and Trend Analyses, 2017 to 2028
5.6 Natural
5.6.1 Natural market, 2017 - 2028 (USD Million) (Volume in Metric Tons)
5.6.1.1 Yeast
5.6.1.1.2 Yeast market, 2017 - 2028 (USD Million) (Volume in Metric Tons)
5.6.1.2 Krill/Shrimp
5.6.1.2.1 Krill/Shrimp market, 2017 - 2028 (USD Million) (Volume in Metric Tons)
5.6.1.3 Microalgae
5.6.1.3.1 Microalgae market, 2017 - 2028 (USD Million) (Volume in Metric Tons)
5.6.1.4 Others
5.6.1.4.1 Others market, 2017 - 2028 (USD Million) (Volume in Metric Tons)
5.7 Synthetic
5.7.1 Synthetic market, 2017 - 2028 (USD Million) (Volume in Metric Tons)
Chapter 6 Astaxanthin Market: Segment Analysis, By Product, 2017 - 2028 (USD Million)
6.1 Definition and Scope
6.2 Product Market Share Analysis, 2020 & 2028
6.3 Segment Dashboard
6.4 Global Astaxanthin Market, by Product, 2017 to 2028
6.5 Market Size & Forecasts and Trend Analyses, 2017 to 2028
6.5.1 Dried Algae Meal or Biomass
6.5.1.1 Dried algae meal or biomass market, 2017 - 2028 (USD Million)
6.5.2 Oil
6.5.2.1 Oil market, 2017 - 2028 (USD Million)
6.5.3 Softgel
6.5.3.1 Softgel market, 2017 - 2028 (USD Million)
6.5.4 Liquid
6.5.4.1 Liquid market, 2017 - 2028 (USD Million)
6.5.5 Others
6.5.5.1 Others astaxanthin market, 2017 - 2028 (USD Million)
Chapter 7 Astaxanthin Market: Segment Analysis, By Application, 2017 - 2028 (USD Million)
7.1 Definition and Scope
7.2 Application Market Share Analysis, 2020 & 2028
7.3 Segment Dashboard
7.4 Global Astaxanthin Market, by Application, 2017 to 2028
7.5 Market Size & Forecasts and Trend Analyses, 2017 to 2028
7.5.1 Nutraceuticals
7.5.1.2 Nutraceuticals market, 2017 - 2028 (USD Million)
7.5.2 Cosmetics
7.5.2.1 Cosmetics market, 2017 - 2028 (USD Million)
7.5.3 Aquaculture and Animal Feed
7.5.3.1 Aquaculture and animal feed market, 2017 - 2028 (USD Million)
7.5.4 Food
7.5.4.1 Food market, 2017 - 2028 (USD Million)
7.5.4.2 Functional Food & Beverages
7.5.4.2.1 Functional food & beverages market, 2017 - 2028 (USD Million)
7.5.4.3 Other Traditional Food Manufacturing Applications
7.5.4.3.1 Other traditional food manufacturing applications market, 2017 - 2028 (USD Million)
7.5.5 Others
7.5.5.1 Others market, 2017 - 2028 (USD Million)
Chapter 8 Astaxanthin Market: Regional Analysis, 2017 - 2028 (USD Million) (Volume in Metric Tons)
