Astaxanthin Market: Introduction
The latest market forecast report published by Transparency Market Research on the astaxanthin market includes global industry analysis and opportunity assessment for 2020-2030. Revenue generated from the global astaxanthin market has been estimated to be valued at ~US$ 633 Mn in 2020, which is projected to increase at a CAGR of ~8%, to reach US$ 1.3 Bn by 2030.
As per studies conducted and research carried out on astaxanthin, it is potentially safe for use with very less side effects on human body and animals when consumed in any form such as tablets, soft gel, capsules, liquid, and powder The amount of astaxanthin found in whole food sources is generally safe and can be consumed with minimal risk of side effects. Potential side effects that may occur with supplementation include hormone changes, increased skin pigmentation, hair growth, and altered levels of calcium. In supplement form, however, it has been associated with some mild adverse symptoms as mentioned above.
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Various clinical trials are performed to check the side effects of astaxanthin on its end users and if its consumption affects the applicant adversely, but as of now, no such adverse side effect of the product is found. Thus, astaxanthin is possibly safe when taken orally as a supplement. As a result of this, the demand for astaxanthin is increasing in the market.
Innovation is Key for Market Players to Gain Competitive Advantage
The manufacturers of astaxanthin-based products can benefit from increasing the frequency of product launches, so that they can easily connect with the consumers and fulfil the growing demand for astaxanthin products. Conventionally, astaxanthin is available in powder and liquid format; however, new market players can formulate diverse astaxanthin formats and incorporate them into various products such as food and nutraceuticals to attract a larger consumer base.
Government and Related Bodies lends Support to Production of Astaxanthin
Various government institutions and related regulatory bodies such as FDA and EU supports the production and delivery of astaxanthin in different applications, which include food beverages, cosmetics, healthcare, aqua-feed. Astaxanthin is mainly used for coloration in salmons and other food products. Growing prevalence of astaxanthin is used in the healing process of obesity, male infertility, heart related diseases, diabetes, and other related diseases. Consumers are shifting toward nutrient-rich cosmetics.
Astaxanthin with its anti-aging properties is used in the cosmetic industry to treat wrinkles in women. Therefore, the demand for astaxanthin is expected to rise in the cosmetic industry. The United States Food and Drug Administration approved astaxanthin as an additive for fish feed only as a component of a stabilized color additive mixture. The manufacturers of astaxanthin in developing countries have focused on increasing their production capabilities by incorporating technologies and researching sources of astaxanthin.
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Global Astaxanthin Market: Segmentation
Astaxanthin Market by Source
- Crabs Lobsters
- Prawns Crawfish
- Haematococcus P.
- Chlorella Zofingiensis
- Schizochytrium Genus
Astaxanthin Market by Grade
- Cosmetic Grade
- Feed Grade
- Food Grade
Astaxanthin Market by Application
- Aquaculture Animal Feed
- Dietary Supplements
- Food Beverages
Astaxanthin Market by Form
Growing Demand from Food Industry Set to Boost Market Growth
The consistent growth in the demand for astaxanthin particularly from the food industry is expected to boost the growth of the astaxanthin market during the forecast period. In the past few decades, astaxanthin is increasingly being used as a food additive, owing to health benefits, including anti-inflammatory effects, improved immunity, and prevention of cerebrovascular and cardiovascular diseases, among others. Over the past decade, several studies have revealed that astaxanthin can play an important role in preventing photoaging, improving sleep, minimizing obesity, protecting vocal cord, combating depression, and increase sperm motility, among others.
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High Adoption in Aquaculture to Propel Astaxanthin Market Growth
Within the astaxanthin market, the adoption levels from the aquaculture industry continue to move in the upward trajectory. The demand for astaxanthin from aquaculture is on the rise, as astaxanthin plays an essential role in improving the survivability and reproductivity of aquatic species. Moreover, another factor that is set to increase the demand for natural astaxanthin is the inability of marine animals and crustaceans to self-synthesize astaxanthin. The demand for natural astaxanthin that is largely sourced from yeast, bacteria, and algae is increasingly, particularly from the industrial sector.
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