Astaxanthin Market to Reach US$ 2001.5 Mn by End of 2032 | Transparency Market Research
Surge in popularity of dietary supplements is likely to promote the growth of the global astaxanthin market
Wilmington, Delaware, United States, Feb. 03, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global astaxanthin market is likely to register a CAGR of 10.2% between 2022 and 2032. Astaxanthin falls under the carotenoid family of natural pigments and is utilized in multiple food items. It helps in attaining the vivid red-orange color in food products such as lobster, salmon, krill, and algae. Astaxanthin is also used as a food coloring agent by dietary supplement manufacturers in animal and fish feed products. It is believed to contain high levels of nutrients, which help improve eyesight, and is thus considered a high quality product. The rise in demand for nutritional supplements is anticipated to aid in market expansion during the forecast period.
Rise in demand for astaxanthin from several end-use applications such as animal feed and aquaculture, nutraceuticals, pharmaceuticals, and food and beverages is anticipated to create lucrative business opportunities for the astaxanthin market during the forecast period. Besides this, increase in efforts by organizations that create awareness about the benefits of products containing astaxanthin is also expected to promote market growth.
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According to TMR report, the global astaxanthin market value stood at US$ 758.2 Mn in 2022 and is estimated to reach US$ 2001.5 Mn by the end of 2032. The increase in popularity of worldwide cuisines such as seafood is projected to impact this industry.
Key Findings of Study
Rise in Demand for Natural Astaxanthin from Food and Beverage Industry: Changes in consumer eating preferences have augmented the demand for naturally derived ingredients in their food charts. Consumers currently prefer natural food additives that offer functional benefits in comparison to artificial additives, and thus, the demand for natural astaxanthin is expected to rise significantly in the food and beverage sector.
Increase in Use for Food Supplements: Astaxanthin is generally used as an additive in formulated diets for boosting and improving the pigmentation of various marine animal species. This is because astaxanthin offers multiple functional benefits such as growth performance, stress tolerance, reproductive capacity, immune-related gene expression, and disease resistance. Additionally, natural astaxanthin is also used as poultry feed to ensure pigmentation in egg yolks and offer endurance and good eyesight to fish such as salmon. Thus, the increase in use of astaxanthin in feed products and food supplements is anticipated to positively change the market outlook in the near future.
Rise in demand for nutritional supplements for immunity, vision, cell division, and growth is projected to aid in expansion of the astaxanthin market
Change in consumer preference augments demand for nutritional food products, thereby promoting market growth
Increase in efforts by manufacturers to offer healthier products to meet rising demand from consumers is likely to promote business in the near future
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Regional Growth Dynamics
Europe held the highest market share in 2022 and generated a revenue of US$ 245 Mn in 2022. It holds 32.35% share and is likely to continue its dominance during the forecast period.
The U.S. accounts for leading revenue of US$ 151.6 Mn in 2022in the global market
India leads in South Asia with an estimated valuation of US$ 26 Mn in 2022
Prominent players in the global astaxanthin market include Piveg Inc., Valensa International, Otsuka Pharmaceutical Co. Ltd., Koninklijke DSM N.V., INNOBIO Limited, Fenchem, Fuji Chemical Industries Co. Ltd., Divi’s Laboratories Ltd., Cyanotech Corporation, Cardax Inc., BASF SE, Biogenic Co. Ltd., Beijing Gingko Group, Atacama Bio Natural Products S.A., and Archer Daniels Midland Company.
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Astaxanthin Market Segmentation
Aquaculture and Animal Feed
Food and Beverages
Middle East & Africa
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