Astaxanthin Market Research 2021 to 2030 Analyse Global Production, Revenue and Price Forecast by Type, Application and Key Players of the industry

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The global astaxanthin market size is expected to be worth around US$ 8.7 billion by 2030, according to a new report by Vision Research Reports.

The global astaxanthin market size was valued at US$ 1,571.24 million  in 2020 and is anticipated to grow at a CAGR of 20.8% during forecast period 2021 to 2030.

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Astaxanthin Market (By Source: Natural, Synthetic; By Product: Dried Algae Meal or Biomass, Oil, Softgel, Liquid, Others; By Application: Nutraceuticals, Cosmetics, Aquaculture and AnimalFeed, Food) – Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030

Report Coverage

Report Scope Details
Market Size USD 8.7 billion by 2030
Growth Rate CAGR of 20.8% From 2021 to 2030
Base Year 2020
Historic Data 2017 to 2020
Forecast Period 2021 to 2030
Segments Covered Source, Product, Application
Regional Scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Companies Mentioned AlgatechLtd.; CyanotechCorp.; AstaReal Group, CO2 GRO Inc.; Beijing Gingko Group; E.I.D. – Parry (India) Limited; ENEOS Corporation; FENCHEM; MicroA; NextFerm; Algalif Iceland ehf

Growth Factors

 growing awareness among people regarding healthy lifestyle, and government initiatives to increase the manufacturing capacity are anticipated to boost the market growth. 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.

Report Highlights

The natural source segment dominated the market in 2020 and is estimated to witness the fastest CAGR of 20.3% during the forecast period. Wide-scale availability, increased demand for natural food supplements, and higher efficacy compared to synthetic sources are key factors driving the segment growth.  Synthetic astaxanthin is also expected to grow at a double-digit growth rate over the forecast period owing to increased demand from the aquaculture industry and availability of safe & approved products, such as Cardax, Inc.’s ZanthoSyn as an anti-inflammatory.

The dried algae meal or biomass segment dominated the global market in 2020 with a revenue share of over 30% and is anticipated to maintain its dominance over the forecast period. The use of biomass for the production of other formulations, the requirement of less downstream processing, high usage as animal feed, and easy bulk production are some key factors driving the segment growth.

The softgels segment is anticipated to exhibit the fastest growth rate of 27.4% during the forecast period owing to increased use in and significant growth of the nutraceuticals industry.

The aquaculture and animal feed segment dominated the market in 2020 with a revenue share of over 57% and is anticipated to grow at a steady CAGR over the forecast period, owing to its extensive use as a feed additive.

 The nutraceuticals segment is estimated to witness the fastest growth over the forecast period owing to the superior antioxidant properties of astaxanthin as compared to other food supplements, easier availability, and a wider range of applications in the nutraceuticals industry.

North America held a market share of over 46% in 2020 and is expected to maintain its dominance over the forecast period. This dominance can be attributed to the existence of an established nutraceutical industry, growing awareness about the use of astaxanthin, and the presence of a health-conscious population.

Key Players

  • CO2 GRO Inc. (BlueOceanNutraSciences)
  • FENCHEM
  • ENEOS Corporation (JXTG Nippon Oil & Energy Corporation)
  • E.I.D. – Parry (India) Limited
  • MicroA
  • NextFerm
  • Algalif Iceland ehf
  • ALGAMO

Market Segmentation

  • Source
    • Natural
      • Yeast
      • Krill/Shrimp
      • Microalgae
      • Others
    • Synthetic
  • Product
    • Dried Algae Meal or Biomass
    • Oil
    • Softgel
    • Liquid
    • Others
  • Application
    • Nutraceuticals
    • Cosmetics
    • Aquaculture and AnimalFeed
    • Food
      • Functional Foods and Beverages
      • Other Traditional Food Manufacturing Applications
    • Others
  • Regional
    • North America
      • U.S
      • Canada
    • Europe
      • U.K.
      • Germany
      • France
      • Italy
      • Spain
      • Russia
    • Asia Pacific
      • India
      • China
      • Japan
      • Australia
      • South Korea
      • Singapore
    • Latin America
      • Argentina
      • Brazil
      • Mexico
    • Middle East & Africa
      • Saudi Arabia
      • UAE
      • South Africa
      • Israel

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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