Global Astaxanthin Market is projected to hit USD 800 million with 5% CAGR by 2024
Dietary supplements segment of Astaxanthin Market to witness growth of 4% during forecast period favoring by proliferating demand for naturally sourced products.
Selbyville, United States – June 12, 2019 /MarketersMedia/ —
Astaxanthin market from Asia Pacific dominated the overall demand, crossing 150 tons consumption by 2024. The region witnesses high population with nutritional deficiency, that results in strong product demand. Presence of established industry participants such as BGG in the region will further contribute towards the revenue generation. North America will witness approximately 3.5% CAGR from 2018 to 2024, essentially due to rising awareness about the benefits of its consumption in multiple application. Presence of various organizations such as Natural Algae Astaxanthin Association to promote its usage will further support the regional growth.
Animal feed dominated the overall application demand, crossing 40% share in 2016. The product is highly used as a key ingredient in aquaculture and livestock. Various regulatory bodies across the globe are continuously supporting the aquaculture, further strengthening the industry penetration. Dietary supplements will exhibit 4.2% CAGR owing to rising demand for natural resourced astaxanthin. Cost effectiveness along with easy availability across the globe will further drive the segment’s growth. Provision of cardiovascular benefits and rapid pain relieving are other factors positively impacting the industry.
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Synthetic source will showcase dominance in the astaxanthin market with more than 55% volume share by 2024. It is highly suitable for animal feed applications, primarily contributing towards the revenue generation. Its cost-effectiveness and high implementation in aquaculture to provide pigmentation to fishes will further strengthen the product penetration. Astaxanthin market from natural source is anticipated to grow rapidly from 2018 to 2024 owing to high consumer preference towards environmentally friendly and sustainable products. Moreover, the product offers various advantages such as health benefits for human beings as well as enhanced pigmentation in animal feed applications.
Extensive usage as a prominent ingredient by several spa owners and manufacturers of cosmetic products in their therapies owing to their excellent skin-friendly and anti-oxidant properties will positively impact the astaxanthin market. Moreover, high adoption of the product in animal feed, particularly in aquafeed applications over the past few years has further accelerated its demand. However, probability of product adulteration and high production costs are likely to hinder the astaxanthin market growth over the coming years.
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Flourishing cosmetics industry along with rising consumer awareness regarding the nutritional benefits of astaxanthin will primarily drive the industry growth over the forecast timeline. Proliferating demand for cosmetics used by geriatric population such as anti-ageing creams and few other supplements will further escalate the revenue generation. The product offers numerous advantages to the consumers including improved brain health and vision, resulting in enhanced sales, strengthening the astaxanthin market penetration.
Regular innovations in production process of the natural variants of the product result in reduced wastage and high-quality yield. Drying, cultivation, and extraction are among few highly adopted techniques that are preferred for optimal utilization of resources. Microalgae cultivation is a prominent technique that has gained traction in the astaxanthin market. High adoption of this technology is attributed to provision of the benefits such as prevention from microbial contamination and significant reduction in agricultural residue.
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INNOBIO Ltd., Fuji Chemical Company, Cardax, BGG, Nippon Oil & Energy Corporation, and BASF are among the noticeable players in astaxanthin market. Competitors are putting efforts on expanding their business to enhance their customer base. For instance, in March 2016, BGG made an announcement of creation of its subsidiary, Algae Life Sciences, for its production for obtaining an organic product certification. Divis Nutraceuticals, Contract Biotics, Otsuka Pharmaceutical Co. Ltd., Algatech, and Mera Pharmaceuticals are among other notable players.
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Organization: Global Market Insights, Inc.
Website: https://www.gminsights.com/industry-analysis/astaxanthin-market
Source: MarketersMedia
Release ID: 523626
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