In the recent years, there has been a shift of trend towards use of natural ingredients in various forms of food nutrients in cosmetics and neutraceutical industry. Astaxanthin is a keto-carotenoid chemical compound belongs to terpenes group of chemical compounds. It is majorly produced through Haematococcus pluvialis microalgae and also through other natural sources such as Paracoccus bacteria, Phaffia yeast, shrimp bi-products and through chemical synthesis. Astaxanthin is widely used as pigment in aquaculture industry for trout, shrimps and salmon. Astaxanthin also finds application as antioxidant in neutraceutical industry, in cosmetics and for fortification of food and beverages. Astaxanthin use also helps in improving human stamina, in recovery form wounds, reducing joint and muscle pain. Revenue generated from the sales of astaxanthin is expected to increase at a significant rate over the forecast period.
Growing demand for cosmetics and personal care products is expected to increase the consumption of astaxanthin, thus driving the global astaxanthin market over the forecast period. Increasing demand for anti-aging products and skin care products is expected to drive the demand for astaxanthin in cosmetic applications over the forecast period. Factors such as growing concerns over consumer safety and regulatory policies over the use of synthetic chemical is also anticipated to fuel the growth of global astaxanthin market in the near future. Growing demand for products derived from renewable sources coupled with increasing consumer awareness about the health benefits of astaxanthin is also projected to drive the growth of global astaxanthin market over the forecast period. However, factors such as lower raw material availability, lack of advance technology resulting in high production cost restraining the growth of global astaxanthin market.
Global astaxanthin market can be segmented on the basis type, by production technology, product type and by application. On the basis of product type, global astaxanthin market can be segmented into aematococcus pluvialis microalgae astaxanthin, synthetic astaxanthin, and astaxanthin rich paracoccus bacteria. On the basis of production technology, the global astaxanthin market can be segmented as chemical synthesis and bacteria fermentation. The chemical synthesis can be sub segmented into microalgae cultivation, drying, harvesting and astaxanthin extraction. On the basis of product type, the global astaxanthin market can be segmented as natural astaxanthin and synthetic astaxanthin. On the basis of application, the global astaxanthin market can be segmented into dietary supplements, food & beverages, cosmetics and animal health & aquaculture.
Global astaxanthin market can be divided into seven major regions including North America, Eastern Europe, Asia Pacific, Japan, Latin America, Western Europe and Middle East and Africa. The astaxanthin market in North America and Europe are expected to contribute a major share in the global demand for astaxanthin market. Asia Pacific is anticipated to witness high growth due to rapid growth in the developing economies of Asia such as India, China etc. North America is also expected to the major supplier for the astaxanthin during the forecast period followed by India and China.
The global astaxanthin market is estimated to witness high supply demand gap which offers high growth opportunities for key players to increase their production capacity and to invest in research and developments to reduce the production cost. Entry of new players in the market is expected to increase the competition in global astaxanthin market during the forecast period. Various key players involved in the production and supply of astaxanthin market include Algatechnologies Ltd., BASF SE, BGG (Beijing Ginko Group), IGENE, Parry Nutraceuticals, Supreme Biotechnologies NZ Ltd, DSM NV, Cyanotech Corporation, Yunnan Alphy Biotech Co., LTD., Fenchem Biotek Ltd and others.
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