Growing consumption of nutritional health supplements due to increasing prevalence of numerous disorders like ocular diseases, diabetes, osteoporosis, cholesterol, cancer and cognitive health problems across the globe has proliferated the medical use of astaxanthin. The compound is well known for its positive attributes like improving skin, vision and brain health, which is strongly influencing the growth of astaxanthin industry.
According to a new report by Global Market Insights, Inc., astaxanthin market size is projected to exceed USD 950 million by 2027.
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Rising demand due to the benefits of astaxanthin such as superior anti-inflammatory, antioxidant, moisturization and UV protection, has prompted manufacturers to utilize it in the beauty and cosmetics products. Supportive government regulations regarding the application of natural astaxanthin in therapeutics, nutraceuticals, pharmaceuticals and cosmetic products is further driving the industry growth.
The industry expansion is being further fueled by the pivotal trends mentioned below:
Development of new products by major market players
Major market players operating in the industry are mainly focusing on developing new products with growing consumer demand and to subsequently gain a competitive position in the market. For instance, in 2021, AstaReal AB, a sub-division of the Japanese pharmaceutical firm Fuji Chemical Industries Co., Ltd., announced the launch of NOVASTA®, its astaxanthin brand in Europe.
According to the company, this product is rich in natural astaxanthin and has additional valuable proteins, carotenoids, carbohydrates and essential fatty acids that is optimal source of animal health.
Increasing adoption of synthetic astaxanthin
Extensive demand from aquaculture sector for pigmentation of lobster, trout, shrimp meat and salmon feeds is driving the adoption of synthetic astaxanthin. Besides, chemical synthesis of astaxanthin is currently the most cost-effective method and easy to produce in large quantities due to which its synthetic sources are predominantly utilized in over 95% of fish feed market. It is used as a necessary feed component for both large ornamental fish and aquarium fish. Considering these factors, synthetic segment had recorded a valuation of more than USD 200 million in 2020.
Rising demand from food & beverage sector
Expansion of food & beverage sector has significantly increased the usage of natural food colorants and fortifying agents which in turn is impelling the demand ford astaxanthin. It is considered under GRAS, which is impelling its application in beverages, baked goods, chewing gum, cereals, dairy product, coffee, tea, fruit and vegetable juices and soft candy. Several food & beverage companies are using natural ingredients and minimizing the usage of artificial colors and flavors. With increasing penetration of clean label and vegan products, food & beverage segment is anticipated to register a CAGR of over 5% between 2016 to 2027.
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Growing consumption of dietary supplements in North America
Astaxanthin market is observing a significant growth in North America majorly due to the increasing demand from the regional dietary supplement industry as well as from cosmetics, animal feed and fortified foods & beverage sectors. Besides, supportive government guidelines and strong presence of several health-related organizations like Natural Algae Astaxanthin Association (NAXA), that are involved in creating awareness about the product benefits is also favoring the market expansion. In addition, thriving nutraceutical industry, growing health consciousness among people, and adoption of modern technologies are also fueling the product demand in the region. Considering these factors, North America astaxanthin market had held a sizeable share of over 25% in 2020.
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