Astaxanthin Market

Due to astaxanthin's special antioxidant characteristics, the global nutraceutical market for encapsulated products has experienced a boom. Astaxanthin is said to have a number of positive health effects and aid in the treatment and prevention of a number of illnesses, including cancer, chronic inflammatory diseases, metabolic syndrome, diabetes, diabetic nephropathy, cardiovascular diseases, gastrointestinal disorders, liver disorders, neurodegenerative disorders, eye disorders, skin disorders, exercise-induced fatigue, male infertility, and renal failure. It is also thought to strengthen immunity. The global astaxanthin market is a member of the xanthophyll family of carotenoids, which are found in marine plants and animals. It is also known as ",the king of the carotenoids", and is acknowledged as one of the most powerful astaxanthin substances in nature. The highest concentration of astaxanthin is found in Pacific sockeye salmon, but it is also present in crab, algae, shrimp, krill, red trout, and lobster. Astaxanthin, Haematococcus pluviailis (HP), is used in commercial production and hybrid systems for photoautotrophic cultivation of Haematococcus pluviailis, comprises a photobioreactor (PBR) fence.

COVID-19 Impact Analysis

The global pandemic, COVID-19, has created a crisis the world over. Impacting over 200 countries, the pandemic has already created an economic backdrop worldwide and is likely to create a chaotic environment, resulting in the advent of a global recession. The COVID-19 outbreak has completely changed the lives of people across the globe, with the number of cases rising rapidly every day. The COVID-19 impact across industries is different, amid the constant fear and panic of the pandemic COVID-19, consumers are highly concerned about keeping a check on their health. In the current scenario, though the vaccination rate is steadily increasing across the world, it has become important to boost immunity to fight coronaviruses, along with maintaining hygiene and following all medical advisories that have been laid down.

Segment Overview

By Source

The natural segment, which held the largest revenue share in 2022, is anticipated to grow at a rapid CAGR (17.9%) during the forecast period owing to advantages such as high efficacy and sustainability. Furthermore, factors such as increased demand for natural food supplements, widespread availability, and higher efficacy when compared to synthetic products are expected to drive segment growth. Moreover, increasing the involvement of key market players, such as NextFerm and Beijing Gingko Group, in the development of innovative products and application expansion can create new market opportunities in the coming years.

By Product

Dried algae meal or biomass dominated the product segment in 2022 with a market share of 26.40%, the use of biomass for the production of other formulations, the necessity of minimal downstream processing, the major use as animal feed, and convenient bulk production are some key factors driving the segment&rsquo,s growth. Furthermore, AstaPure Arava',s new product launches in February 2020 demonstrated the growing demand for algal astaxanthin. These new developments are expected to drive the segment, similarly, in May 2022, Algalif signed an agreement with a start-up company, Marea, to develop a biodegradable coating from leftover algae biomass, where the softgel segment held the second-largest market and is expected to grow at a lucrative rate during the forecast years.

By Application

The major market share of the aquaculture and animal feed segments is accounted for by the extensive use of astaxanthin as a feed additive, an increase in the adoption of these products in the growing aquaculture industry for improving the quality of seafood is contributing to the segment&rsquo,s significant share in the market. For instance, according to China&rsquo,s Fishery Reports, China remained the world&rsquo,s largest seafood producer with a production of 66.49 million metric tons in 2021. Leading players are developing astaxanthin products for animal feed that have medical benefits for instance, in July 2022, AstaReal launched Novasta, an astaxanthin ingredient for animal feed. With this launch, the company expanded its options for health-promoting feed applications.

Major Players Analysis

The global astaxanthin business is primarily characterised by a large number of multinational players. An approximate share of 36% to 41% is held by companies with a global presence. Key manufacturers are targeting their product offerings, especially toward manufacturers operating in the aquaculture and animal feed industries. Additionally, players are also offering astaxanthin for use in the pharmaceutical, food and beverage, and other industries.

• BASF SE

• Divi&rsquo,s Laboratories Ltd.

• Cyanotech Corporation

• DSM N.V.

• Parry Nutraceuticals

• JXTG Nippon Oil &, Energy Corporation

• Fuji Chemical Industries Co., Ltd.

• Kunming Biogenic Co., Ltd.

• Valensa International Global

• Kailu Ever Brilliance Biotechnology Co. Ltd.

• Algalif Iceland Ehf.

• Zhejiang NHU Co., Ltd.

• Atacama Bio Natural Products S.A., Inc.

• AstaReal Inc.

• Fenchem Biotek Ltd.

• Igene Biotechnology, Inc.

The above-mentioned key players have been profiled in the global astaxanthin market report based on numerous parameters that include business strategies, financial overviews, business segments, company overviews, product portfolios, and recent developments have been profiled in the global astaxanthin market report based on numerous parameters that include business strategies, financial overviews, business segments, company overviews, product portfolios, and recent developments.

Regional Analysis

North America is seen as one of the major key market regions for astaxanthin consumption, and the region',s growing aquaculture trend has led to an increase in astaxanthin popularity. Countries such as the United States and Mexico have a large consumer base that prefers seafood and animals, which require astaxanthin as an ingredient for processing their functional foods and other dietary supplements for consumers. The aquaculture industry is one of the fastest-growing industries in the region, which indicates growth in the consumption of astaxanthin in the global astaxanthin market.

Key Developments in the Astaxanthin Market

• In 2021, Atacama Bio Natural Products S.A. became exclusive distribution partners with Nexus Wise, a Malaysia-based company, for distributing branded astaxanthin ingredients in countries like Singapore and Malaysia. Nexus Wise supplies ingredients for nutraceutical companies situated in Asia, and this partnership allows the company to introduce its product line, NatAxtin, in the Asian market.

• In 2021, Shanghai Jahwa United Co., Ltd. and BASF SE agreed to work together to bolster its technology innovation. Through this partnership, the company aims to accelerate product innovation and development while also contributing to the company',s progress in China.

• January 2018: The Algalif, the U.S.-based bulk producer of natural astaxanthin, received a non-GMO certification for its astaxanthin ingredients named Astalif 5% and 10% oleoresin. The company is aiming to offer the highest quality astaxanthin to customers who want to avoid GMOs in their products.

• July 2017: The Cyanotech Corporation received Halal certification for its raw material, BioAstin SCE 5, from the Islamic Food &, Nutrition Council of America (IFANCA). This certification is expected to boost the company',s sales in the rapidly growing Southeast Asia region. Moreover, BioAstin is the first astaxanthin product to receive a verification seal from the Natural Algae Astaxanthin Association (NAXA).