8.1 Astaxanthin market: Regional movement analysis
8.2 North America
8.2.1 North America market estimates and forecast, 2017 - 2028 (USD Million) (Volume in Metric Tons)
8.2.2 U.S.
8.2.2.1 U.S. astaxanthin market estimates and forecast, 2017 - 2028 (USD Million) (Volume in Metric Tons)
8.2.3 Canada
8.2.3.1 Canada astaxanthin market estimates and forecast, 2017 - 2028 (USD Million) (Volume in Metric Tons)
8.3 Europe
8.3.1 Europe Astaxanthin market estimates and forecast, 2017 - 2028 (USD Million) (Volume in Metric Tons)
8.3.2 Germany
8.3.2.1 Germany astaxanthin market estimates and forecast, 2017 - 2028 (USD Million) (Volume in Metric Tons)
8.3.3 U.K.
8.3.3.1 U.K. astaxanthin market estimates and forecast, 2017 - 2028 (USD Million) (Volume in Metric Tons)
8.3.4 France
8.3.4.1 France astaxanthin market estimates and forecast, 2017 - 2028 (USD Million) (Volume in Metric Tons)
8.3.5 Spain
8.3.5.1 Spain astaxanthin market estimates and forecast, 2017 - 2028 (USD Million) (Volume in Metric Tons)
8.3.6 Italy
8.3.6.1 Italy astaxanthin market estimates and forecast, 2017 - 2028 (USD Million) (Volume in Metric Tons)
8.3.7 Russia
8.3.7.1 Russia astaxanthin market estimates and forecast, 2017 - 2028 (USD Million) (Volume in Metric Tons)
8.4 Asia Pacific
8.4.1 Asia Pacific Astaxanthin market estimates and forecast, 2017 - 2028 (USD Million) (Volume in Metric Tons)
8.4.2 Japan
8.4.2.1 Japan astaxanthin market estimates and forecast, 2017 - 2028 (USD Million) (Volume in Metric Tons)
8.4.3 China
8.4.3.1 China astaxanthin market estimates and forecast, 2017 - 2028 (USD Million) (Volume in Metric Tons)
8.4.4 India
8.4.4.1 India astaxanthin market estimates and forecast, 2017 - 2028 (USD Million) (Volume in Metric Tons)
8.4.5 South Korea
8.4.5.1 South Korea astaxanthin market estimates and forecast, 2017 - 2028 (USD Million) (Volume in Metric Tons)
8.4.6 Australia
8.4.6.1 Australia astaxanthin market estimates and forecast, 2017 - 2028 (USD Million) (Volume in Metric Tons)
8.4.7 Singapore
8.4.7.1 Singapore astaxanthin market estimates and forecast, 2017 - 2028 (USD Million) (Volume in Metric Tons)
8.5 Latin America
8.5.1 Latin America Astaxanthin market estimates and forecast, 2017 - 2028 (USD Million) (Volume in Metric Tons)
8.5.2 Brazil
8.5.2.1 Brazil astaxanthin market estimates and forecast, 2017 - 2028 (USD Million) (Volume in Metric Tons)
8.5.3 Mexico
8.5.3.1 Mexico astaxanthin market estimates and forecast, 2017 - 2028 (USD Million) (Volume in Metric Tons)
8.5.4 Argentina
8.5.4.1 Argentina astaxanthin market estimates and forecast, 2017 - 2028 (USD Million) (Volume in Metric Tons)
8.6 MEA
8.6.1 MEA Astaxanthin market estimates and forecast, 2017 - 2028 (USD Million) (Volume in Metric Tons)
8.6.2 Saudi Arabia
8.6.2.1 Saudi Arabia astaxanthin market estimates and forecast, 2017 - 2028 (USD Million) (Volume in Metric Tons)
8.6.3 South Africa
8.6.3.1 South Africa astaxanthin market estimates and forecast, 2017 - 2028 (USD Million) (Volume in Metric Tons)
8.6.4 UAE
8.6.4.1 UAE astaxanthin market estimates and forecast, 2017 - 2028 (USD Million) (Volume in Metric Tons)
8.6.5 Israel
8.6.5.1 Israel astaxanthin market estimates and forecast, 2017 - 2028 (USD Million) (Volume in Metric Tons)
Chapter 9 Competitive Landscape
9.1 Major Deals and Strategic Alliances Analysis
9.1.1 Key strategies
9.1.1.1 New product launch
9.1.1.2 Mergers and acquisitions
9.1.1.3 Expansion
9.1.1.4 Partnerships
9.1.1.5 Marketing & promotions
9.2 Recent Developments and Impact Analysis, by Key Market Participants
9.2.1 Ansoff matrix
9.3 Company/Competition Categorization (Key innovators, Market leaders, Emerging players)
9.3.1 Innovators
9.4 Vendor Landscape
9.4.1 List of key distributors and channel partners
9.4.2 Key companies
9.4.3 Key customers
9.5 Public Companies Analysis
9.5.1 Company market position analysis
9.5.2 Key company market share analysis, 2020
9.5.3 List of other companies
9.5.4 Competitive Dashboard Analysis
9.6 Private Companies
9.6.1 List of key emerging companies/technology disruptors/innovators
9.6.2 Regional network map
9.7 Company Profiles
9.7.1 Algatech LTD (Solabia Group)
9.7.1.1 Company overview
9.7.1.2 Product benchmarking
9.7.1.3 Strategic initiatives
9.7.2 Cyanotech Corporation
9.7.2.1 Company overview
9.7.2.2 Financial performance
9.7.2.3 Product benchmarking
9.7.2.4 Strategic initiatives
9.7.3 Fuji Chemical Industries Co., Ltd.
9.7.3.1 Company overview
9.7.3.2 Product benchmarking
9.7.3.3 Strategic initiatives
9.7.4 CO2 GRO Inc. (Pure Polar Labs, Inc.)
9.7.4.1 Company overview
9.7.4.2 Financial performance
9.7.4.3 Product benchmarking
9.7.4.4 Strategic initiatives
9.7.5 FENCHEM
9.7.5.1 Company overview
9.7.5.2 Product benchmarking
9.7.5.3 Strategic initiative
9.7.6 MicroA
9.7.6.1 Company overview
9.7.6.2 Product benchmarking
9.7.6.3 Strategic initiatives
9.7.7 E.I.D. – Parry (India) Limited (Alimtec S.A., Valensa International)
9.7.7.1 Company overview
9.7.7.2 Financial performance
9.7.7.3 Product benchmarking
9.7.7.4 Strategic initiatives
9.7.8 Beijing Gingko Group (BGG)
9.7.8.1 Company overview
9.7.8.2 Product benchmarking
9.7.8.3 Strategic initiatives
9.7.9 ENEOS Corporation
9.7.9.1 Company overview
9.7.9.2 Financial performance
9.7.9.3 Product benchmarking
9.7.9.4 Strategic initiatives
9.7.10 Algalíf Iceland ehf
9.7.10.1 Company overview
9.7.10.2 Product benchmarking
9.7.10.3 Strategic initiatives

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