Global Astaxanthin Market size is valued at USD 688.74 Million in 2021 and is expected to reach USD 1175.79 Million by 2028 with a CAGR of 7.94% over the forecast period.
Global Astaxanthin Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2022-2028. Increased adaptation and usage of natural ingredients and growth of nutraceutical and cosmetics market are the key drivers for global astaxanthin market.
Astaxanthin belongs to ceratenoid chemical group which is a pigment found in marine animals and marine algae. It is also a reason for color in various seafoods such as shrimp and others. It is mainly used in the food industry, nutraceutical industry and others. It can be produced through chemical process or derived naturally from various natural sources such as shrimp, microalgae and others. So, during the study of global astaxanthin market, we have considered astaxanthin source and application to analyze the market.
Global astaxanthin market report is segmented on the basis of source, application type, and by regional & country level. Based upon source, global astaxanthin market is classified as natural and artificial. Based upon application type, global astaxanthin market is classified as nutraceutical, food and beverages, cosmetics, animal health and aquaculture.
The regions covered in this Astaxanthin Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Computed Tomography is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
The commercialization and growth of global astaxanthin market over the past 25 years has been highly impactful due to the advancement and increased use of astaxanthin in various industries. Astaxanthin is used for the manufacturing of various nutraceutical products because it is rich in antioxidants and are also used in food and beverage industry, cosmetics and aquaculture. There is a constant increase in the demand of cosmetics, nutraceutical and others. Due to the changing lifestyle and increasing concerns about health and looks all around the world. Increasing demand for the products derived from renewable sources and increased awareness about health benefits of astaxanthin are expected to support the growth of astaxanthin market over the forecast period. However, low availability of raw materials and high cost of product may restrict the growth of market over the forecast period.
North America dominates the market with highest market share closely followed by Europe due to the presence of large pharmaceutical industry and cosmetics industry. There is an increased commercial production of astaxanthin in North America due the growing demand for aquaculture industry and cosmetic industry over the forecast period. In 2017, North America contributed around 25% of total cosmetic industry. Asia Pacific is expected to grow significantly over the forecast period due to the developing economy such as India, China and others. Increasing pharmaceutical industry is also one of the major factors supporting the growth of Asia Pacific market. The Indian pharmaceutical sector is growing at the rate of around 30% and expected to reach approximately USD 100 billion by 2052. All the above mentioned factors are expected to support the growth of astaxanthin market over the forecast period.
|Forecast Period||2022 - 2028|
|Market Size in 2021:||688.74 Million|
|Base year considered||2021|
|Forecast Period CAGR %:||
|Market Size Expected in 2028:||1175.79 Million|
|Tables, Charts & Figures:||175|
|Algatechnologies Ltd., Parry Nutraceuticals, BASF SE, IGENE, Supreme Biotechnologies NZ Ltd, BGG (Beijing Ginko Group), DSM NV, Yunnan Alphy Biotech Co., LTD., Cyanotech Corporation, Fenchem Biotek Ltd., CO2 GRO Inc. (BlueOceanNutraSciences), ENEOS Corporation (JXTG Nippon Oil & Energy Corporation), NextFerm, Algalif Iceland ehf, ALGAMO.|
By Source , By Application
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|